Government of Ireland Act 1920 (repealed 2.12.1999)
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Change 1
27 Existing public loans.
(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.
27 Existing public loans.
(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.
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