Local Loans Fund (Amendment) Act, 1987

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Number 19 of 1987

LOCAL LOANS FUND (AMENDMENT) ACT, 1987

ARRANGEMENT OF SECTIONS

Number 19 of 1987

LOCAL LOANS FUND (AMENDMENT) ACT, 1987

AN ACT TO EMPOWER THE MINISTER FOR FINANCE TO WAIVE REPAYMENT OF LOANS UNDER THE LOCAL LOANS FUND ACT, 1935 : AND TO PROVIDE FOR MATTERS CONNECTED THEREWITH. [9th November, 1987]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Waiver of sums advanced under Local Loans Fund Act, 1935.

1.—Where any sum is, or, before the passing of this Act, has been, advanced on foot of a local loan under section 4 of the Local Loans Fund Act, 1935 , the Minister for Finance may, if it seems to him desirable so to do, direct that repayment of the whole, or such part as the Minister may specify, of—

(a) such sum, or

(b) the balance at the time of the direction remaining unpaid,

be waived together with the whole, or such part as may be so specified, of the interest on such sum then unpaid.

Statement by Minister for Finance.

2.—(1) The Minister for Finance shall, from time to time, lay before each House of the Oireachtas a statement in accordance with subsection (2) of this section.

(2) Every statement of the Minister pursuant to this section shall specify, in relation to each category of local loan under section 4 of the Local Loans Fund Act, 1935 , the repayment of loans in which category has, pursuant to section 1 of this Act, been waived in whole or in part, the following matters:—

(a) the total number of such loans;

(b) the total amount advanced in respect of such loans;

(c) the total amount of principal, the repayment of which is being waived pursuant to the said section 1 ; and

(d) the total amount of interest, the repayment of which is being waived pursuant to the said section 1 .

Repeals.

3.— Section 14 of the Local Loans Fund Act, 1935 , and section 10 (6) of the Housing (Miscellaneous Provisions) Act, 1979 , are hereby repealed.

Short title and collective citation.

4.—(1) This Act may be cited as the Local Loans Fund (Amendment) Act, 1987.

(2) The Local Loans Fund Acts, 1935 to 1986, and this Act may be cited together as the Local Loans Fund Acts, 1935 to 1987.