Housing (Amendment) Act, 1956
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Schemes for guarantees. |
10.—(1) A housing authority may, in accordance with a scheme approved of by the Minister, guarantee part of an advance (including an advance made before the making of the scheme) by a building society or an assurance company for the purchase or erection of a house together with interest thereon. | |
(2) For the purposes of a scheme under this section, a housing authority shall have the like powers of borrowing as are conferred on them for the purposes of the Housing of the Working Classes Acts or the Labourers Acts. | ||
(3) The Minister, with the consent of the Minister for Finance, may recoup out of moneys provided by the Oireachtas not more than fifty per cent. of the expenditure by a housing authority in meeting a guarantee under a scheme under this section if the Minister is satisfied— | ||
(a) that the guarantee was given in relation to such part of the advance as represents the excess of the advance over the advance that would have been made if the guarantee had not been given, and | ||
(b) that the amount paid by the housing authority in meeting the guarantee did not exceed two-thirds of the loss which arose from the making of that part of the advance. | ||
(4) The making of a scheme under this section shall be a reserved function for the purposes of the County Management Acts, 1940 to 1955, and for the purposes of the Acts relating to the management of any county borough. | ||
(5) In this section— | ||
“building society” means a society to which the Building Societies Acts, 1874 to 1942, apply; | ||
“assurance company” has the same meaning as in the Insurance Act, 1936 (No. 45 of 1936). |