(1)Local loans may be made in the period beginning with 1st April 1968, but the aggregate of—
(a)the commitments of the Loan Commissioners outstanding at any time in respect of undertakings entered into by them to grant local loans; and
(b)the advances in respect of local loans made by the Loan Commissioners under this section up to that time,
shall not exceed the limit specified in subsection (2) below.
(2)The said limit shall be one thousand million pounds, but the Treasury may, on not more than three occasions, by order contained in a statutory instrument, increase or further increase that limit by a sum specified in the order, being a sum not exceeding one thousand million pounds.
The Treasury shall not make an order under this subsection unless a draft of the order has been approved by a resolution of the Commons House of Parliament.
(3)For the purposes of section 1 (2) of the [1967 c. 61.] Public Works Loans Act 1967 (no sums to be issued under that Act after the end of the period when a further Act comes into operation) the said period shall end with 31st March 1968.