Where the F4Treasury grant F5a local loan in aid of any work which is either partly completed or not commenced, they may, by a bond to Her Majesty or otherwise, take such security for the application of the loan to the work, and for the due completion of the work (including the raising of sufficient funds for that purpose), as they may think sufficient for securing the interest to the public.

The Treasury mayF6... postpone for any time not exceeding five years the payment of the instalments of principal and interest, or either, due or to become due in respect of a F7local loan for the purpose of any work, and that upon such terms and conditions for the completion and improvement of such work, and the ultimate payment of such principal and interest, as the Treasury may F8... authorise.

The F9Treasury may, F10... if under the circumstances of the case they think fit, accept any security in lieu of any security previously given to them, or of any part of such security, and that subject to such terms and conditions as they direct; so, however, that the substituted security shall be of the character which F11the Treasury might take if F12the local loan were originally granted at the time of such substitution, and that no change of security under this section shall extend the period for the repayment of F12the local loan.

The F13Treasury may concur in any lease, conveyance, release, or other disposition of any property mortgaged under this Act, or any part thereof, and in the arrangements relative thereto, upon such terms and conditions as they may think fit, and either with or without consideration, so that in their opinion the payment, with interest, of the loan charged on the mortgaged property is sufficiently secured or is not thereby made less secure.