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Seanad Éireann debate -
Wednesday, 16 Jul 1924

Vol. 3 No. 14

TRADE LOANS (GUARANTEE) BILL, 1924—COMMITTEE.

Section 1 ordered to stand part of the Bill.
SECTION 2.

Loans are contemplated under this section and I would like the Minister to satisfy me that every reasonable guarantee will be secured. Apparently sums of money can be lent to bodies corporate or unincorporate. If sums of money are lent to unincorporate bodies, unless they are compelled to become members of a friendly or provident industrial society, I take it that such sums of money can only be recovered in such cases from the individuals. I would like the Minister to say that if sums of money are lent, the persons to whom they are lent should constitute themselves into a society under the Friendly Societies Act. If not, it will be difficult to recover the amount.

The Minister must be satisfied with regard to the security in each case and will have the option to do practically anything by regulation. If he thinks it necessary he can compel an unincorporate body applying for a loan to register, and if he considers that the security offered is sufficient he can exercise the option and lend. The Minister must be absolutely satisfied with regard to the security and will, of course, take the considerations mentioned into account, as will also the Advisory Committee.

That quite satisfies me. I am sure the Minister will take the necessary precautions, but I think it is necessary that they should be registered.

The remaining sections and the Title ordered to stand part of the Bill.

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