Local Loans Fund Act, 1935
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Moneys outstanding in respect of local loans. |
6.—(1) As soon as conveniently may be after the appointed day, the Minister shall determine the amount which (subject to the provisions of this section) is equivalent to the aggregate value of the following sums, that is to say:— | |
(a) all sums owing and unpaid on the appointed day (whether then due or thereafter to become due) in respect of local loans which were issued on or before the 31st day of March, 1922, and were either so issued out of the fund established in pursuance of section 7 of the National Debt and Local Loans Act, 1887 , or carried to that fund in pursuance of sub-section (2) of the said section 7, and were not fully repaid or remitted or written off before the appointed day, and | ||
(b) all moneys provided by the Oireachtas which were, before the appointed day (whether before or after the passing of this Act), issued from the Exchequer and placed at the disposal of the Minister for the purpose of local loans, and | ||
(c) all interest payable under sub-section (2) of section 33 of the Finance Act, 1931 (No. 31 of 1931), which on the appointed day had accrued due (including the accrued proportion of accruing gales) and was unpaid, but excluding any part of such interest which is payable by means of a set-off under sub-section (4) of the said section 33 . | ||
(2) When determining under the next preceding sub-section of this section the amount mentioned in that sub-section, the Minister shall not include in such amount so much of any local loan as the Minister shall consider to be irrecoverable. | ||
(3) Immediately upon the completion of the determination to be made by the Minister in pursuance of the foregoing sub-sections of this section, the Minister shall make and issue a certificate stating the amount determined by him on such determination. | ||
(4) If at any time after the issue of the certificate mentioned in the next preceding sub-section of this section it shall appear to the Minister that the determination the subject of such certificate was erroneous by reason of an error in any calculation or estimation on which such determination was founded, the Minister may amend such determination, and in that case the Minister shall make and issue a new certificate revoking the first-mentioned certificate and stating the amount of such determination as so amended. | ||
(5) The amount stated in the certificate made and issued by the Minister under the foregoing sub-sections of this section which is for the time being the latest such certificate shall be deemed to be an advance made under this Act to the fund by the Minister on the appointed day out of the Central Fund or the growing produce thereof for the purpose of making issues from the fund in respect of local loans. | ||
(6) Every certificate made and issued by the Minister under this section shall, as soon as conveniently may be after it is made, be published in the Irish Oifigiúil and laid before each House of the Oireachtas· | ||
(7) Nothing contained in or done under this section shall prejudice or affect the liability of any person to pay the principal of and the interest on a loan or part of a loan which is considered by the Minister under this section to be irrecoverable, and all such principal or interest which is actually recovered shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct. |