Dublin Reconstruction (Emergency Provisions) Act, 1924
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Loans in aid of expenses of reconstruction. |
5.—(1) Subject to the provisions of this section the Corporation may advance money on the security of the ownership of the site of any house or building which has been damaged or destroyed in the course of the recent disturbances for the purpose of enabling the house or building to be rebuilt or restored in such manner as will comply with the requirements of any existing bye-laws of the Corporation and any requirements of the city architect under this Act. | |
(2) The advance shall not exceed the difference between the amount which the Minister certifies to be the total cost of rebuilding or restoring the house or building in such manner as aforesaid, together with any legal expenses necessarily incurred in proceedings under section 5 of this Act and the amount of the compensation granted out of public moneys in respect of the destruction or damage of or to the house or building, and no advance shall be made unless such compensation has been granted and unless the Minister certifies that the advance is necessary for the purpose aforesaid. | ||
(3) The advance shall be repayable within such period, with interest at such rate and by such instalments or otherwise as may be agreed upon subject to the sanction of the Minister, but the rate of interest shall not be more than ten shillings above the rate at which the Corporation can at the date of the advance borrow money for the purpose and the term of repayment shall be a term not greater than the term for which the Corporation can so borrow: Provided that in the case of an advance in several sums successively the foregoing provisions as to the term of repayment and as to the rate of interest shall have effect as respects each sum advanced as if it were a separate advance: | ||
Provided also, that the balance of any such advance outstanding at any time, or any part thereof being fifty pounds or a multiple of fifty pounds may be repaid by the borrower on giving six months' notice in writing to the Corporation. | ||
(4) Subject to the provisions of this Act the repayment of the advance and interest as aforesaid shall be secured by a mortgage of the site of the house or building in such form as may be approved by the Minister. Such mortgage may contain provisions for authorising the advance to be made in several sums successively as the work of rebuilding or restoration proceeds, and for ensuring that the advance will be applied in defraying the expenses of that work and such other provisions as the Minister deems necessary, and no money shall be advanced unless, and until the Minister certifies that he is satisfied that the value of the estate or interest assured by the mortgage is sufficient security for the repayment of the advance, and that the title to the estate or interest so assured is one which an ordinary mortgagee would be willing to accept: Provided that the Minister shall not issue a certificate under this sub-section without giving notice to the Corporation of his intention to issue such certificate and considering any representations they may make in that behalf. | ||
(5) The Corporation may exercise all the powers and remedies for recovery of the principal money and interest which are expressed in the mortgage or implied therein by law. | ||
(6) An application for an advance in accordance with the provisions of this section shall not be refused, except where and so far as the Corporation, in the opinion of the Minister, cannot borrow money for the purpose on reasonable terms. | ||
(7) In this section the expression “ownership” in relation to the site of a house or building means such interest or combination of interests as constitutes an estate in fee simple or fee farm in possession or a leasehold interest in possession under a lease for lives or years renewable for ever or a lease for a term of at least ninety years unexpired at the date of the mortgage. |