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National Savings Bank Act 1971

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1An agreement between the Commissioners and the authority shall be sufficient to effect the loan and shall, notwithstanding anything in any enactment, be included among the means by which the authority may raise money ; and—

(a)section 197 of the Local Government Act 1933, section 261 of the Local Government (Scotland) Act 1947, section 7 of the Public Health and Local Government (Miscellaneous Provisions) Act (Northern Ireland) 1949 or any other enactment providing for charging moneys borrowed by the authority on its revenues shall apply accordingly to the money raised by the loan ;

(b)where no enactment (other than this paragraph) so provides, then, so long as any part of the principal or any interest remains outstanding, the loan shall be a charge on all the revenues of the authority (including any grants or contributions from the Exchequer which are receivable by the authority) and the charge shall, subject to any provision to the contrary made by or under any enactment, rank equally with any other charges on those revenues.

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