- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Where a local authority enter into an agreement with a person (hereafter in this section referred to as " the builder ") whereby provision is made—
(a)authorising the builder to enter on land belonging to the local authority for the purpose of his erecting a building thereon;
(b)for the sale of the land to the builder, if the building is erected to the satisfaction of the local authority, or, as the agreement may provide, for the grant of a lease to him if the building is so erected ;
(c)for the local authority to advance money to the builder for the purpose of enabling him to erect the building ;
(d)for securing that, on such a sale or, as the case may be, grant of a lease, any amount advanced as mentioned in the last foregoing paragraph will, together with the interest thereon, be secured by a mortgage of the land ;
the local authority may, subject to the provisions of this section, advance money to that person for the purpose mentioned in paragraph (c) above.
(2)The amount of the principal of an advance made under this section shall not exceed three quarters of the amount which it is estimated will be the value of the security for the mortgage for which the agreement provides.
(3)Subsections (4) and (5) of section 3 of this Act shall apply to an advance made under this section as they apply to an advance made under that section.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: