(1)The Public Works Loan Commissioners may, subject to the provisions of this section, lend money to any person entitled to any land either as owner or as lessee under a lease of which a period of not less than fifty years remains unexpired at the date of the loan for the purpose of constructing or improving, or facilitating or encouraging the construction or improvement of, houses, and any such person may borrow from the Public Works Loan Commissioners such money as may be required for the purposes aforesaid.
(2)A loan for any of the purposes specified in subsection (1) of this section shall be secured with interest by a heritable security over the land and houses in respect of which that purpose is to be carried out and over such other land and houses, if any, as may be offered as security for the loan.
(3)Any such loan may be made whether the person receiving the loan has or has not power to borrow on bond and disposition in security or otherwise, independently of this Act, but nothing in this Act or the principal Act shall affect any regulation, statutory or otherwise, whereby any company may be restricted from borrowing until a definite portion of capital is subscribed for, taken or paid up.
(4)The following conditions shall apply in the case of any such loan:—
(a)the period for repayment shall not exceed forty years ;
(b)no money shall be lent on the security of any land or houses unless the estate or interest therein proposed to be burdened is either ownership or a lease of which a period of not less than fifty years remains unexpired at the date of the loan;
(c)the money lent shall not exceed such proportion as is hereinafter authorised of the value, to be ascertained to the satisfaction of the Public Works Loan Commissioners, of the estate or interest in the land or houses proposed to be burdened in pursuance of subsection (2) of this section; but loans may be made by instalments from time to time as the building of houses or other work on the land so burdened progresses, so, however, that the total loans do not at any time exceed the amount aforesaid ; and the heritable security may be granted accordingly to secure such loans so to be made from time to time.
(5)The proportion of such value as aforesaid authorised for the purpose of the loan shall be three-fourths:
Provided that if the loan exceeds two-thirds of such value as aforesaid, the Public Works Loan Commissioners shall require, in addition to such heritable security as is mentioned in subsection (2) of this section, such further security as they may think fit.
(1)For the purposes of the provisions of this Part of this Act relating to improvement grants and to standard grants, a tenant, crofter, landholder or statutory small tenant shall be deemed to be the owner of any house, dwelling, building or other land on his farm, croft or holding if in respect of the execution thereon of improvement works or, as the case may be, of works which comprise the provision of any of the standard amenities he would, on the termination of his tenancy, be entitled to compensation under the [1949 c. 75.] Agricultural Holdings (Scotland) Act 1949 or the Crofters (Scotland) Acts 1955 and 1961 or the Small Landholders (Scotland) Acts 1886 to 1931 (as the case may be) as for an improvement.
(2)A tenant, crofter, landholder or statutory small tenant shall, for the purposes of the provisions of this Part of this Act relating to grants by local authorities for the provision of new houses for the agricultural population, be deemed to be the owner of any house on his farm, croft or holding in respect of which he would, on the termination of his tenancy, be entitled to compensation under the Agricultural Holdings (Scotland) Act 1949 or the Crofters (Scotland) Acts 1955 and 1961 or the Small Landholders (Scotland) Acts 1886 to 1931 (as the case may be) as for an improvement.
(3)Where by virtue of subsection (1) of this section an improvement grant or a standard grant is made, or where assistance is given under section 44 of this Act, to a crofter, a landholder or a statutory small tenant in respect of a house or dwelling on his croft or holding, the local authority shall forthwith intimate to the landlord of the croft or holding that an improvement grant or a standard grant has been so made or that assistance has been so given, as the case may be, and shall inform him of the amount thereof.
(4)If at any time within the period during which conditions are required by section 30 of this Act (including that section as applied by section 43 thereof), or by section 45 of this Act, to be observed with respect to a house or dwelling provided on a farm, croft or holding otherwise than by the landlord thereof compensation becomes payable in respect of the house or dwelling, or of any works (being improvement works or, as the case may be, works comprising the provision of any of the standard amenities) executed in relation thereto, as for an improvement under the [1949 c. 75.] Agricultural Holdings (Scotland) Act 1949 or the Crofters (Scotland) Acts 1955 and 1961 or the Small Landholders (Scotland) Acts 1886 to 1931 (as the case may be), so much of the value of the house or dwelling or works as is attributable to the sum paid by way of improvement grant or standard grant, or by way of assistance under section 44 of this Act, as the case may be, shall be taken into account in assessing the compensation so payable and shall be deducted therefrom.
(5)The landlord of a farm, croft or holding on which there is a house or dwelling with respect to which conditions are for the time being required to be observed by virtue of section 30 of this Act (including that section as applied by section 43 thereof), or of section 45 of this Act, shall not at any time within the period during which those conditions are so required to be observed be entitled to obtain any consideration by way of rent or otherwise in respect of so much of the value of the house or dwelling, or of any works (being improvement works or, as the case may be, works comprising the provision of any of the standard amenities) executed in relation thereto, as is attributable to the sum paid by way of improvement grant or standard grant, or by way of assistance under section 44 of this Act, as the case may be.
The Secretary of State may by statutory instrument make regulations prescribing anything required or authorised by this Part of this Act to be prescribed:
Provided that regulations under this section, other than regulations made for the purposes of section 33(1) of this Act, shall not be made except with the consent of the Treasury.