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Local Authorities Loans Act 1945

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5Amendment of s. 5 of 4 and 5 Geo. 6. c. 14

Section five of the Public Works Loans Act, 1941 (which authorises the Treasury to advance money to facilitate the conversion of local government securities) shall have effect subject to the following amendments :—

(a)the power of the Treasury to advance moneys to a local or harbour authority under subsection (1) shall be extended so as to include power, where the authority with the approval of the Treasury makes a new issue of securities for the purpose of meeting the liability on any of its maturing securities, to advance to the authority, on such terms as the Treasury think fit, an amount equal to the price of issue of any part of the new issue of securities which is not taken up ;

(b)the definition of the expression " local authority " in paragraph (b) of subsection (4) shall be extended so as to include any local authority within the meaning of this Act ; and

(c)subsection (5) (which forbids advances under the section after the expiration of the Emergency Powers (Defence) Act, 1939) shall cease to have effect.

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