Every F4local loan shall be made repayable . . . F1 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 F2fifty years.

Where F5a local loan has been granted repayable within a period less than the full period allowed by the foregoing provisions of this section, the F6Treasury, 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, F7... 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 F8they see fit.

. . . F1