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Local Loans Fund (Amendment) Act, 1937
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1937
Local Loans Fund (Amendment) Act, 1937
Local Loans Fund (Amendment) Act, 1937
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Number 17 of 1937.
LOCAL LOANS FUND (AMENDMENT) ACT, 1937.
ARRANGEMENT OF SECTIONS
Section
1.
Definitions.
2.
Increase of limit on issues from the fund.
3.
Deficiencies in the capital of the fund.
4.
Amendment of section 16 of the Principal Act.
5.
Short title and collective citation.
Act Referred to
Local Loans Fund Act, 1935
No. 16 of 1935
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 SAORSTĂT EIREANN AS FOLLOWS:â
Definitions.
1.â(1) In this Actâ
the expression âthe Principal Actâ means the
Local Loans Fund Act, 1935
(No. 16 of 1935);
the expression âthe fundâ 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.âSo 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local loans during the period mentioned in that sub-section shall not exceed the sum of five million pounds is hereby repealed, and in lieu thereof it is hereby enacted that the aggregate amount of the moneys so issued during the said period shall not exceed the sum of eleven million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.âIf 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.â(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 eitherâ
(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.â(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.
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