S.I. No. 119/1937 - Local Loans Fund Regulations, 1937.

STATUTORY RULES AND ORDERS. 1937. No. 119.

LOCAL LOANS FUND REGULATIONS, 1937.

WHEREAS it is enacted by subsection (I) of Section 17 of the Local Loans Fund Act, 1935 (No. 16 of 1935), that the Minister for Finance may by order make regulations for (amongst other things) certain purposes relating to the repayment of a local loan before the time at which it is lawfully repayable:

NOW, the Minister for Finance, in exercise of the powers vested in him by subsection (1) of Section 17 of the Local Loans Fund Act, 1935 (No. 16 of 1935), and of every other power him in this behalf enabling, makes by this Order the following regulations:—

1. This Order may be cited as the Local Loans Fund Regulations, 1937.

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. Whenever the Minister agrees to accept repayment of a local loan before the time at which it is lawfully repayable, the following provisions shall apply and have effect, that is to say :—

(a) The person proposing so to repay such local loan shall, at least one month before the date on which he proposes so to repay such local loan, give to the Commissioners of Public Works in Ireland notice in writing informing them of the said date ;

(b) the sum payable in order to effect such repayment of such local loan shall be whichever of the following sums is the greater, that is to say—

(i) the present value, at the date of the payment of the said sum, of all periodical payments which (if such repayment were not effected) would be payable after the said date in respect of the repayment of such local loan and the payment of interest thereon, such present value being calculated by reference to the appropriate rate of interest and with either (according to the terms of issue of such local loan) yearly rests or half-yearly rests ; or

(ii) the actual amount of the principal of such local loan which, at the said date, has not been repaid by means of periodical payments, together with all unpaid interest accrued on the said amount to the said date ;

(c) in the next preceding sub-paragraph of this paragraph the expression " periodical payments " includes an annuity or half-yearly instalments of an annuity as well as half-yearly payments of equal instalments of principal with diminishing interest, and the expression " appropriate rate of interest " means the rate of interest at which a local loan would, on the seventh day before the said day, be issued for a purpose for which the local loan being repaid was issued ;

(d) every question or dispute in connection with this paragraph of these Regulations as to the present value of any periodical payments or the actual amount of any principal unpaid or the amount of any accrued interest shall be determined by the Minister, whose determination thereof shall be final and conclusive.

4. Save as is otherwise provided by these Regulations, the next preceding paragraph of these Regulations shall apply and have effect (with the necessary modifications) where the Minister agrees to accept repayment of part only of a local loan before the time at which it is lawfully repayable.

5. Where part only of a local loan is repaid before the time at which it is lawfully repayable, and the Commissioners of Public Works in Ireland are satisfied that the said part so repaid consists solely of an unexpended balance of such local loan which was not required for the object for which such loan was obtained either because such object proved to be less expensive than was anticipated or because such object was definitely reduced in scope or extent, such part of the principal of such local loan shall, notwithstanding anything contained in these Regulations, be repaid by payment of the actual amount of such part.

Sealed with the Official Seal of the Minister for Finance,

  this 19th day of May, 1937.

(Signed) J. J. McELLIGOTT.