Housing (Amendment) Act, 1958
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Provisions consequential on termination of Irish Housing Fund. |
17.—(1) In this section— | |
“the Act” means the Housing of the Working Classes (Ireland) Act, 1908; | ||
“the Fund” means the Irish Housing Fund created by section 5 (repealed by this Act) of the Act. | ||
(2) On the 1st day of April, 1959— | ||
(a) the moneys and securities which, immediately before that day, stood to the credit of the Fund, together with any interest accrued thereon shall, in accordance with the directions of the Minister for Finance, be paid into or transferred to the Savings Certificates Reserve Fund and there placed to the credit of the Principal Reserve Account, | ||
(b) the Minister for Finance shall cause to be written off from the assets of the local loans fund the capital (as determined by that Minister) which is outstanding in respect of housing loans and which would, but for this Act, fall to be repaid from sums received from the Fund. | ||
(3) (a) Subject to the consent of the Minister for Finance, the Minister shall, on or as soon as conveniently may be after the 1st day of April, 1959, make, out of moneys provided by the Oireachtas, to each local authority paying relevant amounts, such payment as he considers is equivalent to the sums which that local authority would, but for the repeal by this Act of section 5 of the Act, receive under that section by reference to those amounts. | ||
(b) A local authority shall apply any payment made to them under paragraph (a) of this subsection to the repayment of borrowed money or, with the consent of the Minister, to any purpose to which capital money may be properly applied. | ||
(c) In this subsection “relevant amounts” means, in relation to a local authority amounts— | ||
(i) which, but for the repeal by this Act of section 5 of the Act, would be included in the annual housing charge referred to in that section of that local authority, and | ||
(ii) which are in respect of moneys borrowed otherwise than from the Commissioners of Public Works in Ireland. | ||
(4) Where any capital is written off under paragraph (b) of subsection (2) of this section— | ||
(a) the corresponding liability of the local loans fund to the Exchequer shall stand discharged, | ||
(b) notwithstanding subsection (2) of section 14 of the Local Loans Fund Act, 1935 , it shall not be necessary to recoup and pay to the local loans fund the amount written off, and | ||
(c) notwithstanding subsection (3) of that section liability to pay the amount written off shall cease. |