PART VI.

Acquisition of Small Dwellings.

38. —(1) An advance shall not be made under section 1 of the Act of 1899 for the acquisition of the ownership or the erection of a house where in the opinion of the local authority the market value of the house exceeds or would exceed the maximum sum.

(2) The Minister may, with the consent of the Minister for Finance, by order fix the maximum sum for the purpose of subsection (1) of this section and may, with such consent, amend or revoke any such order.

39. —(1) Subsection (4) of section 9 of the Act of 1899, is hereby amended by the substitution for the words “and not reimbursed by the receipts under this Act” of the following: “because of the default of persons, to whom advances have been made, to repay instalments of principal or interest on such advances”.

(2) Subsection (1) of this section shall have and be deemed to have had effect as on and from the 1st day of January, 1942.

40. —The rate of interest on advances under section 1 of the Act of 1899, shall, as regards any advance made after the passing of this Act, be a rate of not more than one half of one per centum per annum in excess of the rate of interest at which the local authority borrowed the money for the purpose of making the advance.