Armed Forces (Housing Loans) Act 1965

1 Extension of period and increase in aggregate of housing loans.

(1) Section 1(1) of the [1949 c. 77.] Armed Forces (Housing Loans) Act 1949 (which, as amended by the [1958 c. 1 (7 & 8 Eliz. 2).] Armed Forces (Housing Loans) Act 1958, authorises, subject to certain provisions, the issue from time to time during the fifteen financial years ending on 31st March 1965 of sums out of the Consolidated Fund not exceeding in the aggregate ninety-five million pounds, to be applied as appropriations in aid of moneys provided by Parliament for those years for the provision of approved housing accommodation in Great Britain for married persons serving in, or employed in connection with, the armed forces of the Crown) shall have effect as if the period during which sums may be so issued were extended by three years and the limit on the aggregate of the sums which may be so issued were increased by forty-five million pounds.

(2) The sums issued under the said section 1(1) shall be applied as appropriations in aid of moneys provided by Parliament for the provision of such accommodation as aforesaid the cost of which would, apart from the said Act of 1949, fall to be defrayed out of moneys so provided for the service of the Ministry of Public Building and Works instead of for the defence services.

(3) Instalments of principal and interest under section 1(3) of the said Act of 1949 (which relates to the repayment of loans under section 1(1) of that Act) and payments under section 2(1) of the [1958 c. 1 (7 & 8 Eliz. 2).] Armed Forces (Housing Loans) Act 1958 (which confers power to accelerate the repayment of such loans) shall be paid out of moneys provided by Parliament for the service of the Ministry of Defence instead of for the defence services.

(4) The rate of interest required to be paid under the said section 1(3) shall be such as the Treasury may determine instead of the appropriate rate as therein defined.

(5) In accordance with the foregoing provisions of this section—

(a) section 1 of the [1949 c. 77.] Armed Forces (Housing Loans) Act 1949 shall be amended as provided by Part I of the Schedule to this Act and, as so amended and as amended by paragraph 4 of Schedule 5 to the [1954 c. 44.] Finance Act 1954, shall have effect as set out in Part II of the Schedule to this Act; and

(b) in the Armed Forces (Housing Loans) Act 1958, in section 2(1) for the words " the defence services " there shall be substituted the words " the service of the Ministry of Defence " and the following provisions shall cease to have effect, that is to say, section 1, in section 2(1) the words "at the appropriate rate" and section 2(3).