26The functions under section 4 of the [1840 c. 110.] Loan Societies Act 1840 which by virtue of section 62(5) of the [1963 c. 33.] London 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.