No. 183/1946:

LOCAL LOANS FUND (RATE OF INTEREST) DIRECTION, 1946.

LOCAL LOANS FUND (RATE OF INTEREST) DIRECTION, 1946.

The Minister for Finance, in exercise of the powers conferred on him by the Local Loans Fund Act, 1935 (No. 16 of 1935), hereby directs as follows :

1. This direction may be cited as the Local Loans Fund (Rate of Interest) Direction, 1946.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to this direction.

3.—(1) The rate of interest on every issue made after the date of this direction on foot of a local loan to which this Article applies shall be 2½% per annum.

(2) This Article applies—

(a) to a local loan under the Housing (Gaeltacht) Acts, 1929 to 1939, or under those Acts as amended or extended by any subsequent enactment,

(b) to any other locan loan—

(i) application for which is made after the date of this direction, or

(ii) application for which is made on or before the said date, where the person obtaining the loan agrees to make the payments specified in paragraphs (1) and (3) of Article 4 of the Local Loans Fund (Fees and Expenses) Regulations, 1946, or agrees to the deduction of the amount thereof from the first issue made on foot of the loan after the date of this direction.

(3) For the purpose of calculating under the Local Loans Fund (Fees and Expenses) Regulations, 1946, the fee payable by virtue of an agreement in accordance with paragraph (2) of this Article, the amount of the local loan shall be treated as being reduced by so much thereof as is issued on or before the date of this direction.

GIVEN under the Official Seal of the Minister for Finance, this thirteenth day of June, 1946.

J. J. McELLIGOTT.