Local Loans Fund Act, 1935

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Writing off assets of the fund.

14.—(1) No part of the principal of or the interest on any local loan shall be written off the assets of the fund save in pursuance of an express direction in that behalf contained in an Act of the Oireachtas passed after this Act.

(2) Where any part of the principal of a local loan is written, off the assets of the fund, the amount so written off shall forthwith be recouped and paid to the fund out of money provided by the Oireachtas.

(3) The writing off of any part of the principal of or the interest on a local loan shall not prejudice or affect the liability of any person to pay the principal or the interest so written off or any penal interest which may be payable in respect thereof, and any money which may subsequently be received or recovered in respect of such principal or interest shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct.