Local Loans Fund (Amendment) Act, 1937

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Number 17 of 1937.

LOCAL LOANS FUND (AMENDMENT) ACT, 1937.

ARRANGEMENT OF SECTIONS

Number 17 of 1937.

LOCAL LOANS FUND (AMENDMENT) ACT, 1937.

AN ACT TO AMEND THE LOCAL LOANS FUND ACT, 1935 . [3rd June, 1937.]

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

Definitions.

1.—(1) In this Act—

the expression “the Principal Act” means the Local Loans Fund Act, 1935 (No. 16 of 1935);

the expression “the fund” means the local loans fund.

(2) Every expression to which a particular meaning is given by section 1 of the Principal Act for the purposes of that Act has in this Act the meaning so given to it.

Increase of limit on issues from the fund.

2.—So much of sub-section (3) of section 4 of the Principal Act as enacts that the aggregate amount of the moneys issued from the fund in respect of local loans during the period mentioned in that sub-section shall not exceed the sum of five million pounds is hereby repealed, and in lieu thereof it is hereby enacted that the aggregate amount of the moneys so issued during the said period shall not exceed the sum of eleven million pounds.

Deficiencies in the capital of the fund.

3.—If and whenever the Minister so directs, any deficiency for the time being existing in the capital of the fund shall, to such extent as the Minister directs, be made good out of any surplus for the time being appearing on the income account of the fund.

Amendment of section 16 of the Principal Act.

4.—(1) The amounts which may be deducted under sub-section (1) of section 16 of the Principal Act from money payable to a local authority (in this sub-section referred to as the first-mentioned local authority) shall include the amount of any sum (including a sum consisting wholly or partly of penal interest) due and payable to the fund either—

(a) by a local authority the expenses of which are defrayed wholly or partly by or out of moneys provided by the first-mentioned local authority, or

(b) in respect of a local loan the repayment of which is guaranteed by the first-mentioned local authority.

(2) Amounts deducted by virtue of the foregoing sub-section shall, for the purposes of sub-section (2) of section 16 of the Principal Act, be deemed to be deducted under the said section 16 .

Short title and collective citation.

5.—(1) This Act may be cited as the Local Loans Fund (Amendment) Act, 1937.

(2) The Principal Act and this Act may be cited together as the Local Loans Fund Acts, 1935 and 1937.