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 ".