Local Loans Fund Act, 1935
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Penal interest. |
15.—(1) This section applies only to the following local loans, that is to say:— | |
(a) local loans made before the appointed day to which section 5 of the Public Works Loans Act, 1897 , applies immediately before the appointed day, and | ||
(b) local loans made under the Drainage Maintenance Acts, 1866 to 1924, before the appointed day to which section 16 of the Drainage Maintenance Act, 1866, applies immediately before the appointed day, and | ||
(c) all local loans made on or after the appointed day. | ||
(2) Where any sum which accrues due and payable on or after the appointed day by any person to the fund on foot of the principal of or the interest on a local loan to which this section applies or partly on foot of such principal and partly on foot of such interest is not paid on or before the thirty-first day after the day on which such sum became payable, there shall be paid by the person liable to pay the said sum so unpaid interest (in this Act referred to as penal interest) on the said sum at the rate of five per cent, per annum from the day on which such sum became payable until such sum is paid. | ||
(3) Penal interest shall be payable and recoverable in the like manner in all respects as the sum in respect of which such penal interest is chargeable under this section is payable and recoverable. | ||
(4) All sums paid or recovered in respect of penal interest shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct. | ||
(5) Where any penal interest is payable in relation to a local loan, all moneys paid to or for the benefit of the fund by or on behalf of the person liable to pay such penal interest shall be deemed (notwithstanding any direction to the contrary by or on behalf of such person) to be paid in or towards discharge of such penal interest but, where such moneys exceed the amount of such penal interest, only so far as may be necessary to discharge such penal interest. | ||
(6) Section 16 of the Drainage Maintenance Act, 1866, shall not apply or have effect in relation to any such sum as is mentioned in that section which accrues due and payable on or after the appointed day. | ||
(7) Section 5 of the Public Works Loans Act, 1897 , shall not apply or have effect in relation to any such sum as is mentioned in that section which accrues due and payable on or after the appointed day. |