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Public Works Loans Act 1967

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1Grants for public works.

(1)There may be issued by the National Debt Commissioners for the purpose of local loans by the Public Works Loan Commissioners any sum or sums not exceeding in the whole the sum of £900 million.

(2)The sum so issued shall be issued during the period beginning with the appointed day and ending on the day on which a further Act granting money for the purpose of those loans comes into operation, and in accordance with the provisions of the National Debt and Local Loans Act 1887.

(3)The period aforesaid shall be an issue period for the purposes of section 2(1) of the Public Works Loans (No. 2) Act 1946 (power of the Public Works Loan Commissioners to undertake to grant loans which include loans falling to be advanced after the expiration of the current issue period), but the aggregate of—

(a)the commitments of the said Commissioners outstanding at any time during that period in respect of undertakings entered into by them (whether during or before the beginning of that period) to grant local loans; and

(b)the advances in respect of local loans made by the said Commissioners during that period up to that time,

shall not exceed the sum of £950 million.

(4)For the purposes of section 1(2) of the Public Works Loans Act 1966 (no sums to be issued under that Act after the day on which a further Act granting money for the purpose of local loans comes into operation) this Act shall be deemed to come into operation on the appointed day.

(5)In this section " the appointed day " means such day as may be appointed by an order made by the Treasury, and any such order shall be made by statutory instrument and laid before Parliament after being made.

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