. . . F1

The F13Treasury in considering the propriety of granting a F14local loan shall have regard to the sufficiency of the security for its repayment, . . . F2

Every F15local loan shall be made repayable . . . F4 within a period from the date of the actual advance of such loan, not exceeding the period authorised by a special Act relating to such loan, or if no period be so authorised not exceeding F5fifty years.

Where F16a local loan has been granted repayable within a period less than the full period allowed by the foregoing provisions of this section, the F17Treasury, if the repayment of the loan with interest is in their opinion sufficiently secured by such security as is required by this Act, and if they think fit, may extend the period for the repayment of such loan to a period not exceeding the said full period from the date of the advance of such loan.

Where no period is authorised by a special Act relating to the loan, the Treasury, F18... stating special circumstances, may either before or after the grant of the loan, extend the period within which the loan is to be repaid to such period as F19they see fit.

. . . F4

The F20Treasury before advancing any money on account of F21a local loan shall take security for the repayment of the loan with the interest, consisting of the security authorised by the special Act relating to the loan, or if none is so authorised, of a mortgage of property or of a rate, or of both property and a rate, and (save as herein-after mentioned) of personal security.

The F20Treasury may, if they think fit, dispense with personal security in any case in which in their opinion the mortgaged property or rate is sufficient security for the payment of the principal and interest of the loan within the stipulated period.