(1)For the purposes of section nineteen of this Act—
(a)the London County Council may borrow under and in accordance with the London County Council (Finance Consolidation) Act, 1912;
(b)the Common Council of the City of London may borrow under the City of London Sewers Acts, 1848 to 1897.
(2)Section ninety-seven of the Local Government Act, 1933 (which applies the provisions of Part III of that Act relating to joint committees to the London County Council and to councils of metropolitan boroughs) shall in relation to the powers conferred on local authorities by or under the last two foregoing sections, have effect as if any reference in the said section ninety-seven to the council of a metropolitan borough included a reference to the Common Council of the City of London.
(3)The expenses of the Common Council of the City of London under the said section nineteen shall be defrayed out of the general rate.