(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—
(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 ".