80.—(1) Section 23 (loans by Public Works Loans Commissioners) is amended as follows.
(2) For the heading substitute “Local loans made by the Treasury”.
(3) For “Public Works Loan Commissioners” substitute “Treasury” in each place occurring.
(4) At the end insert–
“(7) Any loan made under subsection (1) is a local loan for the purposes of section 3 of the National Loans Act 1968 (see Schedule 4 to that Act).”.