A loan raised after the passing of this Act under Section two of the Poor Law Act 1889 shall be repaid within such period, not exceeding sixty years, as the guardians or managers with the sanction of the Local Government Beard may determine, either by equal yearly or half-yearly instalments of principal or principal and interest, or by means of a sinking fund.
(2.) The sinking fund shall be set apart, invested, and applied in accordance with the Local Loans Act 1875 and the Acts amending that Act, and for the purpose of such application the prescribed rate shall be a rate not exceeding three per cent. per annum. Provided that the guardians or managers shall not invest in their own securities.
(3.) Where any such loan has been contracted to be repaid by annual isntalments, it may, with the consent of the lenders. he repaid by half-yearly instalments.
(4.) Guardians and Managers may borrow money under the said Section two, without the consent of the Local Government Board, for the purpose of repaying any outstanding part of any loan borrowed either before or after the pawing of the Poor Law Act 1889, which they have power to repay.
(5.) Any money so borrowed shall be repaid in the manner directed by this Act and within the same period as that originally sanctioned for the repayment of the loan, unless the Local Government Board consent to the period for repayment being enlarged, but that period shall not exceed sixty years from the date of the original borrowing.
(6.) For the purpose of this section the expression "outstanding" means not repaid by instalments, or by means of a sinking fund, or out of capital money properly applicable to the purpose of repayment other than money borrowed for that purpose.
§ THE SECRETARY TO THE LOCAL GOVERNMENT BOARD (Mr. T. W. RUSSELL, Tyrone, S.)
was understood to say that the Local Government Board would not often allow repayment of loans for the purchase of land under 60 years.
Clause ordered to stand part of the Bill.
Remaining Clauses and Schedule ordered to stand part of the Bill.