HC Deb 04 April 1898 vol 56 c10

asked for leave to bring in a Bill, entitled "Charitable Loans (Ireland) Bill," and explained that the Measure has for its object the making of provision with respect to certain promissory notes made to charitable loan societies in Ireland; to provide for the recovery of loans made before the 1st March, 1898, by loan societies constituted under the Charitable Loan Societies Act, 1843, because it has been held that, in certain cases, enumerated in the Memorandum to the Bill, owing to defects in the securities these loans could not be recovered in the manner provided by the Act of 1843. That Act, which was for the regulation of charitable loan societies in Ireland, authorised any number of persons in Ireland, subject to certain restrictions and regulations, to form themselves into a society in any district or place, where required, to raise a stock or fund for the purpose of granting loans to the industrial classes resident therein, and recovering repayment of the same by instalments and interest. But certain defects had been discovered in the working of that Act. Loans had been made to persons outside the district of the loan fund society, renewals were given for these loans, loans were made to persons who, at the time they were made, were in debt to the society, loans were made to persons whose sureties were themselves debtors to the society, and interest was allowed to stand; and, consequently, in the Irish courts these debts were not recoverable, and the present Bill was to make them recoverable. But the Bill enacted that the loans shall only stand for the original amount, together with the authorised interest, and that any sum paid by the borrowers in consideration of claims should be set off against their debts.

Read first time; to be read a second time on Monday, 25th April, and to be printed. [Bill 176.]