Next (SCHEDULE.)

3 1953

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Number 3 of 1953.


LOCAL LOANS FUND (AMENDMENT) ACT, 1953.


ARRANGEMENT OF SECTIONS

Section

1.

Increase of limit on issues from the local loans fund.

2.

Writing off of certain amounts.

3.

Short title and collective citation.


Acts Referred to

Local Loans Fund (Amendment) Act, 1951

No. 18 of 1951

Local Loans Fund Act, 1935

No. 16 of 1935

Finance (Miscellaneous Provisions) Act, 1945

No. 35 of 1945

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Number 3 of 1953.


LOCAL LOANS FUND (AMENDMENT) ACT, 1953.


AN ACT TO AMEND THE LOCAL LOANS FUND ACTS, 1935 TO 1951. [4th March, 1953.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Increase of limit on issues from the local loans fund.

1. Section 1 of the Local Loans Fund (Amendment) Act, 1951 (No. 18 of 1951), is hereby repealed and in lieu thereof it is hereby enacted that the aggregate amount of the moneys issued from the local loans fund in respect of local loans during the period mentioned in subsection (3) of section 4 of the Local Loans Fund Act, 1935 (No. 16 of 1935), shall not exceed the sum of seventy million pounds.

Writing off of certain amounts.

2. —(1) The amounts of principal and interest specified in the Schedule to this Act at any reference number shall be written off the assets of the local loans fund.

(2) Notwithstanding subsection (3) of section 14 of the Local Loans Fund Act, 1935 (No. 16 of 1935), where amounts are written off pursuant to this section, the liability of any person to pay the amounts and penal interest due in respect thereof shall cease.

(3) This section shall, in relation to the amounts specified in the Schedule to this Act at any reference number, be deemed to have come into operation on the date specified at that reference number.

Short title and collective citation.

3. —(1) This Act may be cited as the Local Loans Fund (Amendment) Act, 1953.

(2) The Local Loans Fund Acts, 1935 to 1951, section 3 of the Finance (Miscellaneous Provisions) Act, 1945 (No. 35 of 1945), and this Act may be cited together as the Local Loans Fund Acts, 1935 to 1953.