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Local Government (Miscellaneous Provisions) Act 1982

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This is the original version (as it was originally enacted).

43Advances for acquisition of land, erection of buildings or carrying out of works

In section 3 of the [1963 c. 29.] Local Authorities (Land) Act 1963—

(a)the following subsection shall be substituted for subsection (1)—

“(1)Where a local authority are satisfied that it would be for the benefit or improvement of their area, they may, subject to the provisions of this section, advance money to any person for the purpose of enabling him—

(a)to acquire land ; or

(b)to erect any building or carry out any work on land.”; and

(b)the following subsections shall be substituted for subsection (3)—

“(3)The amount of the principal of an advance made under subsection (1)(a) of this section shall not exceed nine-tenths of the value of the land.

(3A)The amount of the principal of an advance made under subsection (1)(fo) of this section shall not exceed nine-tenths of the value which it is estimated the mortgaged security will bear upon the completion of the building or other works in respect of which the advance is made.”.

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