Local Loans Fund Act, 1935


18.—(1) The amount by which the expenses incurred by the Minister in any financial year in or in relation to the management of the fund (including the audit of the accounts of the fund and the issue and management of securities issued under this Act on behalf of the fund) exceed the aggregate amount received in that financial year by the Minister by way of fees, preliminary expenses, and penal interest paid in pursuance of this Act shall, to such extent as shall be determined by the Minister, be recoverable by the Minister from the fund.

(2) All moneys recovered by the Minister from the fund under this section shall be paid into or disposed for the benefit of the Exchequer in such manner as the Minister shall direct.