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GOVERNMENT LOANS ACT (NORTHERN IRELAND) 1957 - SECT 28

Short title.

28. This Act may be cited as the Government Loans Act (Northern Ireland),
1957.

1. Local or Public Loans:

(a)any local authority [(including any district council and any joint
committee appointed by two or more such councils for a purpose in which they
are jointly interested)]; or

(b)any other public authority, board, commissioners or public body of any kind
constituted by or under any statutory provision, whether of a general or a
special nature.3. Loans for educational purposes, etc:

(a)the purchase, erection, extension, improvement or alteration of premises
(including playgrounds and playing fields) and buildings (including residences
for teachers employed in or caretakers having the care of such buildings) for
primary or secondary schools or for training colleges (not being schools or
colleges in respect of which local or public loans may be made) or for
training schools within the meaning of the Children and Young Persons Act
(Northern Ireland), [1968];

(b)the equipment of such primary or secondary schools or training colleges or
of such training schools as aforesaid (including the establishment and
equipment of libraries therefor).[5. Loans to Department for purposes of loans
pool or consolidated loans fund:

TO HOLD unto the Ministry from the day of the date hereof until the said loan
of

PROVIDED ALWAYS and it is hereby agreed that the provisions specified in the
third column of the Schedule hereto shall apply to the said Loan in addition
to or in variation of the Covenants and Agreements set forth in Part II of the
Second Schedule to the Government Loans Act (Northern Ireland), 1957.

1. The following covenants on the part of the mortgagors:

(a)that the mortgagors shall comply with all such statutory provisions as may
be applicable to the expenditure of the moneys advanced on foot of the loan or
to the purposes for which the loan has been made, and with any directions
given by the appropriate Government department in pursuance of any such
statutory provision;

(b)that the mortgagors shall repay to the Ministry when due, and by such
method and in such manner as may be agreed upon, the principal moneys advanced
on foot of the loan together with the interest payable in respect of the loan;

(c)that the mortgagors shall cause all sums payable under the mortgage to be
paid at the office of the Ministry or at such other place as the Ministry may
direct;

(d)that the mortgagors shall pay to the Ministry interest in respect of the
loan at the following rates:

(i)if the loan is made by means of a single advance, at such rate as, under
sub-section (1) of section three, may be in force at the time when the loan is
advanced; and

(ii)if the loan is made by means of several advances issued to the mortgagors
on different dates, at such rate in respect of each advance as may be in force
under the said sub-section on the date when that advance is issued;

(d)and that the expression "local loans rate" contained in the deed of
mortgage shall be construed accordingly.

2. An agreement that the Ministry shall have the following powers with respect
to any loan secured by the mortgage, that is to say:

(a)power at its discretion to make the loan either by means of a single
advance or by means of several advances, and to issue any advance at such time
as appears to the Ministry to be proper or expedient;

(b)power to refuse wholly, or for so long as the Ministry may think fit, to
issue any advance on foot of the loan if

(i)any sum is in arrear which is payable in respect of the loan, or of any
previous loan or advance made by or through the Ministry or to which section
six of the Public Works Loans Act, 1952, applies, to the mortgagors or their
predecessors for any purpose (whether such sum is payable as interest or as an
instalment of principal or as a periodical payment of any annuity or
rentcharge or otherwise); or

(ii)any covenants implied on the part of the mortgagors by virtue of this Part
of this Schedule are not duly observed;

(c)power, at the discretion of the Ministry, at any time before the full
amount of the loan has been advanced, to reduce the amount, or delay the
issue, of any further advance;

(d)power, at the discretion of the Ministry, to refuse to make advances on
foot of the loan if, within five years from the execution of the mortgage, the
full amount of the loan has not been advanced to and taken up by the
mortgagors.

3. An agreement that if the mortgagors at any time make default

(a)in the payment of any moneys due in respect of the loan for a period
exceeding ten days after such moneys become due; or

(b)in the performance of any of the covenants implied on the part of the
mortgagors by virtue of this Part of this Schedule;

(i)interest thereon at the appropriate rate or rates; and

(ii)any such interest as may be charged under section five on any sum which is
in arrear at the time of default; and

<(iii)an amount equivalent to the premium which would have been payable by the mortgagors to the Ministry if the Ministry had agreed at the request of the mortgagors to the premature repayment of the loan on the date on which the loan and interest is repaid to it by virtue of the provisions of this paragraph;


[4. In this Part, in relation to a loan advanced otherwise than upon the
security of a mortgage,

"ortgage' or "eed of mortgage' includes the agreement for the loan, or, in the
expression "oan secured by the mortgage' includes any statutory provision for
securing the loan;

"ortgagor' includes any borrower.]

Third Schedule rep. by SLR 1973

© 1957 Crown Copyright

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