PART VIMiscellaneous and Supplementary

Miscellaneous

125Local loans

1

For section 4 of the [1968 c. 13.] National Loans Act 1968: (power to make local loans) there shall be substituted the following section—

4Limit for local loans.

1

The aggregate of—

a

any commitments of the Loan Commissioners outstanding in respect of undertakings entered into by them to grant local loans; and

b

any amount outstanding in respect of the principal of any local loans ;

shall not at any time exceed £28,000 million or such other (1ower or higher) sum, not exceeding £35,000 million, as the Treasury may from time to time specify by order made by statutory instrument

2

No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament.

2

In section 3 of that Act—

a

in subsection (5), the words from " and" to " future Act" shall be omitted ; and

b

in subsection (11), for the words from the beginning to "those " there shall be substituted the words " Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions ".