26The functions under section 4 of the M1Loan Societies Act 1840 which by virtue of section 62(5) of the M2London Government Act 1963 became exercisable by the Greater London Council and the clerk to that council shall—
(a)as respects a society formed in a London borough, be functions of the council of that borough and the proper officer of that council; and
(b)as respects a society formed in the City, be functions of the Common Council and the town clerk to the City.