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Loans to boards of guardians. 1 & 2 Vict. c. 56.
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61.—(1) A loan raised after the passing of this Act, under the Poor Relief (Ireland) Act, 1838, and any Acts amending that Act, including the Medical Charities Acts, shall be repaid within such period, not exceeding sixty years, as the guardians with the sanction of the Local Government Board may determine, either by equal yearly or half-yearly instalments of principal or principal and interest, or by means of a sinking fund.
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(2) The provisions of section two hundred and thirty-eight of the Public Health Act, 1878, respecting a sinking fund, shall apply to the said sinking fund.
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(3) Guardians may borrow money under the Poor Relief (Ireland) Act, 1838, and any Acts amending that Act, including the Medical Charities Acts, for the purpose of repaying any outstanding part of any loan raised by them under those Acts which they have power to repay.
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(4) Any money so borrowed shall be repaid in the manner directed by this section, and within the same period as that originally sanctioned for the repayment of the loan, unless the Local Government Board consent to the period for repayment being enlarged, but that period shall in no case exceed sixty years from the date of the original borrowing.
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(5) For the purpose of this section the expression “outstanding” means not repaid by instalments, or by means of a sinking fund, or out of capital money properly applicable for the purpose of repayment other than money borrowed for that purpose.
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(6) A loan raised by guardians shall not be of such amount as exceeds, or will make the total debt of the guardians under the Acts above in this section mentioned exceed, one-fourth of the total annual rateable value of the union: Provided that the Local Government Board by Provisional Order may extend the said maximum to double the amount above authorised, and the provisions of the Public Health Acts and this Act with respect to Provisional Orders shall apply with the necessary modifications.
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(7) In the Poor Relief (Ireland) Act, 1838, and any other enactment relating to borrowing by boards of guardians, the Commissioners of Public Works in Ireland shall as respects any borrowing after the passing of this Act, be substituted for the Public Works Loan Commissioners, and the loan may be made for the period above mentioned.
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