4.—(1) Section 1 (Public Works Loan Commissioners may grant priority of security in respect of loans to harbour authorities by other persons over securities given to them) is amended as follows.
(2) In the heading for “Public Works Loan Commissioners” substitute “The Treasury”.
(3) For “the Public Works Loan Commissioners” substitute “local loans made under section 3 of the National Loans Act 1968”.
(4) For “the Commissioners” in each place occurring, substitute “the Treasury”.
(5) For “the said Commissioners” substitute “the Treasury”.