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1 Power to make loans for expenditure on Church of England Training Colleges.U.K.

(1)The [F1Church Commissioners] (who are hereinafter referred to as “the Commissioners”) may, notwithstanding any statutory or other restriction or limitation of their powers of investment, out of capital funds held by them, the income from which forms part of their [F1general fund], from time to time lend such sums as the Commissioners may think fit for the purpose of defraying expenditure upon buildings or lands belonging to or to be provided for any Church of England Training College for Teachers, and so that any such loan may be made either to the Central Board of Finance of the Church of England or, if the Central Board of Finance shall so request, directly to any such College.

(2)Any such loan by the Commissioners may be made upon such real or personal or partly real and partly personal security as the Commissioners may accept, and upon such terms and conditions as to interest and repayment of principal, as to approval of expenditure, and as to the source from which payments in respect of interest or principal shall be made as the Commissioners may approve.

Textual Amendments

Modifications etc. (not altering text)

2 Power to guarantee loans made by other lenders.U.K.

In addition to or instead of themselves making any such loan the Commissioners may upon such terms and conditions or unconditionally as they may think proper guarantee at the risk of their [F2general fund] the due repayment of any such loan made by any other body or person and the payment of interest in respect thereof.

Textual Amendments

3 Borrowing powers not to be enlarged or jurisdiction of [F3Secretary of State] affected.U.K.

Nothing in this Measure shall confer on the [F4Archbishops’ Council] of the Church of England or on any Church of England Training College for Teachers any power of borrowing money or giving security which it did not possess at the passing of this Measure, or affect any jurisdiction over any charity or endowment vested in the [F3Secretary of State].

4 Short title.U.K.

This Measure may be cited as the Ecclesiastical Commissioners (Loans for Church Training Colleges) Measure 1931.