Local Government (Scotland) Act 1947

279 Balance of unexpended borrowed money.

The balance of any money borrowed by a local authority and not required for the purposes for which the money was borrowed may, with consent of the Secretary of State, be applied to any Other purpose for which capital money may be applied by the authority:

Provided that—

(i) nothing in this section shall require the consent of the Secretary of State to be obtained in the case of a county council or town council having a loans fund or shall dispense with the necessity of the consent of the Public Works Loan Commissioners in any case in which such consent is required under section nine of the [44 & 45 Vict. c. 38.] Public Works Loans Act, 1881;

(ii) where money borrowed for any of the purposes of any enactment or statutory order relating to the supply of electricity is proposed to be applied for any other of the said purposes, the provisions of this section shall apply with the substitution of the consent of the Electricity Commissioners for that of the Secretary of State.