Housing (Loans and Grants) Act, 1962
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Schemes for guarantees. |
13.—(1) A housing authority may, in accordance with a scheme approved of by the Minister, guarantee an advance or part of an advance by a building society, an assurance company, a bank or other industrial or commercial organisation for the provision of a house or the carrying out of work consisting of the reconstruction, extension, improvement or repair of a house. | |
(2) The Minister, with the consent of the Minister for Finance, may recoup out of moneys provided by the Oireachtas, not more than fifty per cent, of the expenditure by a housing authority in meeting a guarantee under a scheme under this section if the Minister is satisfied— | ||
(a) that the advance would not have been made if the guarantee had not been given or that the guarantee was given in relation to such part of the advance as represents the excess of the advance over the advance that would have been made if the guarantee had not been given, and | ||
(b) that the amount paid by the housing authority in meeting the guarantee did not exceed two-thirds of the loss which arose from the making of the advance or of the part of the advance referred to in paragraph (a) of this subsection, as the case may be. | ||
(3) The making of a scheme under this section shall be a reserved function for the purposes of the County Management Acts, 1940 to 1955, and for the purposes of the Acts relating to the management of any county borough. | ||
(4) In this section— | ||
“building society” means a society to which the Building Societies Acts, 1874 to 1942, apply; | ||
“assurance company” has the same meaning as in the Insurance Act, 1936 . |