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Land Settlement (Facilities) Act 1919

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This is the original version (as it was originally enacted).

14Extension of term of loans

(1)The Public Works Loan Commissioners may lend to a county council any money which the council are authorised to borrow under the principal Act on such terms and conditions as the Treasury may prescribe.

(2)During the period from the commencement of this section to the expiration of two years after the passing of this Act, the Treasury may issue to the Commissioners out of the Consolidated Fund of the United Kingdom or the growing produce thereof, sums not exceeding in the aggregate twenty million pounds, and the loans made by the Commissioners may be met out of the moneys so issued instead of out of the Local Loans Fund.

(3)After the expiration of the said two years any loans so-made by the Public Works Loan Commissioners shall be made from the Local Loans Fund in manner provided by the Public Works Loans Act, 1875, as modified by subsection (2) of section fifty-two of the principal Act, except that proviso (a) of that subsection shall not apply, when the loan is made in respect of the acquisition or adaptation of land acquired before the first day of April, nineteen hundred and twenty-six.

(4)For the purposes of any borrowing under the principal Act by a county council for the erection of buildings, or any loan under this section by the Public Works Loan Commissioners to a county council for that purpose, for the period of fifty years mentioned in section fifty-two of the principal Act there shall be substituted the period of sixty years.

(5)This section shall be deemed to have had effect as from the first day of April, nineteen hundred and nineteen.

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