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GOVERNMENT LOANS ACT (NORTHERN IRELAND) 1957 - SECT 5

Additional interest on arrears of Government Loans.

5.(1) Where any sum payable (whether for interest or as an instalment of
principal or as a periodical payment of an annuity or rentcharge or otherwise)
by the borrower in respect of any Government Loan is in arrear for more than
thirty-one days, the Ministry may, notwithstanding any rule of law to the
contrary, charge and recover interest on that sum from that borrower.

(2) The rate of interest so charged shall be such rate, ..., as the Ministry
may from time to time determine [by an order made subject to negative
resolution] and, unless waived by the Ministry under section six, the amount
of such interest shall be paid and recovered in like manner as the sum in
arrear as aforesaid.

© 1957 Crown Copyright

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