Local Loans Fund Act, 1935

Interest on and repayment of future local loans.

12.—(1) Notwithstanding anything contained in any other Act, the rate of interest on and the method and period of repayment of every local loan made after the passing of this Act shall be such as the Minister shall direct, either generally or in any particular case.

(2) The rate of interest fixed by the Minister under the next preceding sub-section of this section shall, in every case, be sufficient, in the opinion of the Minister, to enable the loans or loan to which such rate applies to be made without loss to the fund.