Public Works Loans Act, 1889

Reduction of rate of interest on drainage and land improvement charges. 10 & 11 Vict. c. 42. 26 & 27 Vict. c. 88.

3. [Preamble recites the Landed Property Improvement (Ireland) Act, 1847, and the Drainage and Improvement of Lands (Ireland) Act, 1863, and the Acts amending and extending the same]:—

Where under the recited Acts, or any of them, except the Acts mentioned in the Second Schedule to this Act, any drainage loan or land improvement loan has been sanctioned by the Treasury on or before the last day of December one thousand eight hundred and eighty-one, any rentcharge created either before or after the passing of this Act for repayment to the said Commissioners of the loan or of any loan granted as an addition thereto shall, as to any instalment to become due on or after the first gale day next after the passing of this Act, be reduced in the case of any rentcharge created for a term of twenty-two years, to five per cent., and in the case of any other rentcharge to four per cent. on the amount of the loan, and shall be payable for such term as the said Commissioners may by order declare to be necessary for the repayment with interest at three and one eighth per cent. per annum of so much of the loan as has not accrued due for payment on the said day, and the order shall . . . . be made and notified by post or otherwise in manner directed by the said Commissioners to the person by or through whom the rentcharge should be paid.

Provided that where on the said day there are unpaid arrears of instalments of the rentcharge in excess of the instalment due on that day, this section shall not apply to that rentcharge, except on such terms with respect to repayment of arrears as the Treasury may require.

An order of the said Commissioners under this section shall be deemed, according as the case requires, to form part of the original order or award charging the land with repayment of the amount advanced.

[S. 4 rep. 8 Edw. 7. c. 49 (S.L.R.).]