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National Loans Act 1968

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Changes over time for: Section 4

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[F14Limit for local loans.U.K.

(1)The aggregate of—

(a)any commitments of the [F2Treasury] outstanding in respect of undertakings entered into by them to grant local loans; and

(b)any amount outstanding in respect of the principal of any local loans;

shall not at any time exceed [F3£115 billion] or such other (lower or higher) sum, not exceeding [F4£135 billion], as the Treasury may from time to time specify by order made by statutory instrument.

(2)No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament.]

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