3(1)In section 15(1) of this Act the reference to any loan made under this Act shall include a reference to any loan made under section 4 of the [1945 c. 36.] Distribution of Industry Act 1945 or that section as extended by the [1958 c. 41.] Distribution of Industry (Industrial Finance) Act 1958.
(2)The continued operation of any agreement relating to loans or grants entered into under the Distribution of Industry Acts 1945 to 1958 shall not be affected by the repeal of those Acts, but, in the case of any agreement to make loans or grants entered into by the Treasury under the provisions mentioned in sub-paragraph (1) of this paragraph, the Secretary of State shall be substituted for the Treasury.
(3)Where before 1st April 1960 a Minister of the Crown has paid any instalment of a grant under section 3 of the said Act of 1945, the repeal of the said section 3 by section 28 of the Local Employment Act 1960 shall be without prejudice to the payment by him of further instalments of the grant in pursuance of arrangements made by him before that date.
(4)Where the Board of Trade have agreed to make to any housing association grants under section 3(2) of the [1950 c. 8.] Distribution of Industry Act 1950 to further the provision of any dwellings, the repeal of the said Act of 1950 by section 28 of the Local Employment Act 1960 shall be without prejudice to the continued payment of the grant in respect of such of the dwellings as have been provided before 1st April 1960.
(5)In the application of this paragraph to Scotland the following provision shall have effect for the purposes of sub-paragraph (2), that is to say, where any agreement in which the Secretary of State is by virtue of that sub-paragraph substituted for the Treasury provides that the person to whom the loan or grant is made shall, if required to do so, grant such security as may be specified in the agreement in favour of the Solicitor for the affairs of Her Majesty's Treasury, but the person has not before the commencement of this Act been so required, the Secretary of State shall be substituted for the said Solicitor.