GOVERNMENT OF IRELAND ACT 1920 - SECT 27 Existing public loans.

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GOVERNMENT OF IRELAND ACT 1920 - SECT 27

Existing public loans.

27.(1) The power of collecting and enforcing the payment of sums due on
account of loans made before the appointed day to authorities and persons in
Southern Ireland or Northern Ireland out of the local loans fund, the
development fund, the road improvement fund or other similar public fund,
shall be transferred to the Governments of Southern Ireland and Northern
Ireland respectively, and the amounts so collected by them shall be paid into
their respective Exchequers:

Provided that this section shall not apply to advances out of the local loans
fund for the purposes of the enactments relating to land purchase in Ireland.

(2) A sum equal to the amount due in respect of such loans shall in each year
be paid into the appropriate fund out of moneys provided by the Parliament of
the United Kingdom, and shall, subject to the deduction of such sum as the
Joint Exchequer Board think just to cover such loss as may be anticipated to
result from payments on account of any such loans proving to be irrecoverable,
be made good by deductions from the [Northern Ireland] residuary share of
reserved taxes in accordance with regulations made by the Treasury.

S.28 rep. by SLR 1927; 1971 c.25 s.12 sch.2 Pt.I; 1975 c.7 s.59 sch.13 Pt.I

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Northern Irish Legislation

GOVERNMENT OF IRELAND ACT 1920 - SECT 27