Local Government Act, 1946

Issue of stock.

87.—(1) Where any council of a county, corporation of a county borough or urban authority have for the time being any power to borrow money, they may, with the consent of the Minister, exercise such power by the creation of stock to be created, issued, transferred, dealt with, redeemed and extinguished in such manner, on such terms and in accordance with such provisions as may be prescribed.

(2) Without prejudice to the generality of subsection (1) of this section, regulations made for the purposes of this section may make provision in respect of any of the following matters:—

(a) the discharge of any loan raised by the stock issued in accordance with the regulations,

(b) in the case of consolidation of debt, for extending or varying the times within which loans may be discharged,

(c) consent of limited owners,

(d) the application of the Acts relating to stamp duties and to cheques,

(e) disposal of unclaimed dividends.

(3) Before making regulations for the purposes of this section, the Minister shall consult the Minister for Finance in relation to such regulations.

(4) Every regulation made for the purposes of this section shall be laid before each House of the Oireachtas as soon as may be after it is made and if a resolution annulling the regulation is passed by either such House within the next subsequent thirty days on which the House has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

(5) If no such resolution as is mentioned in subsection (4) of this section is passed in relation to any regulation made for the purposes of this section, the regulation shall be deemed to have been duly made and to be within the powers of this Act and shall be of the same force as if enacted in this Act.

(6) Every regulation which was made under section 52 (repealed by this Act) of the Public Health Acts Amendment Act, 1890 , or Article 23 (also repealed by this Act) of the Schedule to the Local Government (Application of Enactments) Order, 1898, and which was in force immediately before the commencement of this section shall continue in force and shall be capable of being amended or revoked as if it were made under this Act for the purposes of this section.