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Writing off and payment by Parliament of losses on Local Loans.
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15.—(1) Where the whole or any part of the principal of any Local Loan is by reason of the same not being likely to be recovered directed by Parliament to be written off from the account of assets of the Local Loans Fund, the amount of such principal shall be treated as a loss to the Exchequer, . . . . but nothing in this section shall alter the liability of any person or body corporate to pay the principal of or interest on any Local Loan, or any part thereof.
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(2) Any amount so directed to be written off after the expiration of the current financial year, shall be paid to the National Debt Commissioners out of moneys provided by Parliament, and any sums afterwards recovered, whether for principal or interest in respect of the amount so written off, shall be paid into the Exchequer.
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(3) The amounts directed by this section to be paid to the National Debt Commissioners may be paid either in a capital sum, or by means of a terminable annuity for a period not exceeding ten years, to be calculated with interest at the rate of not less than three per cent. per annum.
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(4) Any sums so paid to the National Debt Commissioners shall be carried to the Local Loans Fund, and be placed to the capital account of that fund and treated as a sum paid on account of the principal of a Local Loan; but if any sums so paid are paid in respect of a terminable annuity, so much thereof as represents interest shall be placed to the income account of the Loans Fund, and treated as a sum paid on account of the interest of a Local Loan.
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