Local Government (Scotland) Act 1947

General.

Interpretation.

1 In these rules, unless the context otherwise requires—

• " advance ", in relation to the loans fund and a borrowing account of a council, means the transfer of money by way of loan from the loans fund to the appropriate borrowing account in exercise of a statutory borrowing power;

• " appointed day " means the day (being the commencement of a financial year) fixed by the council as the day from which a loans fund shall be established by the council;

• " borrowing account ", in relation to a council, means an account of the council relating to a purpose for which the council have a statutory borrowing power;

• " council " means a county council or a town council having a loans fund;

• " loans fund " means a loans fund established under this Act;

• " year " means the financial year of the council.

Method of exercise of statutory borrowing power.

2 Any statutory borrowing power vested in the council on or after the appointed day shall be exercised by the council in manner following and not otherwise, that is to say:—

(a) by borrowing in accordance with the provisions of this Act and carrying to the loans fund such sums as are necessary to enable that fund to make to the appropriate borrowing account of the council or to the other local authority the advances which are required for the purpose for which the statutory borrowing power is available; and

(b) by making from the loans fund such advances to the appropriate borrowing account of the council or to the other local authority, as the case may be.