Every [F2local loan] shall be made repayable . . . F3 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 [F4fifty] 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].
. . . F3
Textual Amendments
F1Words in s. 11 heading substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(2) (with art. 9)
F2Words in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(3) (with art. 9)
F3Words repealed by Public Works Loans Act 1964 (c. 9), Sch. 3
F4Words substituted by Public Works Loans Act 1911 (c. 17), s. 4
F5Words in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(4) (with art. 9)
F6Word in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(5) (with art. 9)
F7Words in s. 11 omitted (25.2.2020) by virtue of The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(6) (with art. 9)
F8Words in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(7) (with art. 9)
Modifications etc. (not altering text)
C1S. 11 amended by Local Authorities Loans Act 1945 (c. 18), s. 2(2) and Public Works Loans Act 1965 (c. 63), Sch. para. 4