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Cases in which charitable loans are not to be invalid or liable to stamp duty.
6 & 7 Vict. c. 91.
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1. Any promissory note current or unpaid on the first day of March one thousand eight hundred and ninety-nine, and purporting to have been made, in pursuance of the provisions of the Charitable Loan Societies (Ireland) Act, 1843 (in this Act referred to as the principal Act), to the treasurer or secretary of any loan society, shall not be invalid or incapable of being enforced in any court, or liable to stamp duty, by reason of any of the matters following:—
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(a) The non-residence of the borrower, at the time of the making of the note, in the district within which the operations of such society ought to have been conducted:
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(b) The said note having been given as a renewal, in whole or in part, of, or in substitution for, any promissory note theretofore made by the borrower, or any person on his behalf, to the treasurer or secretary of such society:
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(c) A previous loan made by the said society to the borrower, or any person on his behalf or for his use, being unpaid in whole or in part at the time of the making of the loan in respect of which the said note was made:
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(d) The borrower having been at the time of the making of the loan surety for the repayment of any other loan made by the said society:
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(e) The acceptance by the said society, as surety for the repayment of any loan, of any person who was at the time of the making of the said loan a borrower from the said society:
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(f) The loan having been in the first instance for a sum exceeding ten pounds in contravention of section twenty-four of the principal Act; or
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(g) Interest or fines in excess of the amount authorised by the principal Act having been charged against, or paid by, the borrower on account of the indebtedness in respect of which the said note was made.
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Provided that every such note shall, subject to the provisions of this Act, only stand as a security for, and there shall only be recoverable thereon, such sum as would have been due thereon had such excess not been charged, and had due credit been given as against such sum for all moneys paid by, or on behalf of, the persons liable thereon, in discharge in whole or in part of such excess.
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