15.—(1) Section 11 (term of years for repayment of loan) is amended as follows.
(2) In the heading for “loan” substitute “local loan”.
(3) For “loan granted under this Act” substitute “local loan”.
(4) For “a loan has been granted” substitute “a local loan has been granted”.
(5) For “Loan Commissioners”, in the first place occurring, substitute “Treasury”.
(6) Omit “on the recommendation of the Loan Commissioners,”.
(7) For “may be recommended by the Loan Commissioners” substitute “they see fit”.