GOVERNMENT LOANS ACT (NORTHERN IRELAND) 1957 - SECT 2 Advances by the Ministry for Government Loans.

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GOVERNMENT LOANS ACT (NORTHERN IRELAND) 1957 - SECT 2

Advances by the Ministry for Government Loans.

2.(1) Under and subject to the provisions of this Act, the Ministry may, if it
thinks fit, advance money from the Loans Fund for the purpose of any of the
loans described in the First Schedule (in this Act referred to as "Goverment
Loans").

(2) The Ministry may from time to time issue for the purpose of
Government Loans such sums as may be for the time being required therefor:

Provided that the amounts by which the aggregate of the sums so issued exceeds
the total amounts of principal repaid to the Loans Fund in respect of such
loans shall not at any time exceed [seven hundred million pounds].(2) There
shall be paid by the borrowers of Government Loans fees of such amounts and at
such times as may be prescribed.

(3) Any such loan as is described in paragraph 2 or paragraph 3 of the First
Schedule shall not be made for the purpose of discharging any debt due and
incurred before the making of an application for the loan.

(4) The Ministry may from time to time publish in the Belfast Gazette notices
stating

(a)the rates of interest upon which it is prepared to consider advancing money
for the purpose of any Government Loan or class of Government Loans specified
in the notice; and

(b)the terms (including terms as to the amount of premium, if any, to be paid
to the Loans Fund) upon which it is prepared, during such period or periods as
may be mentioned in the notice, to agree to the premature repayment of any
Government Loan or class of Government Loans specified in the notice.

[(5) In this section the reference to security includes a reference to a
charge imposed by any statutory provision for securing a loan made in
pursuance of an agreement under section 4.]

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Northern Irish Legislation

GOVERNMENT LOANS ACT (NORTHERN IRELAND) 1957 - SECT 2