Section 3 Local loans.C1

The Treasury may issue out of the National Loans Fund such sums as are required for making loans of the descriptions set out in Schedule 4, subject to the limit in section 4.

Interest on F2local loans shall be paid at such rates as the Treasury may determine from time to time in accordance with section 5 of this Act.

All sums paid or applicable in or towards the discharge of the principal or interest of any F3local loans, whether before or after the coming into force of this section, shall be paid by the F4Treasury into the National Loans Fund:

Any sum payable in respect of Irish land purchase annuities which, but for the provisions of this section, would be payable into the Local Loans Fund under section 26(2) of the M1Government of Ireland Act 1920, or under any other enactment, shall be paid into the National Loans Fund.

Subject to the limit in this Act, . . . F5, the F6Treasury’s power of making F7local loans shall include power to enter into undertakings to make local loans.

The F8Treasury shall, as respects each financial year, prepare F9... an account of F10local loans made in the financial year, and of the sums paid or applicable in the financial year in or towards the discharge of the principal or interest of F11local loans, whether before or after the coming into force of this section, and send it to the Comptroller and Auditor General not later than the end of November next following the end of the financial year and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.

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The Public Works Loans Act 1875 and any enactments amending that Act shall apply to local loans.

In this Act “local loans” means loans made, in pursuance of this section, of the descriptions set out in Schedule 4 to this Act.