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Charge of interest on local loans in Ireland, and provisions as to their issue and remission.
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3. All advances out of the Consolidated Fund made by way of loan after the passing of this Act, in pursuance of the Acts mentioned in the first part of the First Schedule to this Act, or of any other Act authorising loans to local authorities in Ireland without interest (other than for the purposes mentioned in the second part of the said schedule), shall bear interest.
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All such advances shall be made through the Commissioners of Public Works in Ireland, acting under the direction of the Treasury, in such manner as the Treasury shall by order from time to time direct; and the power vested by the said Acts in the Lord Lieutenant, or the Lord Lieutenant in Council, to direct any sum to be issued out of the Consolidated Fund, shall be transferred to and vested in the Treasury.
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... All orders made by the Treasury in pursuance of this section shall be laid before each House of Parliament within forty days next after the same are made, if Parliament is then sitting, or, if not, within forty days after the then next meeting of Parliament.
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Nothing in the foregoing provisions of this section shall apply to loans which at the passing of this Act have been authorised by an Order of the Lord Lieutenant in Council.
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All advances made (whether before or after the passing of this Act) in pursuance of the said Acts shall be remitted or compounded only under the authority of Parliament in each case.
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