Housing (Amendment) Act, 1958
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Provisions consequential on termination of Labourers' Cottages Fund. |
16.—(1) In this section— | |
“the Act” means the Labourers (Ireland) Act, 1906; | ||
“the Fund” means the Labourers' Cottages Fund created by section 13 (repealed by this Act) of the Act; | ||
“the Exchequer Contribution” means the Exchequer contribution under the Purchase of Land (Ireland) Act, 1891 . | ||
(2) On the 1st day of April, 1959,— | ||
(a) the moneys and securities which, immediately before such 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 moneys received from the Exchequer Contribution. | ||
(3) The Minister for Finance shall cause to be written off, with effect from the 1st day of December, 1958, from the advances referred to in subsection (1) of section 17 of the Act such amounts as he considers reasonable having regard to the repeal of that section by this Act. | ||
(4) As respects the financial year ending on the 31st day of March, 1960, and every subsequent financial year, the Exchequer Contribution shall be reduced by the amount required to provide for the following sums, that is to say: | ||
(a) £29,205 6s. 2d., being the sum which, but for the repeal by this Act of section 18 of the Act, would be payable towards the repayment of the loans referred to in that section, and | ||
(b) £4,901 11s. 6d., being the sum which, but for the repeal by this Act of section 13 of the Act, would be payable to the Fund under that section, | ||
and the said sums shall accordingly cease to be paid. | ||
(5) 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. |