S. 1(2) amended (22.12.2000) by 2000 c. 20, s. 4(4)(b); S.I. 2000/3349, art. 2(b)

S. 1(3) amended by Finance Act 1975 (c. 7), s. 56

S. 1(3) amended (1.4.2001) by 2000 c. 20, s. 3(1)(b); S.I. 2000/3349, art. 3(1)(b)

S. 1(4) repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. II

The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1911 c. 13.

S. 1(6) repealed by Interpretation Act 1978 (c. 30), Sch. 3

The text of s. 2 and Sch. 5 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Words repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I

S. 3(11) applied (temp. 14.11.1995 to 1.4.1996) by S.I. 1995/2766, art. 2(1)

1920 c. 67.

Words repealed by Finance Act 1984 (c. 43, SIF 99:3), ss. 125(2)(a), 128(6), Sch. 23 Pt. XIV

S. 3(7) repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II

S. 3(8)–(10) repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II

Words substituted by Finance Act 1984 (c. 43, SIF 99:3), s. 125(2)(b)

1875 c. 89.

S. 4 substituted by Finance Act 1984 (c. 43, SIF 99:3), s. 125(1)

Words substituted by virtue of Finance Act 1990 (c. 29, SIF 99:5), s. 130

S. 5 substituted by Finance Act 1982 (c. 39, SIF 99:3), s. 153(1)

S. 5 applied (E.W.) by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 9(9), Sch. 3, para. 1(5)

S. 5 applied (E.W.) by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 9(9), Sch. 3, para. 1(5)

S. 5 applied (1.12.1998) by 1998 c. 38, s. 87(2) (with ss. 139(2), 143(2)); S.I. 1998/2789, art. 2

S. 5 applied (1.1.1999) by 1998 c. 46, ss. 68(1), 130 (with s. 126(3)-(11)); S.I. 1998/3178, art. 2(1)

S. 5 applied by Government Trading Funds Act 1973 (c. 63, SIF 99:1), s. 2B(4) (as substituted (26.7.1990) by Government Trading Act 1990 (c. 30, SIF 99:1), s. 1(1) (with s. 5(3))

S. 5(2) excluded by Coal Industry Act 1973 (c. 8), s. 1(6) and Crown Agents Act 1979 (c. 43), ss. 17(8), 20(5)

S. 5(5)–(5B) applied (E.W.) by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 9(5), Sch. 3, para. 1(5)

S. 5(5)–(5B) applied (S.) by National Health Service (Scotland) Act 1978 (c. 29, SIF 113:2), Sch. 7B para. 1(5) as substituted by National Health Service and Community Care Act 1990 (c. 19, SIF 113:2), s. 32, Sch. 6

Words substituted by Finance Act 1983 (c. 28, SIF 99:3), s. 44(2)

Words inserted by Finance Act 1983 (c. 28, SIF 99:3), s. 44(3)

S. 5(8) repealed (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), ss. 80(1)(2), 82, Sch. 18 Pt. XII.

1964 c. 9.

1897 c. 51.

Words repealed by (S.) Housing (Financial Provisions) (Scotland) Act 1972 (c. 46), Sch. 8 para. 9, Sch. 11 Pt. IV and (E.W.) Housing Finance Act 1972 (c. 47) Sch. 8 para. 2 and Sch. 11 Pt. IV

Reference repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

1935 c. 41.

1950 c. 34.

Words in s. 6(1) repealed (s.) by Local Government (Scotland) Act 1975 (c. 30) Sch. 7 and repealed (E.W.) (1.12.1991) by Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130), ss. 3(1), 4(2), Sch. 3 Pt. I (with s. 2(2), Sch. 2 paras. 10, 14(1), 15)

1958 c. 42.

Words repealed by Highways Act 1980 (c. 66, SIF 59), s. 343(3), Sch. 25

Reference repealed by Housing (Consequential) Provisions Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

1962 c. 28.

1963 c. 29.

1964 c. 67.

S. 7 repealed by Exchange Equalisation Account Act 1979 (c. 30), Sch.

1929 c. 29.

The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1928 c. 13.

1928 c. 13.

1928 c. 13.

S. 10(1)(2) repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I

S. 10(3) repealed by Commonwealth Development Corporation Act 1978 (c. 2), s. 18(2), Sch. 2

S. 10(4) repealed (E.W.S.) by Films Act 1980 (c. 41), s. 9(3), Sch.

S. 10(a) repealed by Export Guarantees Act 1968 (c. 26), s. 11(2)

S. 10(5) repealed by Export Guarantees Act 1968 (c. 26), s. 11(2)

S. 10(6) repealed by National Film Finance Corporation Act 1981 (c. 15, SIF 45A), s. 10(2)(4)(a), Sch. 3 Pt. II

S. 11 repealed by (E.W.) Town and Country Planning Act 1971 (c. 78), Sch. 25 and (S.) Town and County Planning (Scotland) Act 1972 (c. 52), Sch. 23

S. 12 extended by Finance Act 1969 (c. 32), s. 52, Air Corporations Act 1969 (c. 43), Sch. 1 para. 3, and Post Office Act 1969 (c. 48), s. 109

S. 12 modified (28.7.2000) by 2000 c. 17, s. 153(1)

Words inserted by Finance Act 1982 (c. 39, SIF 99:3), s. 152(1)

S. 12(1A) inserted by Finance Act 1982 (c. 39, SIF 99:3), s. 152(2)

Words in s. 12(5)(a) substituted (26.3.2001) by S.I. 2001/1149, art. 3(1), Sch. 1 para. 25(a) (with art. 4(11))

1961 c. 36.

1877 c. 2.

1939 c. 117.

1958 c. 6 (7 & 8 Eliz. 2).

Words repealed by Statute Law Repeals Act 1973 (c. 39), Sch. 1 Pt. IV

1816 c. 98.

The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1939 c. 117.

This version of this provision extends to England and Wales and Northern Ireland only; a separate version has been created for Scotland only.

S. 14: power previously exercised by S.I. 1969/1325, S.I. 1979/1678, S.I. 1985/ 1147.

1888 c. 2.

Words in s. 14(7) repealed (28.10.2002) by The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1(1), 2, 10(2), {Sch. 2, Pt. 1}

1882 c. 61.

1939 c. 117.

1958 c. 6 (7 & 8 Eliz. 2).

This version of this provision extends to Scotland only; a separate version has been created for England and Wales and Northern Ireland.

S. 14: power previously exercised by S.I. 1969/1325, S.I. 1979/1678, S.I. 1985/1147.

1888 c. 2.

Words in s. 14(5)(a) substituted (S.) (25.09.1991) by Age of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8), ss. 10(1), 11(2), Sch. 1, para. 30 (with s. 1(3)).

Words in s. 14(7) repealed (28.10.2002) by The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1, 2, 10(2), {Sch. 2, Pt. 1}

1882 c. 61.

1939 c. 117.

1958 c. 6 (7 & 8 Eliz. 2).

S. 14A inserted (27,.7.1989) by Finance Act 1989 (c. 26, SIF 99:3), s. 183(3)

1866 c. 39.

Words in s. 16(1) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Gp. 1.

1956 c. 54.

1939 c. 117.

S. 16(2) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. IX Gp. 1.

S. 16(3) restricted (retrospective to 13.3.1968) by 1999 c. 16, s. 136(1)(3)

1942 c. 21.

1870 c. 71.

S. 16(4A) inserted (29.4.1996) by 1996 c. 8, s. 202(4)

S. 16(5) repealed by Income and Corporation Taxes Act 1970 (c. 10), Sch. 16

S. 16(6) repealed by National Debt Act 1972 (c. 65), Sch.

Words repealed by Post Office Act 1969 (c. 48), Sch. 11 Pt. II

Words substituted by Finance Act 1971 (c. 68), s. 68(a)

Words in s. 16(7) substituted (28.10.2002) by virtue of The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1, 2, 10(1), Sch. 1 para. 5

Words repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV

1903 c. 37.

1909 c. 42.

1925 c. 34.

S. 16(8) repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VII

S. 16(9)(a) repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV

S. 16(9)(b) and preceding word repealed by Finance Act 1981 (c. 35, SIF 99:3), s. 139(6), Sch. 19 Pt. XII

The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1866 c. 39.

S. 20A inserted (15.11.1999 subject to arts. 5-7 of S.I. 1999/2908) by 1988 c. 36, s. 160, Sch. 26, para. 1(2); S.I. 1999/2908, arts. 1, 2

Cross heading and s. 20A inserted (15.11.1999 subject to arts. 5-7 of S.I. 1999/2908) by 1998 c. 36, s. 160, Sch. 26, para. 1(2); S.I. 1999/2908, arts. 1, 2

S. 21(4) repealed by Statute Law (Repeals) Act 1973 (c. 39), Sch. 1 Pt. XIII

S. 22(2) amended by Post Office Act 1969 (c. 48), s. 131(2)

Words repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV

1903 c. 37.

1909 c. 42.

1925 c. 34.

S. 23(2) repealed by Northern Ireland Consitution Act 1973 (c. 36), Sch. 6 Pt. I

The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Words in s. 15(1) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 210(2)

S. 15(3) repealed (10.7.2003) by Finance Act 2003 (c. 14), s. 210(3), Sch. 43 Pt. 5(5)

Words in s. 19(4) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 211

S. 19(3) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(5)

Words in s. 21(1) substituted (with effect in accordance with s. 212(4) of the amending Act) by Finance Act 2003 (c. 14), s. 212(2)

S. 21(3) repealed (with effect in accordance with s. 212(5) of the amending Act) by Finance Act 2003 (c. 14), s. 212(3), Sch. 43 Pt. 5(5); S.I. 2004/2823, art. 2

Words in s. 14(7) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 15(2) (with art. 3)

Words in s. 16(7) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 15(3) (with art. 3)

S. 17(1) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6

S. 18(1) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 6

S. 5 applied by Pensions Act 2007 (c. 22), Sch. 6 para. 18(3) (as substituted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 82, 149(2))

Words in s. 12(5)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 18 (with art. 10)

http://www.legislation.gov.uk/ukpga/1968/13/body/2009-10-01National Loans Act 1968An Act to establish a National Loans Fund, to substitute the National Loans Fund for the Consolidated Fund in certain enactments, including enactments relating to Government lending and advances, the Exchange Equalisation Account and government annuities, to make profits of the Issue Department of the Bank of England payable into the National Loans Fund and to make other provision as to the said Department, to charge the whole of the national debt on the National Loans Fund, and to amend the law about Government borrowing; to make further provision for loans by the Public Works Loan Commissioners, and to authorise advances out of the National Loans Fund for the purpose of such loans; to transfer to Votes certain payments charged on the Consolidated Fund; and generally to make provision for the management of the Government’s financial business.1979-06-30texttext/xmlenStatute Law Database2024-05-17Expert Participation2009-10-01
1 The National Loans Fund.1

The Treasury shall have an account at the Bank of England, to be called the National Loans Fund.

2

Money paid into the National Loans Fund shall form one general fund to meet all outgoings from the Fund, and daily statements of all money paid into and out of the Fund, in such form as the Treasury may direct, shall be sent by the Bank of England to the Comptroller and Auditor General.

3

The Comptroller and Auditor General shall from time to time at the request of the Treasury grant credits on the National Loans Fund for sums payable out of the Fund under this or any other Act and, subject to section 18 of this Act, all payments out of the National Loans Fund shall be made by the Treasury in accordance with credits so granted.

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

In section 1(2) of the Parliament Act 1911 (which defines the Money Bill as one dealing exclusively with subjects which include the imposition of charges on the Consolidated Fund) after “Consolidated Fund” there shall be inserted “the National Loans Fund”.

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

No provision in any Act requiring money to be paid into the Exchequer shall be construed as requiring or authorising money to be paid into the National Loans Fund.

8

Where the intention is that money be paid into the Consolidated Fund it shall be sufficient to enact that it be paid into the Consolidated Fund (instead of enacting that it be paid into the Exchequer).

Government lending
2 Substitution of National Loans Fund for Consolidated Fund in scheduled enactments.

The enactments in Schedule 1 to this Act (which—

a

authorise advances or loans out of the Consolidated Fund, or

b

create commencing capital debts or other obligations to the Consolidated Fund, or

c

authorise payments out of the Consolidated Fund which are to be repaid out of Votes),

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . shall be amended in accordance with those Schedules.

3 Local loans.1

The Treasury may issue out of the National Loans Fund such sums as are required by the Public Works Loan Commissioners (in this Act called the Loan Commissioners) to make loans as authorised by this Act, or by any future Act.

2

Interest on loans made by the Loan Commissioners shall be paid at such rates as the Treasury may determine from time to time in accordance with section 5 of this Act.

3

All sums paid or applicable in or towards the discharge of the principal or interest of any loans made by the Loan Commissioners, whether before or after the coming into force of this section, shall be paid by the Loan Commissioners into the National Loans Fund:

Provided that where security for a loan is enforced in any manner the net receipts only shall be so paid into the National Loans Fund.

4

Any sum payable in respect of Irish land purchase annuities which, but for the provisions of this section, would be payable into the Local Loans Fund under section 26(2) of the Government of Ireland Act 1920, or under any other enactment, shall be paid into the National Loans Fund.

5

Subject to the limit in this Act, . . . , the Loan Commissioners’ power of making loans shall include power to enter into undertakings to make loans.

6

The Loan Commissioners shall, as respects each financial year, prepare in such form and manner as the Treasury may direct an account of all loans made by the Loan Commissioners in the financial year, and of the sums paid or applicable in the financial year in or towards the discharge of the principal or interest of all loans made by the Loan Commissioners, whether before or after the coming into force of this section, and send it to the Comptroller and Auditor General not later than the end of November next following the end of the financial year and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.

7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11

Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions set out in Schedule 4 to this Act (which correspond in material particulars to the loans which the Loan Commissioners may make under section 9 of the Public Works Loans Act 1875), and that Act and the enactments amending that Act shall apply to loans made in pursuance of this section.

12

In the following provisions of this Act “local loans” means loans made by the Loan Commissioners in pursuance of this section.

4 Limit for local loans.1

The aggregate of—

a

any commitments of the Loan Commissioners 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 £55,000 million or such other (lower or higher) sum, not exceeding £70,000 million, 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.

5 Rates of interest.1

This section has effect as respects any rate of interest—

a

which under any provision in Schedule 1 to this Act is to be determined in accordance with this Act, or

b

which is to be determined by the Treasury under section 3 of this Act,

and, where any enactment passed after this Act provides for the payment of interest on advances or loans made out of the National Loans Fund, and for the rate at which that interest is to be payable to be determined or approved by the Treasury, then, except as otherwise expressly provided, this section has effect as respects that rate of interest.

2

For any loan or class of loans the Treasury may determine or approve either—

a

a fixed rate of interest, that is to say a specified rate or a formula rate which is to be applied, throughout the period of the loan or any loan of that class, with the value which it has when the loan is made, or

b

a variable rate of interest, that is to say a formula rate which is to be applied, for each of the successive periods of the loan or any loan of that class which are of a length specified in the determination or approval (in this section referred to as interest periods), with the value which it has at the beginning of that period;

and in this subsection “formula rate” means a rate which is so expressed (whether by means of a formula or otherwise) that it will or may have different values at different times.

3

The Treasury shall, on each occasion when they determine or approve a fixed rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—

a

the loan, or any loan of that class—

i

were made forthwith, and

ii

were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and on other comparable terms, and

b

the interest on the money so borrowed, together with the Treasury’s expenses of borrowing, were set off against the interest received on the loan.

4

The Treasury shall, on each occasion when they determine or approve a variable rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—

a

the loan, or any loan of that class,—

i

were made forthwith,

ii

were to be repaid at the end of its first interest period, and

iii

were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and

b

the interest on the money so borrowed were set off against the interest received on the loan.

5

If at any time the Treasury are satisfied that a rate of interest determined or approved for a class of loans would not meet the requirements of subsection (3) or, as the case may be, subsection (4) above if it were determined or approved at that time, that determination or approval shall be withdrawn at the earliest convenient time, and, subject to subsection (5A) below, from that or such later time as may be convenient another rate determined or approved in accordance with subsection (3) or, as the case may be, subsection (4) above shall come into force for further loans of that class.

5A

If, in the case of a loan of any class,—

a

an undertaking was given to the person to whom the loan was to be made that the rate of interest which would apply to that loan would be that which, at a time specified in or determined in accordance with the undertaking, was or would be in force for loans of that class, and

b

before the loan was in fact made, the determination or approval of that rate of interest was withdrawn by virtue of subsection (5) above or otherwise ceased to be effective,

the rate of interest which applies to that loan shall be that which was in force for loans of that class at the time specified in, or as the case may be determined in accordance with, the undertaking.

5B

In subsection (5A) above “undertaking” means an undertaking given by the person by whom the loan in question was to be made and, where that person is not the Treasury, given by that person with the consent of the Treasury.

6

The Treasury may in determining or approving a rate of interest take into account any consideration justifying a rate higher than that required by sub-section (3) or (4) above.

7

Different fixed rates of interest may be determined or approved in respect of loans which are to be made for the same length of time, and different variable rates of interest may be determined or approved for loans which are to have interest periods of the same length.

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Rates of interest on local loans.1

Subsection (2) below shall have effect for the construction—

a

of references in the enactments set out below to the rate of interest in respect of any particular class of loans to local authorities, and

b

of references in any other enactment passed, or in any document made, before 27th February 1964 (the date of passing of the Public Works Loans Act 1964) to the rate fixed by the Treasury under section 1 of the Public Works Loans Act 1897 in respect of loans of a particular class.

The said enactments are—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

section 83(2) of the Housing (Scotland) Act 1935

paragraph 5(1) proviso of Schedule 7 to the Housing (Scotland) Act 1950

. . .

paragraph 7(1) proviso of Schedule 3 to the Housing (Financial Provisions) Act 1958

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

section 11(2)(a) of the Housing (Scotland) Act 1962

section 3(4) of the Local Authorities (Land) Act 1963

section 7(4) of the Local Government (Development and Finance) (Scotland) Act 1964.

2

Any such reference shall be construed, where the time in question falls after 31st March 1968, as a reference to the rate at that time determined by the Treasury in respect of local loans of the class in question made on the security of local rates or, where more than one rate is so applicable, to such one of those rates as the Treasury may from time to time direct either generally or with respect to any particular enactment or document.

The Treasury shall cause any such direction to be published in the London and Edinburgh Gazettes as soon as may be after the giving of the direction.

3

For the purposes of this section—

a

the expression “local rate” means any rate levied or assessed, the proceeds of which are applicable to public local purposes, and which is levied on the basis of a valuation of property, and includes any sum which, though obtained in the first instance by a precept, certificate or other instrument requiring payment from some authority or officer, is or can be ultimately raised out of such a rate as aforesaid,

b

the expression “security of local rates” includes a security guaranteed by a local rate.

Use of National Loans Fund for other purposes
7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 Government annuities.1

All immediate life annuities mentioned in section 8(1) of the Government Annuities Act 1929, and all immediate savings bank annuities, shall be charged on and issued out of the National Loans Fund, with recourse to the Consolidated Fund.

2

Accordingly in the said Act,—

a

in sections 8(1), 19 and 24(3) in Part I, and

b

in sections 41(1)(3), 55 and 59(3) in Part II,

for “Consolidated Fund” there shall be substituted “ National Loans Fund ”.

9 Profits of Issue Department of Bank of England.1

Subject to subsection (5) below, amounts payable to the Treasury under section 6(1) of the Currency and Bank Notes Act 1928 (profits of the Issue Department of the Bank of England) shall be paid into the National Loans Fund.

2

The assets held in the said Department shall be valued, at market prices, at such times and in such manner as may be agreed between the Treasury and the Bank of England, but at least once in each financial year.

3

If, as the result of any such valuation, the value of the assets then held in the said Department falls short of the total amount of the Bank of England notes then outstanding, the Treasury shall assume a liability to the said Department of an amount equal to the difference.

4

Any liability assumed under subsection (3) above—

a

shall be included among the assets held to cover the fiduciary note issue in accordance with section 3(1) of the Currency and Bank Notes Act 1928,

b

shall be subject to such conditions as to repayment and other matters as may be agreed between the Bank of England and the Treasury, but shall not bear interest,

c

shall be charged on the National Loans Fund with recourse to the Consolidated Fund.

5

So long as any part of any liability assumed under subsection (3) above is outstanding, any amount due to be paid to the Treasury under section 6 (1) of the Currency and Bank Notes Act 1928 shall instead be applied towards meeting that liability.

10 Payments to be made out of Votes and not out of Consolidated Fund.1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

The Board of Trade shall pay out of money provided by Parliament such sums as are required to enable the Board—

a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

to make advances to the National Film Finance Corporation under the Cinematograph Film Production (Special Loans) Act 1949.

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

National debt
12 Power of Treasury to borrow. 1

Any money which the Treasury consider it expedient to raise for the purpose of promoting sound monetary conditions in the United Kingdom and any money required—

a

for providing the sums required to meet any excess of payments out of the National Loans Fund over receipts into the National Loans Fund, and

b

for providing any necessary working balance in the National Loans Fund,

may be raised in such manner and on such terms and conditions as the Treasury think fit, and money so raised shall be paid into the National Loans Fund.

1A

The terms (as to interest or otherwise) on which any balance for the time being in the National Loans Fund is to be held shall be such as may be agreed between the Treasury and the Bank of England.

2

For the purpose of raising money under this section the Treasury may create and issue such securities, at such rates of interest and subject to such conditions as to repayment, redemption and other matters (including provision for a sinking fund) as they think fit.

3

For the avoidance of doubt it is hereby declared that the power to raise money under this section extends to raising money either within or outside the United Kingdom and either in sterling or in any other currency or medium of exchange, whether national or international.

4

The principal of and interest on any money borrowed under this section, and of any money due under securities issued under this section, and—

a

any sums required to be set aside for the purpose of any sinking fund established under this section,

b

any other sums to be paid by the Treasury in accordance with the terms on which they borrow,

c

any expenses incurred in connection with the raising of money or the issue, repayment or redemption of securities under this section,

shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund.

5

The power to raise money under this section extends—

a

to raising money through the Post Office company (within the meaning of Part IV of the Postal Services Act 2000) or any subsidiary or wholly-owned subsidiary (within the meanings given by section 1159 of the Companies Act 2006) of the Post Office company, and in particular by the issue through the Post Office company or any such subsidiary of national savings certificates, and by the issue of the stamps and tokens described in section 35 of the Finance Act 1961 (national savings stamps and gift tokens), and

b

to raising money by the issue of Treasury Bills under the Treasury Bills Act 1877.

6

In raising money under this section by the creation and issue—

a

of tax reserve certificates, national development bonds, or premium savings bonds, or

b

of national savings certificates,

any stock of forms prepared before the passing of this Act may be employed, pending the printing and issue of new forms, notwithstanding that the forms were prepared by reference to the raising of money under the National Loans Act 1939 or, as the case may be, section 7 of the National Debt Act 1958, and any security so issued shall be valid and effectual as if purporting to be issued in pursuance of this section instead of purporting to be issued in pursuance of the said Act of 1939 or the said Act of 1958.

7

The Bank of England may lend any sums which the Treasury have power to borrow under this section, . . .

13 Existing national debt.1

All payments to be made in respect of existing national debt, being payments which are charged on the Consolidated Fund, shall be charged on and paid out of the National Loans Fund.

2

Subsection (1) of this section shall not be in derogation of the said charge on the Consolidated Fund, or of the provisions of section 1 of the Consolidated Fund Act 1816 (which makes the national debt a prior charge on the Consolidated Fund), and accordingly all such payments shall be charged on the National Loans Fund with recourse to the Consolidated Fund.

3

In this section “existing national debt” means all securities of Her Majesty’s Government in the United Kingdom outstanding on 31st March 1968, including Treasury Bills and Ways and Means advances, and all other liabilities in respect of money borrowed by Her Majesty’s Government in the United Kingdom and outstanding on 31st March 1968, and those liabilities include, as well as payments in respect of principal and interest, payments for the purpose of any sinking fund and any other payments due under the terms on which any such security was issued, or any such money was borrowed.

4

Any expenses incurred in connection with the raising of money or the issue, repayment or redemption of securities which represent expenses incurred, whether before or after the coming into force of this section, in respect of existing national debt shall be paid out of the National Loans Fund, with recourse to the Consolidated Fund.

5

Section 4 of the National Loans Act 1939 (power of trustees and others to invest in government securities) shall cease to have effect, but not so as to invalidate anything done before the coming into force of this Act.

6

Schedule 5 to this Act shall have effect for the purpose of making amendments consequential on this and the last foregoing section.

7

Any reference in any enactment passed before this Act to securities which are charged on the Consolidated Fund shall include a reference to securities which are charged on the National Loans Fund with recourse to the Consolidated Fund; and any reference in any such enactment to securities which are directly charged on the Consolidated Fund shall be construed in a corresponding manner.

14 Exchange of securities, etc.1

The powers conferred by section 12 of this Act shall include power to enter into agreements for varying the terms on which Her Majesty’s Government in the United Kingdom have borrowed money or issued securities (whether before or after the passing of this Act), and shall include power to create and issue securities for the purpose of any such agreement.

2

The Treasury may in particular, for the purpose of carrying out any arrangement made by them for the exchange (whether on or before maturity, and whether with or without any further payment) of any securities of Her Majesty’s Government in the United Kingdom, create and issue such other securities under section 12 of this Act as the Treasury think fit.

3

The Treasury may make rules with respect to the surrender, issue or exchange of securities in pursuance of this section, and may by those rules provide, with any necessary modifications, for any of the matters for which provision could be made under section 29 of the National Debt (Conversion) Act 1888, and may also by those rules apply, with the necessary modifications, any of the provisions of Part IV of that Act (whether repealed or not) which they think it expedient to apply.

4

Rules made under subsection (3) above with respect to the exchange of securities in pursuance of an arrangement which includes an offer of securities in exchange for securities which are to be redeemed may include provision—

a

for requiring holders of the securities which are to be redeemed desiring to receive repayment in cash in respect of their holdings on the date fixed for the redemption thereof to make an application in that behalf in accordance with the rules, and

b

for securing that, if no such application is made with respect to any such securities within such period as may be provided in the rules, the holder thereof shall be deemed, subject to the provisions of the rules, to have accepted the offer.

5

Rules under subsection (3) above may specify the persons by whom an application accepting an offer of exchange of securities, or an application required under subsection (4) above, may be made in cases where—

a

any holder of securities which may be exchanged has died, or is outside the United Kingdom, or is of unsound mind, or is an infant, pupil or minor, or is otherwise under a disability, or

b

a stop notice is in force with respect to a holding.

6

The Treasury may cancel any securities surrendered to them under this section, and may also undertake to make payments, upon such terms and conditions as they think fit, to holders of securities so surrendered, or otherwise as part of the arrangement or agreement.

7

A warrant given by the Registrar of Government Stock. . . for making any such payment shall be deemed to be a cheque within the meaning of the Bills of Exchange Act 1882 and shall be exempt from stamp duty.

8

Any money required by the Treasury for the purpose of carrying out any such arrangement shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund.

9

Any money received by the Treasury under this section shall be paid into the National Loans Fund.

10

Section 2 of the National Loans Act 1939 (exchange of securities) and section 9 of the National Debt Act 1958 (exchange of savings certificates) shall cease to have effect, but—

a

any rules in force under either of those sections on 31st March 1968 shall continue in force as if made under this section, and may be varied or revoked accordingly, and

b

any arrangements pending under either of those sections on 31st March 1968 shall be carried out and concluded under this section.

11

Rules under this section shall be made by statutory instrument which, if the rules consist of or include any provision made in pursuance of subsection (4) above, shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.

14 Exchange of securities, etc.1

The powers conferred by section 12 of this Act shall include power to enter into agreements for varying the terms on which Her Majesty’s Government in the United Kingdom have borrowed money or issued securities (whether before or after the passing of this Act), and shall include power to create and issue securities for the purpose of any such agreement.

2

The Treasury may in particular, for the purpose of carrying out any arrangement made by them for the exchange (whether on or before maturity, and whether with or without any further payment) of any securities of Her Majesty’s Government in the United Kingdom, create and issue such other securities under section 12 of this Act as the Treasury think fit.

3

The Treasury may make rules with respect to the surrender, issue or exchange of securities in pursuance of this section, and may by those rules provide, with any necessary modifications, for any of the matters for which provision could be made under section 29 of the National Debt (Conversion) Act 1888, and may also by those rules apply, with the necessary modifications, any of the provisions of Part IV of that Act (whether repealed or not) which they think it expedient to apply.

4

Rules made under subsection (3) above with respect to the exchange of securities in pursuance of an arrangement which includes an offer of securities in exchange for securities which are to be redeemed may include provision—

a

for requiring holders of the securities which are to be redeemed desiring to receive repayment in cash in respect of their holdings on the date fixed for the redemption thereof to make an application in that behalf in accordance with the rules, and

b

for securing that, if no such application is made with respect to any such securities within such period as may be provided in the rules, the holder thereof shall be deemed, subject to the provisions of the rules, to have accepted the offer.

5

Rules under subsection (3) above may specify the persons by whom an application accepting an offer of exchange of securities, or an application required under subsection (4) above, may be made in cases where—

a

any holder of securities which may be exchanged has died, or is outside the United Kingdom, or is [under legal disability by reason of nonage or otherwise] , or

b

a stop notice is in force with respect to a holding.

6

The Treasury may cancel any securities surrendered to them under this section, and may also undertake to make payments, upon such terms and conditions as they think fit, to holders of securities so surrendered, or otherwise as part of the arrangement or agreement.

7

A warrant given by the Registrar of Government Stock. . . for making any such payment shall be deemed to be a cheque within the meaning of the Bills of Exchange Act 1882 and shall be exempt from stamp duty.

8

Any money required by the Treasury for the purpose of carrying out any such arrangement shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund.

9

Any money received by the Treasury under this section shall be paid into the National Loans Fund.

10

Section 2 of the National Loans Act 1939 (exchange of securities) and section 9 of the National Debt Act 1958 (exchange of savings certificates) shall cease to have effect, but—

a

any rules in force under either of those sections on 31st March 1968 shall continue in force as if made under this section, and may be varied or revoked accordingly, and

b

any arrangements pending under either of those sections on 31st March 1968 shall be carried out and concluded under this section.

11

Rules under this section shall be made by statutory instrument which, if the rules consist of or include any provision made in pursuance of subsection (4) above, shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.

14A Redemption of securities held in Issue Department of Bank of England.1

Any securities of Her Majesty’s Government in the United Kingdom which are for the time being held in the Issue Department of the Bank of England may be redeemed by the Treasury before maturity at market prices determined in such manner as may be agreed between the Treasury and the Bank.

2

Any expenses incurred by the Treasury in connection with the redemption of securities under subsection (1) above shall be paid out of the National Loans Fund.

15 Payments out of Consolidated Fund for service of national debt.1

The Treasury shall from time to time pay out of the Consolidated Fund into the National Loans Fund sums equal to the excess of the amounts required to meet payments out of the National Loans Fund—

a

which represent interest on liabilities of the National Loans Fund, or

b

which, in the opinion of the Treasury, ought to be treated in the same way as payments which represent such interest,

over the amounts paid into the National Loans Fund which represent interest on loans by the Government or which, in the opinion of the Treasury, ought to be treated in the same way as interest on loans by the Government.

2

Notwithstanding the provisions of section 13 of the Exchequer and Audit Departments Act 1866, payments under this section shall be effected without the granting of credits by the Comptroller and Auditor General.

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 Supplemental provisions as to national debt.1

. . . in section 43(2) of the Finance Act 1956 (enactments relating to lotteries: saving for premium bonds under the National Loans Act 1939) the reference to the said Act of 1939 shall include a reference to this Act.

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

Stock or registered bonds issued under this Act, other than premium savings bonds, shall be included in Part I of Schedule 11 to the Finance Act 1942 (transfer and registration of government stock).

4

Stock or registered bonds issued under this Act shall be subject to the provisions of the National Debt Act 1870 so far as is consistent with the tenor of this Act.

4A

In subsections (3) and (4) above the references to stock or registered bonds issued under this Act include references to a strip (within the meaning of section 47 of the Finance Act 1942) of any stock or bond (whether the stock or bond is issued under this Act or otherwise).

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

There shall be paid out to Registrar of Government Stock, . . . , such sums in respect of the management in any period of any Government securities as may be agreed upon between the Treasury and the Registrar of Government Stock .

In this subsection “Government securities” means securities of Her Majesty’s Government in the United Kingdom and securities issued under—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .,

the Irish Land Act 1903,

the Irish Land Act 1909,

the Northern Ireland Land Act 1925.

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

Sums payable under subsection (7) above shall be met out of the National Loans Fund with recourse to the Consolidated Fund, except that—

a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17 Repeal of provisions for paying off debt, or applying sums to meet interest charges.1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

So much of any enactment as provides for sums paid into the Consolidated Fund to be applied in redeeming or paying off debt (that is to say national debt) or meeting such part of the annual charges for the national debt as represents interest, shall cease to have effect.

Relations of the two Funds
18 Daily balancing of Consolidated Fund.1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

On any day (from 1st April 1968 onwards) on which payments into the Consolidated Fund exceed payments out of the Consolidated Fund the Treasury shall pay out of the Consolidated Fund into the National Loans Fund sums equal to that excess.

3

On any day (from 1st April 1968 onwards) on which payments out of the Consolidated fund exceed payments into the Consolidated Fund the Treasury shall pay out of the National Loans Fund into the Consolidated Fund sums equal to that excess.

4

All payments made on any day (from 1st April 1968 onwards) into the Consolidated Fund by way of payment into the Exchequer Account at the Belfast branch of the Bank of Ireland shall be paid at the close of business on that day into the Exchequer Account at the Bank of England.

5

Notwithstanding the provisions of section 13 of the Exchequer and Audit Departments Act 1866 and of section 1(3) of this Act, payments under this section shall be effected without the granting of credits by the Comptroller and Auditor General.

19 Liabilities and assets of National Loans Fund.1

The excess for the time being of the liabilities of the National Loans Fund over its assets shall be a liability of the Consolidated Fund to the National Loans Fund.

2

Sums paid under section 15 of this Act shall be deemed for all purposes to be in satisfaction of the payment of interest in respect of the liability of the Consolidated Fund to the National Loans Fund imposed by subsection (1) above.

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

For the purposes of this section the liabilities and assets of the National Loans Fund shall be as determined by the Treasury.

20 Power to substitute National Loans Fund for Consolidated Fund in existing Acts.1

The Treasury shall have power by order to provide that any payments which, under a provision in any Act passed before, or in the same session as, this Act, are to be paid out of the Consolidated Fund, or are to be paid into the Consolidated Fund (whether or not expressed as a provision for payment into the Exchequer) shall be paid out of the National Loans Fund, or as the case may be shall be paid into the National Loans Fund.

2

An order under this section—

a

shall not be made unless a draft of the order has been approved by a resolution of the Commons House of Parliament,

b

shall be made by statutory instrument,

c

may contain such transitional or other supplemental or incidental provisions as appear to the Treasury to be expedient, including provisions amending any Act passed before or after this Act.

The Debt Management Account
20A The Debt Management Account.

Schedule 5A to this Act (the Debt Management Account) shall have effect.

Supplemental
21 Audit and accounts.1

For the financial year ending on 31st March 1969 and each subsequent financial year the Treasury shall prepare an account relating to the Consolidated Fund, and an account relating to the National Loans Fund, in such form and containing such information as the Treasury consider appropriate.

2

The Treasury shall send the accounts to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which they relate, and the Comptroller and Auditor General shall examine, certify and report on the accounts and lay copies of them, together with his report, before each House of Parliament.

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22 Interpretation.1

In this Act “Loan Commissioners” and “local loans” have the meanings given by section 3 of this Act.

2

Any provision in this Act, or in the Acts amended by this Act, charging payments on the National Loans Fund “with recourse to” the Consolidated Fund shall be construed as a requirement that the payment, if it is not made out of the National Loans Fund, shall be charged on and paid out of the Consolidated Fund.

3

In this Act “securities of Her Majesty’s Government in the United Kingdom” includes national savings certificates and premium savings bonds but does not include securities issued under—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,

the Irish Land Act 1903,

the Irish Land Act 1909,

the Northern Ireland Land Act 1925.

4

Any reference in this Act to any enactment includes a reference to that enactment as amended by any other Act including this Act.

23 Application to Northern Ireland.1

This Act extends to Northern Ireland

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24 Short title, repeals and commencement.1

This Act may be cited as the National Loans Act 1968.

2

The enactments mentioned in Schedule 6 to this Act (which include enactments conferring powers of government borrowing superseded by this Act and enactments which are obsolete or spent) shall be repealed to the extent specified in the third column of that Schedule, but subject to any saving at the end of any Part of that Schedule.

3

Except as otherwise expressly provided, this Act shall come into force on 1st April 1968 and have effect for the financial year beginning on that date and subsequent financial years.

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<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
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<TLCTerm eId="term-securities-of-her-majestys-government-in-the-united-kingdom" href="/ontology/term/uk.securities-of-her-majestys-government-in-the-united-kingdom" showAs="securities of Her Majesty’s Government in the United Kingdom"/>
<TLCConcept eId="period-concept1" href="/ontology/time/1991.12.01" showAs="since 1991-12-01"/>
<TLCConcept eId="period-concept2" href="/ontology/time/1999.11.15" showAs="since 1999-11-15"/>
<TLCConcept eId="period-concept3" href="/ontology/time/2003.07.10" showAs="since 2003-07-10"/>
<TLCConcept eId="period-concept4" href="/ontology/time/2003.07.10-2015.03.26" showAs="from 2003-07-10 until 2015-03-26"/>
<TLCConcept eId="period-concept5" href="/ontology/time/2004.07.01" showAs="since 2004-07-01"/>
<TLCConcept eId="period-concept6" href="/ontology/time/2004.07.22" showAs="since 2004-07-22"/>
<TLCConcept eId="period-concept7" href="/ontology/time/2008.11.26-2010.07.05" showAs="from 2008-11-26 until 2010-07-05"/>
<TLCConcept eId="period-concept8" href="/ontology/time/2009.10.01-2010.07.05" showAs="from 2009-10-01 until 2010-07-05"/>
<TLCConcept eId="period-concept9" href="/ontology/time/2009.10.01-2011.10.01" showAs="from 2009-10-01 until 2011-10-01"/>
<TLCConcept eId="period-concept10" href="/ontology/time/-2015.03.26" showAs=" before 2015-03-26"/>
<TLCConcept eId="period-concept11" href="/ontology/time/-2017.12.01" showAs=" before 2017-12-01"/>
<TLCConcept eId="period-concept12" href="/ontology/time/-2020.02.25" showAs=" before 2020-02-25"/>
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<notes source="#source">
<note class="commentary C" eId="c13324451">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/1/2">S. 1(2)</ref>
amended (22.12.2000) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/20">2000 c. 20</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/20/section/4/4/b">s. 4(4)(b)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2000/3349">S.I. 2000/3349</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2000/3349/article/2/b">art. 2(b)</ref>
</p>
</note>
<note class="commentary C" eId="c13324461">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/1/3">S. 1(3)</ref>
amended by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7">Finance Act 1975 (c. 7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/56">s. 56</ref>
</p>
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/1/3">S. 1(3)</ref>
amended (1.4.2001) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/20">2000 c. 20</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/20/section/3/1/b">s. 3(1)(b)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2000/3349">S.I. 2000/3349</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2000/3349/article/3/1/b">art. 3(1)(b)</ref>
</p>
</note>
<note class="commentary F" eId="c13324471">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/1/4">S. 1(4)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7">Finance Act 1975 (c. 7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/schedule/13/part/II">Sch. 13 Pt. II</ref>
</p>
</note>
<note class="commentary C" eId="c13324481">
<p>The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c13324491">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1911/13">1911 c. 13</ref>
.
</p>
</note>
<note class="commentary F" eId="c13324501">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/1/6">S. 1(6)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/30">Interpretation Act 1978 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/30/schedule/3">Sch. 3</ref>
</p>
</note>
<note class="commentary C" eId="c13324511">
<p>The text of s. 2 and Sch. 5 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary F" eId="c13324521">
<p>Words repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I</p>
</note>
<note class="commentary C" eId="c13324531">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/3/11">S. 3(11)</ref>
applied (
<em>temp.</em>
14.11.1995 to 1.4.1996) by
<ref href="http://www.legislation.gov.uk/id/uksi/1995/2766">S.I. 1995/2766</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1995/2766/article/2/1">art. 2(1)</ref>
</p>
</note>
<note class="commentary M" eId="c13324541">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1920/67">1920 c. 67</ref>
.
</p>
</note>
<note class="commentary F" eId="c13324551">
<p>
Words repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43">Finance Act 1984 (c. 43, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/section/125/2/a">ss. 125(2)(a)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/section/128/6">128(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/schedule/23/part/XIV">Sch. 23 Pt. XIV</ref>
</p>
</note>
<note class="commentary F" eId="c13324561">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/3/7">S. 3(7)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/43">Statute Law (Repeals) Act 1989 (c. 43)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/43/section/1/1">s. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/43/schedule/1/part/II">Sch. 1 Pt. II</ref>
</p>
</note>
<note class="commentary F" eId="c13324571">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1968/13/section/3/8" upTo="http://www.legislation.gov.uk/id/ukpga/1968/13/section/3/10">S. 3(8)–(10)</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/43">Statute Law (Repeals) Act 1989 (c. 43)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/43/section/1/1">s. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/43/schedule/1/part/II">Sch. 1 Pt. II</ref>
</p>
</note>
<note class="commentary F" eId="c13324581">
<p>
Words substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43">Finance Act 1984 (c. 43, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/section/125/2">s. 125(2)</ref>
(
<em>b</em>
)
</p>
</note>
<note class="commentary M" eId="c13324591">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1875/89">1875 c. 89</ref>
.
</p>
</note>
<note class="commentary F" eId="c13324601">
<p>
S. 4 substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43">Finance Act 1984 (c. 43, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/section/125/1">s. 125(1)</ref>
</p>
</note>
<note class="commentary F" eId="c13324611">
<p>
Words substituted by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/29">Finance Act 1990 (c. 29, SIF 99:5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/29/section/130">s. 130</ref>
</p>
</note>
<note class="commentary F" eId="c13324761">
<p>
S. 5 substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1982/39">Finance Act 1982 (c. 39, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1982/39/section/153/1">s. 153(1)</ref>
</p>
</note>
<note class="commentary C" eId="c13324771">
<p>
S. 5 applied (E.W.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19">National Health Service and Community Care Act 1990 (c. 19, SIF 113:2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/section/9/9">s. 9(9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/schedule/3">Sch. 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/paragraph/1/5">para. 1(5)</ref>
</p>
</note>
<note class="commentary C" eId="c13324781">
<p>
S. 5 applied (E.W.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19">National Health Service and Community Care Act 1990 (c. 19, SIF 113:2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/section/9/9">s. 9(9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/schedule/3">Sch. 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/paragraph/1/5">para. 1(5)</ref>
</p>
<p>
S. 5 applied (1.12.1998) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/38">1998 c. 38</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/38/section/87/2">s. 87(2)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/38/section/139/2">ss. 139(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/38/section/143/2">143(2)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/1998/2789">S.I. 1998/2789</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1998/2789/article/2">art. 2</ref>
</p>
<p>
S. 5 applied (1.1.1999) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/46">1998 c. 46</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/46/section/68/1">ss. 68(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/46/section/130">130</ref>
(with
<rref from="http://www.legislation.gov.uk/id/ukpga/1998/46/section/126/3" upTo="http://www.legislation.gov.uk/id/ukpga/1998/46/section/126/11">s. 126(3)-(11)</rref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/1998/3178">S.I. 1998/3178</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1998/3178/article/2/1">art. 2(1)</ref>
</p>
</note>
<note class="commentary C" eId="c13324791">
<p>
S. 5 applied by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/63">Government Trading Funds Act 1973 (c. 63, SIF 99:1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/63/section/2B/4">s. 2B(4)</ref>
(as substituted (26.7.1990) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/30">Government Trading Act 1990 (c. 30, SIF 99:1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/30/section/1/1">s. 1(1)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/30/section/5/3">s. 5(3)</ref>
)
</p>
</note>
<note class="commentary C" eId="c13324801">
<p>
S. 5(2) excluded by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/8">Coal Industry Act 1973 (c. 8)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/8/section/1/6">s. 1(6)</ref>
and
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/43">Crown Agents Act 1979 (c. 43)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/43/section/17/8">ss. 17(8)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/43/section/20/5">20(5)</ref>
</p>
</note>
<note class="commentary C" eId="c13324811">
<p>
S. 5(5)–(5B) applied (E.W.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19">National Health Service and Community Care Act 1990 (c. 19, SIF 113:2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/section/9/5">s. 9(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/schedule/3">Sch. 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/paragraph/1/5">para. 1(5)</ref>
</p>
</note>
<note class="commentary C" eId="c13324821">
<p>
S. 5(5)–(5B) applied (S.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/29">National Health Service (Scotland) Act 1978 (c. 29, SIF 113:2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/29/schedule/7B/paragraph/1/5">Sch. 7B para. 1(5)</ref>
as substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19">National Health Service and Community Care Act 1990 (c. 19, SIF 113:2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/section/32">s. 32</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/19/schedule/6">Sch. 6</ref>
</p>
</note>
<note class="commentary F" eId="c13324831">
<p>
Words substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/28">Finance Act 1983 (c. 28, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/28/section/44/2">s. 44(2)</ref>
</p>
</note>
<note class="commentary F" eId="c13324851">
<p>
Words inserted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/28">Finance Act 1983 (c. 28, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/28/section/44/3">s. 44(3)</ref>
</p>
</note>
<note class="commentary F" eId="c13324901">
<p>
S. 5(8) repealed (16.7.1992) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1992/48">Finance (No. 2) Act 1992 (c. 48)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1992/48/section/80/1/2">ss. 80(1)(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1992/48/section/82">82</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1992/48/schedule/18/part/XII">Sch. 18 Pt. XII</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325051">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1964/9">1964 c. 9</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325061">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1897/51">1897 c. 51</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325071">
<p>
Words repealed by (S.)
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/46">Housing (Financial Provisions) (Scotland) Act 1972 (c. 46)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/46/schedule/8/paragraph/9">Sch. 8 para. 9</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/46/schedule/11/part/IV">Sch. 11 Pt. IV</ref>
and (E.W.)
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/47">Housing Finance Act 1972 (c. 47)</ref>
Sch. 8 para. 2 and Sch. 11 Pt. IV
</p>
</note>
<note class="commentary F" eId="c13325081">
<p>
Reference repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/71">Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/71/section/3">s. 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/71/schedule/1/part/I">Sch. 1 Pt. I</ref>
</p>
</note>
<note class="commentary M" eId="c13325091">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1935/41">1935 c. 41</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325101">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1950/34">1950 c. 34</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325111">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/6/1">s. 6(1)</ref>
repealed (s.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/30">Local Government (Scotland) Act 1975 (c. 30)</ref>
Sch. 7 and repealed (E.W.) (1.12.1991) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60">Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/section/3/1">ss. 3(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/section/4/2">4(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/schedule/3/part/I">Sch. 3 Pt. I</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/section/2/2">s. 2(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/schedule/2/paragraph/10">Sch. 2 paras. 10</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/schedule/2/paragraph/14/1">14(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/60/schedule/2/paragraph/15">15</ref>
)
</p>
</note>
<note class="commentary M" eId="c13325121">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1958/42">1958 c. 42</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325131">
<p>
Words repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/66">Highways Act 1980 (c. 66, SIF 59)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/66/section/343/3">s. 343(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/66/schedule/25">Sch. 25</ref>
</p>
</note>
<note class="commentary F" eId="c13325141">
<p>
Reference repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/71">Housing (Consequential) Provisions Act 1985 (c. 71, SIF 61)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/71/section/3">s. 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/71/schedule/1/part/I">Sch. 1 Pt. I</ref>
</p>
</note>
<note class="commentary M" eId="c13325151">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1962/28">1962 c. 28</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325161">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1963/29">1963 c. 29</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325171">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1964/67">1964 c. 67</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325181">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/7">S. 7</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/30">Exchange Equalisation Account Act 1979 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/30/schedule">Sch.</ref>
</p>
</note>
<note class="commentary M" eId="c13325191">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1929/29">1929 c. 29</ref>
.
</p>
</note>
<note class="commentary C" eId="c13325201">
<p>The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c13325211">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1928/13">1928 c. 13</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325221">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1928/13">1928 c. 13</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325231">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1928/13">1928 c. 13</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325241">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/10/1/2">S. 10(1)(2)</ref>
repealed by Overseas Development and Co-operation Act 1980 (c. 63, SIF 88), s. 18, Sch. 2 Pt. I
</p>
</note>
<note class="commentary F" eId="c13325251">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/10/3">S. 10(3)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/2">Commonwealth Development Corporation Act 1978 (c. 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/2/section/18/2">s. 18(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/2/schedule/2">Sch. 2</ref>
</p>
</note>
<note class="commentary F" eId="c13325261">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/10/4">S. 10(4)</ref>
repealed (E.W.S.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/41">Films Act 1980 (c. 41)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/41/section/9/3">s. 9(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/41/schedule">Sch.</ref>
</p>
</note>
<note class="commentary F" eId="c13325271">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/10/a">S. 10(a)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/26">Export Guarantees Act 1968 (c. 26)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/26/section/11/2">s. 11(2)</ref>
</p>
</note>
<note class="commentary F" eId="c13325281">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/10/5">S. 10(5)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/26">Export Guarantees Act 1968 (c. 26)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/26/section/11/2">s. 11(2)</ref>
</p>
</note>
<note class="commentary F" eId="c13325291">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/10/6">S. 10(6)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/15">National Film Finance Corporation Act 1981 (c. 15, SIF 45A)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/15/section/10/2/4">s. 10(2)(4)</ref>
(
<em>a</em>
), Sch. 3 Pt. II
</p>
</note>
<note class="commentary F" eId="c13325301">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/11">S. 11</ref>
repealed by (E.W.)
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/78">Town and Country Planning Act 1971 (c. 78)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/78/schedule/25">Sch. 25</ref>
and (S.)
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/52">Town and County Planning (Scotland) Act 1972 (c. 52)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/52/schedule/23">Sch. 23</ref>
</p>
</note>
<note class="commentary C" eId="c13325401">
<p>
S. 12 extended by
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/32">Finance Act 1969 (c. 32)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/32/section/52">s. 52</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/43">Air Corporations Act 1969 (c. 43)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/43/schedule/1/paragraph/3">Sch. 1 para. 3</ref>
, and
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/48">Post Office Act 1969 (c. 48)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/48/section/109">s. 109</ref>
</p>
</note>
<note class="commentary C" eId="c13325411">
<p>
S. 12 modified (28.7.2000) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/17">2000 c. 17</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/17/section/153/1">s. 153(1)</ref>
</p>
</note>
<note class="commentary F" eId="c13325421">
<p>
Words inserted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1982/39">Finance Act 1982 (c. 39, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1982/39/section/152/1">s. 152(1)</ref>
</p>
</note>
<note class="commentary F" eId="c13325431">
<p>
S. 12(1A) inserted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1982/39">Finance Act 1982 (c. 39, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1982/39/section/152/2">s. 152(2)</ref>
</p>
</note>
<note class="commentary F" eId="c13325441">
<p>
Words in s. 12(5)(a) substituted (26.3.2001) by
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149">S.I. 2001/1149</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149/article/3/1">art. 3(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149/schedule/1/paragraph/25/a">Sch. 1 para. 25(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149/article/4/11">art. 4(11)</ref>
)
</p>
</note>
<note class="commentary M" eId="c13325461">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1961/36">1961 c. 36</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325471">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1877/2">1877 c. 2</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325481">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1939/117">1939 c. 117</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325491">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/Eliz2/7-8/6">1958 c. 6 (7 & 8 Eliz. 2)</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325501">
<p>
Words repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/39">Statute Law Repeals Act 1973 (c. 39)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/39/schedule/1/part/IV">Sch. 1 Pt. IV</ref>
</p>
</note>
<note class="commentary M" eId="c13325511">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1816/98">1816 c. 98</ref>
.
</p>
</note>
<note class="commentary C" eId="c13325521">
<p>The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c13325531">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1939/117">1939 c. 117</ref>
.
</p>
</note>
<note class="commentary E" eId="c13325581">
<p>This version of this provision extends to England and Wales and Northern Ireland only; a separate version has been created for Scotland only.</p>
</note>
<note class="commentary P" eId="c13325591">
<p>
S. 14: power previously exercised by
<ref href="http://www.legislation.gov.uk/id/uksi/1969/1325">S.I. 1969/1325</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1969/1325/section/I">S.I</ref>
. 1979/1678, S.I. 1985/ 1147.
</p>
</note>
<note class="commentary M" eId="c13325601">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1888/2">1888 c. 2</ref>
.
</p>
</note>
<note class="commentary F" eId="c16554531">
<p>
Words in s. 14(7) repealed (28.10.2002) by
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521">The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/1/1">arts. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/2">2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/10/2">10(2)</ref>
, {Sch. 2, Pt. 1}
</p>
</note>
<note class="commentary M" eId="c13325611">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1882/61">1882 c. 61</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325621">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1939/117">1939 c. 117</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325631">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/Eliz2/7-8/6">1958 c. 6 (7 & 8 Eliz. 2)</ref>
.
</p>
</note>
<note class="commentary E" eId="c13325641">
<p>This version of this provision extends to Scotland only; a separate version has been created for England and Wales and Northern Ireland.</p>
</note>
<note class="commentary P" eId="c13325651">
<p>
S. 14: power previously exercised by
<ref href="http://www.legislation.gov.uk/id/uksi/1969/1325">S.I. 1969/1325</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1969/1325/section/I">S.I</ref>
. 1979/1678,
<ref href="http://www.legislation.gov.uk/id/uksi/1985/1147">S.I. 1985/1147</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325661">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1888/2">1888 c. 2</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325671">
<p>
Words in s. 14(5)(a) substituted (S.) (25.09.1991) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/50">Age of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/50/section/10/1">ss. 10(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/50/section/11/2">11(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/50/schedule/1">Sch. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/50/paragraph/30">para. 30</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/50/section/1/3">s. 1(3)</ref>
).
</p>
</note>
<note class="commentary F" eId="c16554701">
<p>
Words in s. 14(7) repealed (28.10.2002) by
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521">The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/2">2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/10/2">10(2)</ref>
, {Sch. 2, Pt. 1}
</p>
</note>
<note class="commentary M" eId="c13325681">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1882/61">1882 c. 61</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325691">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1939/117">1939 c. 117</ref>
.
</p>
</note>
<note class="commentary M" eId="c13325701">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/Eliz2/7-8/6">1958 c. 6 (7 & 8 Eliz. 2)</ref>
.
</p>
</note>
<note class="commentary F" eId="c13325711">
<p>
S. 14A inserted (27,.7.1989) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26">Finance Act 1989 (c. 26, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/section/183/3">s. 183(3)</ref>
</p>
</note>
<note class="commentary M" eId="c13325721">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1866/39">1866 c. 39</ref>
.
</p>
</note>
<note class="commentary F" eId="c13326141">
<p>
Words in s. 16(1) repealed (5.11.1993) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/50">1993 c. 50</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/50/section/1/1">s. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/50/schedule/1/part/IX">Sch. 1 Pt. IX</ref>
Gp. 1.
</p>
</note>
<note class="commentary M" eId="c13326151">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1956/54">1956 c. 54</ref>
.
</p>
</note>
<note class="commentary M" eId="c13326161">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1939/117">1939 c. 117</ref>
.
</p>
</note>
<note class="commentary F" eId="c13326171">
<p>
S. 16(2) repealed (5.11.1993) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/50">1993 c. 50</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/50/section/1/1">s. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1993/50/schedule/1/part/IX">Sch. 1 Pt. IX</ref>
Gp. 1.
</p>
</note>
<note class="commentary C" eId="c13326181">
<p>
S. 16(3) restricted (retrospective to 13.3.1968) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1999/16">1999 c. 16</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1999/16/section/136/1/3">s. 136(1)(3)</ref>
</p>
</note>
<note class="commentary M" eId="c13326191">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1942/21">1942 c. 21</ref>
.
</p>
</note>
<note class="commentary M" eId="c13326201">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1870/71">1870 c. 71</ref>
.
</p>
</note>
<note class="commentary F" eId="c13326211">
<p>
S. 16(4A) inserted (29.4.1996) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/8">1996 c. 8</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/8/section/202/4">s. 202(4)</ref>
</p>
</note>
<note class="commentary F" eId="c13326221">
<p>
S. 16(5) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1970/10">Income and Corporation Taxes Act 1970 (c. 10)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1970/10/schedule/16">Sch. 16</ref>
</p>
</note>
<note class="commentary F" eId="c13326231">
<p>
S. 16(6) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/65">National Debt Act 1972 (c. 65)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/65/schedule">Sch.</ref>
</p>
</note>
<note class="commentary F" eId="c13326241">
<p>
Words repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/48">Post Office Act 1969 (c. 48)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/48/schedule/11/part/II">Sch. 11 Pt. II</ref>
</p>
</note>
<note class="commentary F" eId="c13326251">
<p>
Words substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/68">Finance Act 1971 (c. 68)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/68/section/68/a">s. 68(a)</ref>
</p>
</note>
<note class="commentary F" eId="c16564481">
<p>
Words in s. 16(7) substituted (28.10.2002) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521">The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/2">2</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/article/10/1">10(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2002/2521/schedule/1/paragraph/5">Sch. 1 para. 5</ref>
</p>
</note>
<note class="commentary F" eId="c13326271">
<p>
Words repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26">Finance Act 1989 (c. 26, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/section/187">s. 187</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/schedule/17/part/XIV">Sch. 17 Pt. XIV</ref>
</p>
</note>
<note class="commentary M" eId="c13326281">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1903/37">1903 c. 37</ref>
.
</p>
</note>
<note class="commentary M" eId="c13326291">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1909/42">1909 c. 42</ref>
.
</p>
</note>
<note class="commentary M" eId="c13326301">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1925/34">1925 c. 34</ref>
.
</p>
</note>
<note class="commentary F" eId="c13326311">
<p>
S. 16(8) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/68">Finance Act 1971 (c. 68)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/68/schedule/14/part/VII">Sch. 14 Pt. VII</ref>
</p>
</note>
<note class="commentary F" eId="c13326321">
<p>
S. 16(9)(a) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26">Finance Act 1989 (c. 26, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/section/187">s. 187</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/schedule/17/part/XIV">Sch. 17 Pt. XIV</ref>
</p>
</note>
<note class="commentary F" eId="c13326341">
<p>
S. 16(9)(b) and preceding word repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35">Finance Act 1981 (c. 35, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/section/139/6">s. 139(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/schedule/19/part/XII">Sch. 19 Pt. XII</ref>
</p>
</note>
<note class="commentary C" eId="c13326351">
<p>The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c13326381">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1866/39">1866 c. 39</ref>
.
</p>
</note>
<note class="commentary F" eId="c13326411">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/20A">S. 20A</ref>
inserted (15.11.1999 subject to arts. 5-7 of
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908">S.I. 1999/2908</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/36">1988 c. 36</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/36/section/160">s. 160</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/36/schedule/26">Sch. 26</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/36/paragraph/1/2">para. 1(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908">S.I. 1999/2908</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908/article/2">2</ref>
</p>
</note>
<note class="commentary F" eId="c13326401">
<p>
Cross heading and s. 20A inserted (15.11.1999 subject to arts. 5-7 of
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908">S.I. 1999/2908</ref>
) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36">1998 c. 36</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/section/160">s. 160</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/schedule/26">Sch. 26</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/36/paragraph/1/2">para. 1(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908">S.I. 1999/2908</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1999/2908/article/2">2</ref>
</p>
</note>
<note class="commentary F" eId="c13326421">
<p>
S. 21(4) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/39">Statute Law (Repeals) Act 1973 (c. 39)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/39/schedule/1/part/XIII">Sch. 1 Pt. XIII</ref>
</p>
</note>
<note class="commentary C" eId="c13326431">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22/2">S. 22(2)</ref>
amended by
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/48">Post Office Act 1969 (c. 48)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1969/48/section/131/2">s. 131(2)</ref>
</p>
</note>
<note class="commentary F" eId="c13326441">
<p>
Words repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26">Finance Act 1989 (c. 26, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/section/187">s. 187</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/26/schedule/17/part/XIV">Sch. 17 Pt. XIV</ref>
</p>
</note>
<note class="commentary M" eId="c13326451">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1903/37">1903 c. 37</ref>
.
</p>
</note>
<note class="commentary M" eId="c13326461">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1909/42">1909 c. 42</ref>
.
</p>
</note>
<note class="commentary M" eId="c13326471">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1925/34">1925 c. 34</ref>
.
</p>
</note>
<note class="commentary F" eId="c13326481">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/23/2">S. 23(2)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/36">Northern Ireland Consitution Act 1973 (c. 36)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/36/schedule/6/part/I">Sch. 6 Pt. I</ref>
</p>
</note>
<note class="commentary C" eId="c13326491">
<p>The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary F" eId="key-92dd915be54ab411b4d08530ba47d037">
<p>
Words in s. 15(1) substituted (10.7.2003) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14">Finance Act 2003 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/section/210/2">s. 210(2)</ref>
</p>
</note>
<note class="commentary F" eId="key-7d4df81c95b053c52f856a5cd87144ec">
<p>
S. 15(3) repealed (10.7.2003) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14">Finance Act 2003 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/section/210/3">s. 210(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/schedule/43/part/5/5">Sch. 43 Pt. 5(5)</ref>
</p>
</note>
<note class="commentary F" eId="key-b7e6ddd4559a7c0267d851d27764bb5b">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/19/4">s. 19(4)</ref>
substituted (10.7.2003) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14">Finance Act 2003 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/section/211">s. 211</ref>
</p>
</note>
<note class="commentary F" eId="key-21c164accec593c4807e844e208d622f">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/19/3">S. 19(3)</ref>
repealed (10.7.2003) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14">Finance Act 2003 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/schedule/43/part/5/5">Sch. 43 Pt. 5(5)</ref>
</p>
</note>
<note class="commentary F" eId="key-cbe0397eb1905e6fb0bc974a4c216525">
<p>
Words in s. 21(1) substituted (with effect in accordance with s. 212(4) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14">Finance Act 2003 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/section/212/2">s. 212(2)</ref>
</p>
</note>
<note class="commentary F" eId="key-97656bf18997cfdba3ca26622a993844">
<p>
S. 21(3) repealed (with effect in accordance with s. 212(5) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14">Finance Act 2003 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/section/212/3">s. 212(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/14/schedule/43/part/5/5">Sch. 43 Pt. 5(5)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2004/2823">S.I. 2004/2823</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/2823/article/2">art. 2</ref>
</p>
</note>
<note class="commentary F" eId="key-13a622a0f2c9a609df7242c07efbccda">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/14/7">s. 14(7)</ref>
substituted (1.7.2004) by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662">The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/article/1">art. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/schedule/paragraph/1">Sch. paras. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/schedule/paragraph/15/2">15(2)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/article/3">art. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-1059049ee08c5b6f029bc623fc0c475a">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/16/7">s. 16(7)</ref>
substituted (1.7.2004) by
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662">The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/article/1">art. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/schedule/paragraph/1">Sch. paras. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/schedule/paragraph/15/3">15(3)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1662/article/3">art. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-9a330fe48eaf5e0b2d62a7f1fed70e03">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/17/1">S. 17(1)</ref>
repealed (22.7.2004) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/14">Statute Law (Repeals) Act 2004 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/14/schedule/1/part/9">Sch. 1 Pt. 9</ref>
Group 6
</p>
</note>
<note class="commentary F" eId="key-3cb1a7bff16cebaa9cdead1795250961">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/18/1">S. 18(1)</ref>
repealed (22.7.2004) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/14">Statute Law (Repeals) Act 2004 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2004/14/schedule/1/part/9">Sch. 1 Pt. 9</ref>
Group 6
</p>
</note>
<note class="commentary C" eId="key-97db7266183cc5ff75f583793b877d6f">
<p>
S. 5 applied by Pensions Act 2007 (c. 22), Sch. 6 para. 18(3) (as substituted (26.11.2008) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/30">Pensions Act 2008 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/30/section/82">ss. 82</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/30/section/149/2">149(2)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-5235b5e6293376332af4e4d53bc60ccd">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/13/section/12/5/a">s. 12(5)(a)</ref>
substituted (1.10.2009) by
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941">The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941/article/1/2">art. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941/schedule/1/paragraph/18">Sch. 1 para. 18</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941/article/10">art. 10</ref>
)
</p>
</note>
</notes>
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<atom:link rel="up" href="http://www.legislation.gov.uk/ukpga/1968/13/2009-10-01" title="Entire legislation"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/ukpga/1968/13/introduction/2009-10-01" title="Introduction; Introduction"/>
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<atom:link rel="next" href="http://www.legislation.gov.uk/ukpga/1968/13/schedule/1/2009-10-01" title="Schedule; Schedule 1"/>
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<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="UnitedKingdomPublicGeneralAct"/>
<ukm:DocumentStatus Value="revised"/>
</ukm:DocumentClassification>
<ukm:Year Value="1968"/>
<ukm:Number Value="13"/>
<ukm:EnactmentDate Date="1968-03-13"/>
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<ukm:Alternative Date="2009-07-06" URI="http://www.legislation.gov.uk/ukpga/1968/13/pdfs/ukpga_19680013_en.pdf" Title="Print Version"/>
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<portionBody eId="body" period="#period11">
<section eId="section-1">
<num>1</num>
<heading> The National Loans Fund.</heading>
<subsection eId="section-1-1">
<num>1</num>
<content>
<p>The Treasury shall have an account at the Bank of England, to be called the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-1-2">
<num>
<noteRef href="#c13324451" marker="C1" class="commentary C"/>
2
</num>
<content>
<p>Money paid into the National Loans Fund shall form one general fund to meet all outgoings from the Fund, and daily statements of all money paid into and out of the Fund, in such form as the Treasury may direct, shall be sent by the Bank of England to the Comptroller and Auditor General.</p>
</content>
</subsection>
<subsection eId="section-1-3">
<num>
<noteRef href="#c13324461" marker="C2" class="commentary C"/>
3
</num>
<content>
<p>The Comptroller and Auditor General shall from time to time at the request of the Treasury grant credits on the National Loans Fund for sums payable out of the Fund under this or any other Act and, subject to section 18 of this Act, all payments out of the National Loans Fund shall be made by the Treasury in accordance with credits so granted.</p>
</content>
</subsection>
<subsection eId="section-1-4">
<num>4</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13324471" marker="F1" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-1-5">
<num>
<noteRef href="#c13324481" marker="C3" class="commentary C"/>
5
</num>
<content>
<p>
In section 1(2) of the
<noteRef href="#c13324491" marker="M1" class="commentary M"/>
Parliament Act 1911 (which defines the Money Bill as one dealing exclusively with subjects which include the imposition of charges on the Consolidated Fund) after “Consolidated Fund” there shall be inserted “the National Loans Fund”.
</p>
</content>
</subsection>
<subsection eId="section-1-6">
<num>6</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13324501" marker="F2" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-1-7">
<num>7</num>
<content>
<p>No provision in any Act requiring money to be paid into the Exchequer shall be construed as requiring or authorising money to be paid into the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-1-8">
<num>8</num>
<content>
<p>Where the intention is that money be paid into the Consolidated Fund it shall be sufficient to enact that it be paid into the Consolidated Fund (instead of enacting that it be paid into the Exchequer).</p>
</content>
</subsection>
</section>
<hcontainer name="crossheading" eId="crossheading-government-lending" period="#period10">
<heading> Government lending</heading>
<section eId="section-2">
<num>2</num>
<heading>
Substitution of National Loans Fund for Consolidated Fund in scheduled enactments.
<noteRef href="#c13324511" marker="C4" class="commentary C"/>
</heading>
<intro>
<p>The enactments in Schedule 1 to this Act (which—</p>
</intro>
<paragraph eId="section-2-a">
<num>a</num>
<content>
<p>authorise advances or loans out of the Consolidated Fund, or</p>
</content>
</paragraph>
<paragraph eId="section-2-b">
<num>b</num>
<content>
<p>create commencing capital debts or other obligations to the Consolidated Fund, or</p>
</content>
</paragraph>
<paragraph eId="section-2-c">
<num>c</num>
<content>
<p>authorise payments out of the Consolidated Fund which are to be repaid out of Votes),</p>
</content>
</paragraph>
<wrapUp>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13324521" marker="F3" class="commentary F"/>
shall be amended in accordance with those Schedules.
</p>
</wrapUp>
</section>
<section eId="section-3" period="#period3">
<num>
<noteRef href="#c13324531" marker="C5" class="commentary C"/>
3
</num>
<heading> Local loans.</heading>
<subsection eId="section-3-1">
<num>1</num>
<content>
<p>The Treasury may issue out of the National Loans Fund such sums as are required by the Public Works Loan Commissioners (in this Act called the Loan Commissioners) to make loans as authorised by this Act, or by any future Act.</p>
</content>
</subsection>
<subsection eId="section-3-2">
<num>2</num>
<content>
<p>Interest on loans made by the Loan Commissioners shall be paid at such rates as the Treasury may determine from time to time in accordance with section 5 of this Act.</p>
</content>
</subsection>
<subsection eId="section-3-3">
<num>3</num>
<content>
<p>All sums paid or applicable in or towards the discharge of the principal or interest of any loans made by the Loan Commissioners, whether before or after the coming into force of this section, shall be paid by the Loan Commissioners into the National Loans Fund:</p>
<blockContainer class="BlockText">
<p>Provided that where security for a loan is enforced in any manner the net receipts only shall be so paid into the National Loans Fund.</p>
</blockContainer>
</content>
</subsection>
<subsection eId="section-3-4">
<num>4</num>
<content>
<p>
Any sum payable in respect of Irish land purchase annuities which, but for the provisions of this section, would be payable into the Local Loans Fund under section 26(2) of the
<noteRef href="#c13324541" marker="M2" class="commentary M"/>
Government of Ireland Act 1920, or under any other enactment, shall be paid into the National Loans Fund.
</p>
</content>
</subsection>
<subsection eId="section-3-5">
<num>5</num>
<content>
<p>
Subject to the limit in this Act, . . .
<noteRef href="#c13324551" marker="F4" class="commentary F"/>
, the Loan Commissioners’ power of making loans shall include power to enter into undertakings to make loans.
</p>
</content>
</subsection>
<subsection eId="section-3-6">
<num>6</num>
<content>
<p>The Loan Commissioners shall, as respects each financial year, prepare in such form and manner as the Treasury may direct an account of all loans made by the Loan Commissioners in the financial year, and of the sums paid or applicable in the financial year in or towards the discharge of the principal or interest of all loans made by the Loan Commissioners, whether before or after the coming into force of this section, and send it to the Comptroller and Auditor General not later than the end of November next following the end of the financial year and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.</p>
</content>
</subsection>
<subsection eId="section-3-7">
<num>7</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13324561" marker="F5" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-3-8">
<num>8</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13324571" marker="F6" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-3-11">
<num>11</num>
<content>
<p>
<ins class="d29p215 first last">
<noteRef href="#c13324581" marker="F7" class="commentary attribute F"/>
Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions
</ins>
set out in Schedule 4 to this Act (which correspond in material particulars to the loans which the Loan Commissioners may make under section 9 of the
<noteRef href="#c13324591" marker="M3" class="commentary M"/>
Public Works Loans Act 1875), and that Act and the enactments amending that Act shall apply to loans made in pursuance of this section.
</p>
</content>
</subsection>
<subsection eId="section-3-12">
<num>12</num>
<content>
<p>
In the following provisions of this Act “
<term refersTo="#term-local-loans">local loans</term>
” means loans made by the Loan Commissioners in pursuance of this section.
</p>
</content>
</subsection>
</section>
<section eId="section-4" period="#period2">
<num>
<ins class="d29p232">4</ins>
</num>
<heading>
<ins class="d29p232 first">
<noteRef href="#c13324601" marker="F8" class="commentary attribute F"/>
Limit for local loans.
</ins>
</heading>
<subsection eId="section-4-1">
<num>
<ins class="d29p232">1</ins>
</num>
<intro>
<p>
<ins class="d29p232">The aggregate of—</ins>
</p>
</intro>
<paragraph eId="section-4-1-a">
<num>
<ins class="d29p232">a</ins>
</num>
<content>
<p>
<ins class="d29p232">any commitments of the Loan Commissioners outstanding in respect of undertakings entered into by them to grant local loans; and</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-4-1-b">
<num>
<ins class="d29p232">b</ins>
</num>
<content>
<p>
<ins class="d29p232">any amount outstanding in respect of the principal of any local loans;</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="d29p232">shall not at any time exceed </ins>
<ins class="d29p232">
<ins class="d29p259 first last">
<noteRef href="#c13324611" marker="F9" class="commentary attribute F"/>
£55,000 million
</ins>
</ins>
<ins class="d29p232"> or such other (lower or higher) sum, not exceeding </ins>
<ins class="d29p232">
<ins class="d29p263 first last">
<noteRef href="#c13324611" marker="F9" class="commentary attribute F"/>
£70,000 million
</ins>
</ins>
<ins class="d29p232">, as the Treasury may from time to time specify by order made by statutory instrument.</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-4-2">
<num>
<ins class="d29p232">2</ins>
</num>
<content>
<p>
<ins class="d29p232 last">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.</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-5" period="#period10">
<num>
<noteRef href="#c13324771" marker="C6" class="commentary C"/>
<noteRef href="#c13324781" marker="C7" class="commentary C"/>
<noteRef href="#c13324791" marker="C8" class="commentary C"/>
<noteRef href="#key-97db7266183cc5ff75f583793b877d6f" marker="C20" class="commentary C"/>
<ins class="d29p276">5</ins>
</num>
<heading>
<ins class="d29p276 first">
<noteRef href="#c13324761" marker="F10" class="commentary attribute F"/>
Rates of interest.
</ins>
</heading>
<subsection eId="section-5-1">
<num>
<ins class="d29p276">1</ins>
</num>
<intro>
<p>
<ins class="d29p276">This section has effect as respects any rate of interest—</ins>
</p>
</intro>
<paragraph eId="section-5-1-a">
<num>
<ins class="d29p276">a</ins>
</num>
<content>
<p>
<ins class="d29p276">which under any provision in Schedule 1 to this Act is to be determined in accordance with this Act, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-5-1-b">
<num>
<ins class="d29p276">b</ins>
</num>
<content>
<p>
<ins class="d29p276">which is to be determined by the Treasury under section 3 of this Act,</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="d29p276">and, where any enactment passed after this Act provides for the payment of interest on advances or loans made out of the National Loans Fund, and for the rate at which that interest is to be payable to be determined or approved by the Treasury, then, except as otherwise expressly provided, this section has effect as respects that rate of interest.</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-5-2">
<num>
<noteRef href="#c13324801" marker="C9" class="commentary C"/>
<ins class="d29p276">2</ins>
</num>
<intro>
<p>
<ins class="d29p276">For any loan or class of loans the Treasury may determine or approve either—</ins>
</p>
</intro>
<paragraph eId="section-5-2-a">
<num>
<ins class="d29p276">a</ins>
</num>
<content>
<p>
<ins class="d29p276">a fixed rate of interest, that is to say a specified rate or a formula rate which is to be applied, throughout the period of the loan or any loan of that class, with the value which it has when the loan is made, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-5-2-b">
<num>
<ins class="d29p276">b</ins>
</num>
<content>
<p>
<ins class="d29p276">a variable rate of interest, that is to say a formula rate which is to be applied, for each of the successive periods of the loan or any loan of that class which are of a length specified in the determination or approval (in this section referred to as interest periods), with the value which it has at the beginning of that period;</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="d29p276">and in this subsection “</ins>
<term refersTo="#term-formula-rate">
<ins class="d29p276">formula rate</ins>
</term>
<ins class="d29p276">” means a rate which is so expressed (whether by means of a formula or otherwise) that it will or may have different values at different times.</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-5-3">
<num>
<ins class="d29p276">3</ins>
</num>
<intro>
<p>
<ins class="d29p276">The Treasury shall, on each occasion when they determine or approve a fixed rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—</ins>
</p>
</intro>
<paragraph eId="section-5-3-a">
<num>
<ins class="d29p276">a</ins>
</num>
<intro>
<p>
<ins class="d29p276">the loan, or any loan of that class—</ins>
</p>
</intro>
<subparagraph eId="section-5-3-a-i">
<num>
<ins class="d29p276">i</ins>
</num>
<content>
<p>
<ins class="d29p276">were made forthwith, and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="section-5-3-a-ii">
<num>
<ins class="d29p276">ii</ins>
</num>
<content>
<p>
<ins class="d29p276">were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and on other comparable terms, and</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="section-5-3-b">
<num>
<ins class="d29p276">b</ins>
</num>
<content>
<p>
<ins class="d29p276">the interest on the money so borrowed, together with the Treasury’s expenses of borrowing, were set off against the interest received on the loan.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-5-4">
<num>
<ins class="d29p276">4</ins>
</num>
<intro>
<p>
<ins class="d29p276">The Treasury shall, on each occasion when they determine or approve a variable rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—</ins>
</p>
</intro>
<paragraph eId="section-5-4-a">
<num>
<ins class="d29p276">a</ins>
</num>
<intro>
<p>
<ins class="d29p276">the loan, or any loan of that class,—</ins>
</p>
</intro>
<subparagraph eId="section-5-4-a-i">
<num>
<ins class="d29p276">i</ins>
</num>
<content>
<p>
<ins class="d29p276">were made forthwith,</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="section-5-4-a-ii">
<num>
<ins class="d29p276">ii</ins>
</num>
<content>
<p>
<ins class="d29p276">were to be repaid at the end of its first interest period, and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="section-5-4-a-iii">
<num>
<ins class="d29p276">iii</ins>
</num>
<content>
<p>
<ins class="d29p276">were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="section-5-4-b">
<num>
<ins class="d29p276">b</ins>
</num>
<content>
<p>
<ins class="d29p276">the interest on the money so borrowed were set off against the interest received on the loan.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-5-5">
<num>
<noteRef href="#c13324811" marker="C10" class="commentary C"/>
<noteRef href="#c13324821" marker="C11" class="commentary C"/>
<ins class="d29p276">5</ins>
</num>
<content>
<p>
<ins class="d29p276">If at any time the Treasury are satisfied that a rate of interest determined or </ins>
<ins class="d29p276">
<ins class="d29p404 first last">
<noteRef href="#c13324831" marker="F11" class="commentary attribute F"/>
approved for a class of loans
</ins>
</ins>
<ins class="d29p276"> would not meet the requirements of subsection (3) or, as the case may be, subsection (4) above if it were determined or approved at that time, that determination or approval shall be </ins>
<ins class="d29p276">
<ins class="d29p408 first last">
<noteRef href="#c13324831" marker="F11" class="commentary attribute F"/>
withdrawn at the earliest convenient time, and, subject to subsection (5A) below, from that or such later time as may be convenient another rate determined or approved in accordance with subsection (3) or, as the case may be, subsection (4) above shall come into force for further loans of that class.
</ins>
</ins>
</p>
</content>
</subsection>
<subsection eId="section-5-5A">
<num>
<noteRef href="#c13324811" marker="C10" class="commentary C"/>
<noteRef href="#c13324821" marker="C11" class="commentary C"/>
<ins class="d29p276">
<ins class="d29p411 first">
<noteRef href="#c13324851" marker="F12" class="commentary attribute F"/>
5A
</ins>
</ins>
</num>
<intro>
<p>
<ins class="d29p276">
<ins class="d29p411">If, in the case of a loan of any class,—</ins>
</ins>
</p>
</intro>
<paragraph eId="section-5-5A-a">
<num>
<ins class="d29p276">
<ins class="d29p411">a</ins>
</ins>
</num>
<content>
<p>
<ins class="d29p276">
<ins class="d29p411">an undertaking was given to the person to whom the loan was to be made that the rate of interest which would apply to that loan would be that which, at a time specified in or determined in accordance with the undertaking, was or would be in force for loans of that class, and</ins>
</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-5-5A-b">
<num>
<ins class="d29p276">
<ins class="d29p411">b</ins>
</ins>
</num>
<content>
<p>
<ins class="d29p276">
<ins class="d29p411">before the loan was in fact made, the determination or approval of that rate of interest was withdrawn by virtue of subsection (5) above or otherwise ceased to be effective,</ins>
</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="d29p276">
<ins class="d29p411">the rate of interest which applies to that loan shall be that which was in force for loans of that class at the time specified in, or as the case may be determined in accordance with, the undertaking.</ins>
</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-5-5B">
<num>
<noteRef href="#c13324811" marker="C10" class="commentary C"/>
<noteRef href="#c13324821" marker="C11" class="commentary C"/>
<ins class="d29p276">
<ins class="d29p411">5B</ins>
</ins>
</num>
<content>
<p>
<ins class="d29p276">
<ins class="d29p411">In subsection (5A) above “</ins>
</ins>
<term refersTo="#term-undertaking">
<ins class="d29p276">
<ins class="d29p411">undertaking</ins>
</ins>
</term>
<ins class="d29p276">
<ins class="d29p411 last">” means an undertaking given by the person by whom the loan in question was to be made and, where that person is not the Treasury, given by that person with the consent of the Treasury.</ins>
</ins>
</p>
</content>
</subsection>
<subsection eId="section-5-6">
<num>
<ins class="d29p276">6</ins>
</num>
<content>
<p>
<ins class="d29p276">The Treasury may in determining or approving a rate of interest take into account any consideration justifying a rate higher than that required by sub-section (3) or (4) above.</ins>
</p>
</content>
</subsection>
<subsection eId="section-5-7">
<num>
<ins class="d29p276">7</ins>
</num>
<content>
<p>
<ins class="d29p276">Different fixed rates of interest may be determined or approved in respect of loans which are to be made for the same length of time, and different variable rates of interest may be determined or approved for loans which are to have interest periods of the same length.</ins>
</p>
</content>
</subsection>
<subsection eId="section-5-8">
<num>
<noteRef href="#c13324901" marker="F13" class="commentary F"/>
<ins class="d29p276">8</ins>
</num>
<content>
<p>
<ins class="d29p276 last">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-6" period="#period4">
<num>6</num>
<heading> Rates of interest on local loans.</heading>
<subsection eId="section-6-1">
<num>1</num>
<intro>
<p>Subsection (2) below shall have effect for the construction—</p>
</intro>
<paragraph eId="section-6-1-a">
<num>a</num>
<content>
<p>of references in the enactments set out below to the rate of interest in respect of any particular class of loans to local authorities, and</p>
</content>
</paragraph>
<paragraph eId="section-6-1-b">
<num>b</num>
<content>
<p>
of references in any other enactment passed, or in any document made, before 27th February 1964 (the date of passing of the
<noteRef href="#c13325051" marker="M4" class="commentary M"/>
Public Works Loans Act 1964) to the rate fixed by the Treasury under section 1 of the
<noteRef href="#c13325061" marker="M5" class="commentary M"/>
Public Works Loans Act 1897 in respect of loans of a particular class.
</p>
</content>
</paragraph>
<wrapUp>
<p>The said enactments are—</p>
<blockList class="unordered">
<item>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325071" marker="F14" class="commentary F"/>
</p>
</item>
<item>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325081" marker="F15" class="commentary F"/>
</p>
</item>
<item>
<p>
section 83(2) of the
<noteRef href="#c13325091" marker="M6" class="commentary M"/>
Housing (Scotland) Act 1935
</p>
</item>
<item>
<p>
paragraph 5(1) proviso of Schedule 7 to the
<noteRef href="#c13325101" marker="M7" class="commentary M"/>
Housing (Scotland) Act 1950
</p>
</item>
<item>
<p>
<noteRef href="#c13325111" marker="F16" class="commentary F"/>
. . .
</p>
</item>
<item>
<p>
paragraph 7(1) proviso of Schedule 3 to the
<noteRef href="#c13325121" marker="M8" class="commentary M"/>
Housing (Financial Provisions) Act 1958
</p>
</item>
<item>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325131" marker="F17" class="commentary F"/>
</p>
</item>
<item>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325141" marker="F18" class="commentary F"/>
</p>
</item>
<item>
<p>
section 11(2)(a) of the
<noteRef href="#c13325151" marker="M9" class="commentary M"/>
Housing (Scotland) Act 1962
</p>
</item>
<item>
<p>
section 3(4) of the
<noteRef href="#c13325161" marker="M10" class="commentary M"/>
Local Authorities (Land) Act 1963
</p>
</item>
<item>
<p>
section 7(4) of the
<noteRef href="#c13325171" marker="M11" class="commentary M"/>
Local Government (Development and Finance) (Scotland) Act 1964.
</p>
</item>
</blockList>
</wrapUp>
</subsection>
<subsection eId="section-6-2">
<num>2</num>
<content>
<p>Any such reference shall be construed, where the time in question falls after 31st March 1968, as a reference to the rate at that time determined by the Treasury in respect of local loans of the class in question made on the security of local rates or, where more than one rate is so applicable, to such one of those rates as the Treasury may from time to time direct either generally or with respect to any particular enactment or document.</p>
<p>The Treasury shall cause any such direction to be published in the London and Edinburgh Gazettes as soon as may be after the giving of the direction.</p>
</content>
</subsection>
<subsection eId="section-6-3">
<num>3</num>
<intro>
<p>For the purposes of this section—</p>
</intro>
<paragraph eId="section-6-3-a">
<num>a</num>
<content>
<p>
the expression “
<term refersTo="#term-local-rate">local rate</term>
” means any rate levied or assessed, the proceeds of which are applicable to public local purposes, and which is levied on the basis of a valuation of property, and includes any sum which, though obtained in the first instance by a precept, certificate or other instrument requiring payment from some authority or officer, is or can be ultimately raised out of such a rate as aforesaid,
</p>
</content>
</paragraph>
<paragraph eId="section-6-3-b">
<num>b</num>
<content>
<p>
the expression “
<term refersTo="#term-security-of-local-rates">security of local rates</term>
” includes a security guaranteed by a local rate.
</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="crossheading-use-of-national-loans-fund-for-other-purposes">
<heading> Use of National Loans Fund for other purposes</heading>
<section eId="section-7">
<num>7</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325181" marker="F19" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-8">
<num>8</num>
<heading> Government annuities.</heading>
<subsection eId="section-8-1">
<num>1</num>
<content>
<p>
All immediate life annuities mentioned in section 8(1) of the
<noteRef href="#c13325191" marker="M12" class="commentary M"/>
Government Annuities Act 1929, and all immediate savings bank annuities, shall be charged on and issued out of the National Loans Fund, with recourse to the Consolidated Fund.
</p>
</content>
</subsection>
<subsection eId="section-8-2">
<num>
<noteRef href="#c13325201" marker="C12" class="commentary C"/>
2
</num>
<intro>
<p>Accordingly in the said Act,—</p>
</intro>
<paragraph eId="section-8-2-a">
<num>a</num>
<content>
<p>in sections 8(1), 19 and 24(3) in Part I, and</p>
</content>
</paragraph>
<paragraph eId="section-8-2-b">
<num>b</num>
<content>
<p>in sections 41(1)(3), 55 and 59(3) in Part II,</p>
</content>
</paragraph>
<wrapUp>
<p>
for “Consolidated Fund” there shall be substituted
<mod>
<quotedText>“ National Loans Fund ”</quotedText>
</mod>
.
</p>
</wrapUp>
</subsection>
</section>
<section eId="section-9">
<num>9</num>
<heading> Profits of Issue Department of Bank of England.</heading>
<subsection eId="section-9-1">
<num>1</num>
<content>
<p>
Subject to subsection (5) below, amounts payable to the Treasury under section 6(1) of the
<noteRef href="#c13325211" marker="M13" class="commentary M"/>
Currency and Bank Notes Act 1928 (profits of the Issue Department of the Bank of England) shall be paid into the National Loans Fund.
</p>
</content>
</subsection>
<subsection eId="section-9-2">
<num>2</num>
<content>
<p>The assets held in the said Department shall be valued, at market prices, at such times and in such manner as may be agreed between the Treasury and the Bank of England, but at least once in each financial year.</p>
</content>
</subsection>
<subsection eId="section-9-3">
<num>3</num>
<content>
<p>If, as the result of any such valuation, the value of the assets then held in the said Department falls short of the total amount of the Bank of England notes then outstanding, the Treasury shall assume a liability to the said Department of an amount equal to the difference.</p>
</content>
</subsection>
<subsection eId="section-9-4">
<num>4</num>
<intro>
<p>Any liability assumed under subsection (3) above—</p>
</intro>
<paragraph eId="section-9-4-a">
<num>a</num>
<content>
<p>
shall be included among the assets held to cover the fiduciary note issue in accordance with section 3(1) of the
<noteRef href="#c13325221" marker="M14" class="commentary M"/>
Currency and Bank Notes Act 1928,
</p>
</content>
</paragraph>
<paragraph eId="section-9-4-b">
<num>b</num>
<content>
<p>shall be subject to such conditions as to repayment and other matters as may be agreed between the Bank of England and the Treasury, but shall not bear interest,</p>
</content>
</paragraph>
<paragraph eId="section-9-4-c">
<num>c</num>
<content>
<p>shall be charged on the National Loans Fund with recourse to the Consolidated Fund.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-9-5">
<num>5</num>
<content>
<p>
So long as any part of any liability assumed under subsection (3) above is outstanding, any amount due to be paid to the Treasury under section 6 (1) of the
<noteRef href="#c13325231" marker="M15" class="commentary M"/>
Currency and Bank Notes Act 1928 shall instead be applied towards meeting that liability.
</p>
</content>
</subsection>
</section>
<section eId="section-10">
<num>10</num>
<heading> Payments to be made out of Votes and not out of Consolidated Fund.</heading>
<subsection eId="section-10-1">
<num>1</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325241" marker="F20" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-10-3">
<num>3</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325251" marker="F21" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-10-4">
<num>
<ins class="d29p735 first">
<noteRef href="#c13325261" marker="F22" class="commentary attribute F"/>
4
</ins>
</num>
<intro>
<p>
<ins class="d29p735">The Board of Trade shall pay out of money provided by Parliament such sums as are required to enable the Board—</ins>
</p>
</intro>
<paragraph eId="section-10-4-a">
<num>
<ins class="d29p735">a</ins>
</num>
<content>
<p>
<ins class="d29p735">
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325271" marker="F23" class="commentary F"/>
</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-10-4-b">
<num>
<ins class="d29p735">b</ins>
</num>
<content>
<p>
<ins class="d29p735 last">to make advances to the National Film Finance Corporation under the Cinematograph Film Production (Special Loans) Act 1949.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-10-5">
<num>5</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325281" marker="F24" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-10-6">
<num>6</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325291" marker="F25" class="commentary F"/>
</p>
</content>
</subsection>
</section>
<section eId="section-11">
<num>11</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13325301" marker="F26" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="crossheading-national-debt" period="#period12">
<heading> National debt</heading>
<section eId="section-12" period="#period12">
<num>
<noteRef href="#c13325411" marker="C14" class="commentary C"/>
12
</num>
<heading>
Power of Treasury to borrow.
<noteRef href="#c13325401" marker="C13" class="commentary C"/>
</heading>
<subsection eId="section-12-1">
<num>1</num>
<intro>
<p>
<ins class="d29p799 first last">
<noteRef href="#c13325421" marker="F27" class="commentary attribute F"/>
Any money which the Treasury consider it expedient to raise for the purpose of promoting sound monetary conditions in the United Kingdom and
</ins>
any money required—
</p>
</intro>
<paragraph eId="section-12-1-a">
<num>a</num>
<content>
<p>for providing the sums required to meet any excess of payments out of the National Loans Fund over receipts into the National Loans Fund, and</p>
</content>
</paragraph>
<paragraph eId="section-12-1-b">
<num>b</num>
<content>
<p>for providing any necessary working balance in the National Loans Fund,</p>
</content>
</paragraph>
<wrapUp>
<p>may be raised in such manner and on such terms and conditions as the Treasury think fit, and money so raised shall be paid into the National Loans Fund.</p>
</wrapUp>
</subsection>
<subsection eId="section-12-1A">
<num>
<ins class="d29p817 first">
<noteRef href="#c13325431" marker="F28" class="commentary attribute F"/>
1A
</ins>
</num>
<content>
<p>
<ins class="d29p817 last">The terms (as to interest or otherwise) on which any balance for the time being in the National Loans Fund is to be held shall be such as may be agreed between the Treasury and the Bank of England.</ins>
</p>
</content>
</subsection>
<subsection eId="section-12-2">
<num>2</num>
<content>
<p>For the purpose of raising money under this section the Treasury may create and issue such securities, at such rates of interest and subject to such conditions as to repayment, redemption and other matters (including provision for a sinking fund) as they think fit.</p>
</content>
</subsection>
<subsection eId="section-12-3">
<num>3</num>
<content>
<p>For the avoidance of doubt it is hereby declared that the power to raise money under this section extends to raising money either within or outside the United Kingdom and either in sterling or in any other currency or medium of exchange, whether national or international.</p>
</content>
</subsection>
<subsection eId="section-12-4">
<num>4</num>
<intro>
<p>The principal of and interest on any money borrowed under this section, and of any money due under securities issued under this section, and—</p>
</intro>
<paragraph eId="section-12-4-a">
<num>a</num>
<content>
<p>any sums required to be set aside for the purpose of any sinking fund established under this section,</p>
</content>
</paragraph>
<paragraph eId="section-12-4-b">
<num>b</num>
<content>
<p>any other sums to be paid by the Treasury in accordance with the terms on which they borrow,</p>
</content>
</paragraph>
<paragraph eId="section-12-4-c">
<num>c</num>
<content>
<p>any expenses incurred in connection with the raising of money or the issue, repayment or redemption of securities under this section,</p>
</content>
</paragraph>
<wrapUp>
<p>shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund.</p>
</wrapUp>
</subsection>
<subsection eId="section-12-5">
<num>5</num>
<intro>
<p>The power to raise money under this section extends—</p>
</intro>
<paragraph eId="section-12-5-a">
<num>a</num>
<content>
<p>
to raising money through the
<ins class="d29p875 first">
<noteRef href="#c13325441" marker="F29" class="commentary attribute F"/>
Post Office company (within the meaning of Part IV of the Postal Services Act 2000) or any subsidiary or wholly-owned subsidiary (within the meanings given by
</ins>
<ins class="d29p875">
<ins class="substitution key-5235b5e6293376332af4e4d53bc60ccd-1460902382579 first last">
<noteRef href="#key-5235b5e6293376332af4e4d53bc60ccd" marker="F62" class="commentary attribute F"/>
section 1159 of the Companies Act 2006
</ins>
</ins>
<ins class="d29p875 last">) of the Post Office company</ins>
, and in particular by the issue through the
<ins class="d29p879 first last">
<noteRef href="#c13325441" marker="F29" class="commentary attribute F"/>
Post Office company or any such subsidiary
</ins>
of national savings certificates, and by the issue of the stamps and tokens described in section 35 of the
<noteRef href="#c13325461" marker="M16" class="commentary M"/>
Finance Act 1961 (national savings stamps and gift tokens), and
</p>
</content>
</paragraph>
<paragraph eId="section-12-5-b">
<num>b</num>
<content>
<p>
to raising money by the issue of Treasury Bills under the
<noteRef href="#c13325471" marker="M17" class="commentary M"/>
Treasury Bills Act 1877.
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-12-6">
<num>6</num>
<intro>
<p>In raising money under this section by the creation and issue—</p>
</intro>
<paragraph eId="section-12-6-a">
<num>a</num>
<content>
<p>of tax reserve certificates, national development bonds, or premium savings bonds, or</p>
</content>
</paragraph>
<paragraph eId="section-12-6-b">
<num>b</num>
<content>
<p>of national savings certificates,</p>
</content>
</paragraph>
<wrapUp>
<p>
any stock of forms prepared before the passing of this Act may be employed, pending the printing and issue of new forms, notwithstanding that the forms were prepared by reference to the raising of money under the
<noteRef href="#c13325481" marker="M18" class="commentary M"/>
National Loans Act 1939 or, as the case may be, section 7 of the
<noteRef href="#c13325491" marker="M19" class="commentary M"/>
National Debt Act 1958, and any security so issued shall be valid and effectual as if purporting to be issued in pursuance of this section instead of purporting to be issued in pursuance of the said Act of 1939 or the said Act of 1958.
</p>
</wrapUp>
</subsection>
<subsection eId="section-12-7">
<num>7</num>
<content>
<p>
The Bank of England may lend any sums which the Treasury have power to borrow under this section, . . .
<noteRef href="#c13325501" marker="F30" class="commentary F"/>
</p>
</content>
</subsection>
</section>
<section eId="section-13" period="#period6">
<num>13</num>
<heading> Existing national debt.</heading>
<subsection eId="section-13-1">
<num>1</num>
<content>
<p>All payments to be made in respect of existing national debt, being payments which are charged on the Consolidated Fund, shall be charged on and paid out of the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-13-2">
<num>2</num>
<content>
<p>
Subsection (1) of this section shall not be in derogation of the said charge on the Consolidated Fund, or of the provisions of section 1 of the
<noteRef href="#c13325511" marker="M20" class="commentary M"/>
Consolidated Fund Act 1816 (which makes the national debt a prior charge on the Consolidated Fund), and accordingly all such payments shall be charged on the National Loans Fund with recourse to the Consolidated Fund.
</p>
</content>
</subsection>
<subsection eId="section-13-3">
<num>3</num>
<content>
<p>
In this section “
<term refersTo="#term-existing-national-debt">existing national debt</term>
” means all securities of Her Majesty’s Government in the United Kingdom outstanding on 31st March 1968, including Treasury Bills and Ways and Means advances, and all other liabilities in respect of money borrowed by Her Majesty’s Government in the United Kingdom and outstanding on 31st March 1968, and those liabilities include, as well as payments in respect of principal and interest, payments for the purpose of any sinking fund and any other payments due under the terms on which any such security was issued, or any such money was borrowed.
</p>
</content>
</subsection>
<subsection eId="section-13-4">
<num>4</num>
<content>
<p>Any expenses incurred in connection with the raising of money or the issue, repayment or redemption of securities which represent expenses incurred, whether before or after the coming into force of this section, in respect of existing national debt shall be paid out of the National Loans Fund, with recourse to the Consolidated Fund.</p>
</content>
</subsection>
<subsection eId="section-13-5">
<num>
<noteRef href="#c13325521" marker="C15" class="commentary C"/>
5
</num>
<content>
<p>
Section 4 of the
<noteRef href="#c13325531" marker="M21" class="commentary M"/>
National Loans Act 1939 (power of trustees and others to invest in government securities) shall cease to have effect, but not so as to invalidate anything done before the coming into force of this Act.
</p>
</content>
</subsection>
<subsection eId="section-13-6">
<num>6</num>
<content>
<p>Schedule 5 to this Act shall have effect for the purpose of making amendments consequential on this and the last foregoing section.</p>
</content>
</subsection>
<subsection eId="section-13-7">
<num>7</num>
<content>
<p>Any reference in any enactment passed before this Act to securities which are charged on the Consolidated Fund shall include a reference to securities which are charged on the National Loans Fund with recourse to the Consolidated Fund; and any reference in any such enactment to securities which are directly charged on the Consolidated Fund shall be construed in a corresponding manner.</p>
</content>
</subsection>
</section>
<section eId="section-14" period="#period8">
<num>
<noteRef href="#c13325581" marker="E1" class="commentary E"/>
<noteRef href="#c13325591" marker="P1" class="commentary P"/>
14
</num>
<heading>
Exchange of securities,
<abbr title="et cetera" xml:lang="la">etc.</abbr>
</heading>
<subsection eId="section-14-1">
<num>1</num>
<content>
<p>The powers conferred by section 12 of this Act shall include power to enter into agreements for varying the terms on which Her Majesty’s Government in the United Kingdom have borrowed money or issued securities (whether before or after the passing of this Act), and shall include power to create and issue securities for the purpose of any such agreement.</p>
</content>
</subsection>
<subsection eId="section-14-2">
<num>2</num>
<content>
<p>The Treasury may in particular, for the purpose of carrying out any arrangement made by them for the exchange (whether on or before maturity, and whether with or without any further payment) of any securities of Her Majesty’s Government in the United Kingdom, create and issue such other securities under section 12 of this Act as the Treasury think fit.</p>
</content>
</subsection>
<subsection eId="section-14-3">
<num>3</num>
<content>
<p>
The Treasury may make rules with respect to the surrender, issue or exchange of securities in pursuance of this section, and may by those rules provide, with any necessary modifications, for any of the matters for which provision could be made under section 29 of the
<noteRef href="#c13325601" marker="M22" class="commentary M"/>
National Debt (Conversion) Act 1888, and may also by those rules apply, with the necessary modifications, any of the provisions of Part IV of that Act (whether repealed or not) which they think it expedient to apply.
</p>
</content>
</subsection>
<subsection eId="section-14-4">
<num>4</num>
<intro>
<p>Rules made under subsection (3) above with respect to the exchange of securities in pursuance of an arrangement which includes an offer of securities in exchange for securities which are to be redeemed may include provision—</p>
</intro>
<paragraph eId="section-14-4-a">
<num>a</num>
<content>
<p>for requiring holders of the securities which are to be redeemed desiring to receive repayment in cash in respect of their holdings on the date fixed for the redemption thereof to make an application in that behalf in accordance with the rules, and</p>
</content>
</paragraph>
<paragraph eId="section-14-4-b">
<num>b</num>
<content>
<p>for securing that, if no such application is made with respect to any such securities within such period as may be provided in the rules, the holder thereof shall be deemed, subject to the provisions of the rules, to have accepted the offer.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-14-5">
<num>5</num>
<intro>
<p>Rules under subsection (3) above may specify the persons by whom an application accepting an offer of exchange of securities, or an application required under subsection (4) above, may be made in cases where—</p>
</intro>
<paragraph eId="section-14-5-a">
<num>a</num>
<content>
<p>any holder of securities which may be exchanged has died, or is outside the United Kingdom, or is of unsound mind, or is an infant, pupil or minor, or is otherwise under a disability, or</p>
</content>
</paragraph>
<paragraph eId="section-14-5-b">
<num>b</num>
<content>
<p>a stop notice is in force with respect to a holding.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-14-6">
<num>6</num>
<content>
<p>The Treasury may cancel any securities surrendered to them under this section, and may also undertake to make payments, upon such terms and conditions as they think fit, to holders of securities so surrendered, or otherwise as part of the arrangement or agreement.</p>
</content>
</subsection>
<subsection eId="section-14-7">
<num>7</num>
<content>
<p>
A warrant given by the
<ins class="substitution key-13a622a0f2c9a609df7242c07efbccda-1460891013620 first last">
<noteRef href="#key-13a622a0f2c9a609df7242c07efbccda" marker="F58" class="commentary attribute F"/>
Registrar of Government Stock
</ins>
<noteRef href="#c16554531" marker="F31" class="commentary F"/>
. . . for making any such payment shall be deemed to be a cheque within the meaning of the
<noteRef href="#c13325611" marker="M23" class="commentary M"/>
Bills of Exchange Act 1882 and shall be exempt from stamp duty.
</p>
</content>
</subsection>
<subsection eId="section-14-8">
<num>8</num>
<content>
<p>Any money required by the Treasury for the purpose of carrying out any such arrangement shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund.</p>
</content>
</subsection>
<subsection eId="section-14-9">
<num>9</num>
<content>
<p>Any money received by the Treasury under this section shall be paid into the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-14-10">
<num>10</num>
<intro>
<p>
Section 2 of the
<noteRef href="#c13325621" marker="M24" class="commentary M"/>
National Loans Act 1939 (exchange of securities) and section 9 of the
<noteRef href="#c13325631" marker="M25" class="commentary M"/>
National Debt Act 1958 (exchange of savings certificates) shall cease to have effect, but—
</p>
</intro>
<paragraph eId="section-14-10-a">
<num>a</num>
<content>
<p>any rules in force under either of those sections on 31st March 1968 shall continue in force as if made under this section, and may be varied or revoked accordingly, and</p>
</content>
</paragraph>
<paragraph eId="section-14-10-b">
<num>b</num>
<content>
<p>any arrangements pending under either of those sections on 31st March 1968 shall be carried out and concluded under this section.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-14-11">
<num>11</num>
<content>
<p>Rules under this section shall be made by statutory instrument which, if the rules consist of or include any provision made in pursuance of subsection (4) above, shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.</p>
</content>
</subsection>
</section>
<section eId="section-14-scotland-2009-10-01" alternativeTo="section-14" period="#period8">
<num>
<noteRef href="#c13325641" marker="E2" class="commentary E"/>
<noteRef href="#c13325651" marker="P2" class="commentary P"/>
14
</num>
<heading>
Exchange of securities,
<abbr title="et cetera" xml:lang="la">etc.</abbr>
</heading>
<subsection eId="section-14-1-scotland-2009-10-01" alternativeTo="section-14-1">
<num>1</num>
<content>
<p>The powers conferred by section 12 of this Act shall include power to enter into agreements for varying the terms on which Her Majesty’s Government in the United Kingdom have borrowed money or issued securities (whether before or after the passing of this Act), and shall include power to create and issue securities for the purpose of any such agreement.</p>
</content>
</subsection>
<subsection eId="section-14-2-scotland-2009-10-01" alternativeTo="section-14-2">
<num>2</num>
<content>
<p>The Treasury may in particular, for the purpose of carrying out any arrangement made by them for the exchange (whether on or before maturity, and whether with or without any further payment) of any securities of Her Majesty’s Government in the United Kingdom, create and issue such other securities under section 12 of this Act as the Treasury think fit.</p>
</content>
</subsection>
<subsection eId="section-14-3-scotland-2009-10-01" alternativeTo="section-14-3">
<num>3</num>
<content>
<p>
The Treasury may make rules with respect to the surrender, issue or exchange of securities in pursuance of this section, and may by those rules provide, with any necessary modifications, for any of the matters for which provision could be made under section 29 of the
<noteRef href="#c13325661" marker="M26" class="commentary M"/>
National Debt (Conversion) Act 1888, and may also by those rules apply, with the necessary modifications, any of the provisions of Part IV of that Act (whether repealed or not) which they think it expedient to apply.
</p>
</content>
</subsection>
<subsection eId="section-14-4-scotland-2009-10-01" alternativeTo="section-14-4">
<num>4</num>
<intro>
<p>Rules made under subsection (3) above with respect to the exchange of securities in pursuance of an arrangement which includes an offer of securities in exchange for securities which are to be redeemed may include provision—</p>
</intro>
<paragraph eId="section-14-4-a-scotland-2009-10-01" alternativeTo="section-14-4-a">
<num>a</num>
<content>
<p>for requiring holders of the securities which are to be redeemed desiring to receive repayment in cash in respect of their holdings on the date fixed for the redemption thereof to make an application in that behalf in accordance with the rules, and</p>
</content>
</paragraph>
<paragraph eId="section-14-4-b-scotland-2009-10-01" alternativeTo="section-14-4-b">
<num>b</num>
<content>
<p>for securing that, if no such application is made with respect to any such securities within such period as may be provided in the rules, the holder thereof shall be deemed, subject to the provisions of the rules, to have accepted the offer.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-14-5-scotland-2009-10-01" alternativeTo="section-14-5">
<num>5</num>
<intro>
<p>Rules under subsection (3) above may specify the persons by whom an application accepting an offer of exchange of securities, or an application required under subsection (4) above, may be made in cases where—</p>
</intro>
<paragraph eId="section-14-5-a-scotland-2009-10-01" alternativeTo="section-14-5-a">
<num>a</num>
<content>
<p>
any holder of securities which may be exchanged has died, or is outside the United Kingdom, or is [
<noteRef href="#c13325671" marker="F32" class="commentary F"/>
under legal disability by reason of nonage or otherwise] , or
</p>
</content>
</paragraph>
<paragraph eId="section-14-5-b-scotland-2009-10-01" alternativeTo="section-14-5-b">
<num>b</num>
<content>
<p>a stop notice is in force with respect to a holding.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-14-6-scotland-2009-10-01" alternativeTo="section-14-6">
<num>6</num>
<content>
<p>The Treasury may cancel any securities surrendered to them under this section, and may also undertake to make payments, upon such terms and conditions as they think fit, to holders of securities so surrendered, or otherwise as part of the arrangement or agreement.</p>
</content>
</subsection>
<subsection eId="section-14-7-scotland-2009-10-01" alternativeTo="section-14-7">
<num>7</num>
<content>
<p>
A warrant given by the
<ins class="substitution key-13a622a0f2c9a609df7242c07efbccda-1460891076360 first last">
<noteRef href="#key-13a622a0f2c9a609df7242c07efbccda" marker="F58" class="commentary attribute F"/>
Registrar of Government Stock
</ins>
<noteRef href="#c16554701" marker="F33" class="commentary F"/>
. . . for making any such payment shall be deemed to be a cheque within the meaning of the
<noteRef href="#c13325681" marker="M27" class="commentary M"/>
Bills of Exchange Act 1882 and shall be exempt from stamp duty.
</p>
</content>
</subsection>
<subsection eId="section-14-8-scotland-2009-10-01" alternativeTo="section-14-8">
<num>8</num>
<content>
<p>Any money required by the Treasury for the purpose of carrying out any such arrangement shall be charged on and paid out of the National Loans Fund with recourse to the Consolidated Fund.</p>
</content>
</subsection>
<subsection eId="section-14-9-scotland-2009-10-01" alternativeTo="section-14-9">
<num>9</num>
<content>
<p>Any money received by the Treasury under this section shall be paid into the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-14-10-scotland-2009-10-01" alternativeTo="section-14-10">
<num>10</num>
<intro>
<p>
Section 2 of the
<noteRef href="#c13325691" marker="M28" class="commentary M"/>
National Loans Act 1939 (exchange of securities) and section 9 of the
<noteRef href="#c13325701" marker="M29" class="commentary M"/>
National Debt Act 1958 (exchange of savings certificates) shall cease to have effect, but—
</p>
</intro>
<paragraph eId="section-14-10-a-scotland-2009-10-01" alternativeTo="section-14-10-a">
<num>a</num>
<content>
<p>any rules in force under either of those sections on 31st March 1968 shall continue in force as if made under this section, and may be varied or revoked accordingly, and</p>
</content>
</paragraph>
<paragraph eId="section-14-10-b-scotland-2009-10-01" alternativeTo="section-14-10-b">
<num>b</num>
<content>
<p>any arrangements pending under either of those sections on 31st March 1968 shall be carried out and concluded under this section.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-14-11-scotland-2009-10-01" alternativeTo="section-14-11">
<num>11</num>
<content>
<p>Rules under this section shall be made by statutory instrument which, if the rules consist of or include any provision made in pursuance of subsection (4) above, shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.</p>
</content>
</subsection>
</section>
<section eId="section-14A" period="#period6">
<num>
<ins class="d29p1106">14A</ins>
</num>
<heading>
<ins class="d29p1106 first">
<noteRef href="#c13325711" marker="F34" class="commentary attribute F"/>
Redemption of securities held in Issue Department of Bank of England.
</ins>
</heading>
<subsection eId="section-14A-1">
<num>
<ins class="d29p1106">1</ins>
</num>
<content>
<p>
<ins class="d29p1106">Any securities of Her Majesty’s Government in the United Kingdom which are for the time being held in the Issue Department of the Bank of England may be redeemed by the Treasury before maturity at market prices determined in such manner as may be agreed between the Treasury and the Bank.</ins>
</p>
</content>
</subsection>
<subsection eId="section-14A-2">
<num>
<ins class="d29p1106">2</ins>
</num>
<content>
<p>
<ins class="d29p1106 last">Any expenses incurred by the Treasury in connection with the redemption of securities under subsection (1) above shall be paid out of the National Loans Fund.</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-15" period="#period6">
<num>15</num>
<heading> Payments out of Consolidated Fund for service of national debt.</heading>
<subsection eId="section-15-1">
<num>1</num>
<intro>
<p>
The Treasury shall from time to time pay out of the Consolidated Fund into the National Loans Fund sums equal to the excess of the amounts required to meet
<ins class="substitution key-92dd915be54ab411b4d08530ba47d037-1460888504895 first">
<noteRef href="#key-92dd915be54ab411b4d08530ba47d037" marker="F52" class="commentary attribute F"/>
payments out of the National Loans Fund—
</ins>
</p>
</intro>
<paragraph eId="section-15-1-a">
<num>
<ins class="substitution key-92dd915be54ab411b4d08530ba47d037-1460888504895">a</ins>
</num>
<content>
<p>
<ins class="substitution key-92dd915be54ab411b4d08530ba47d037-1460888504895">which represent interest on liabilities of the National Loans Fund, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-15-1-b">
<num>
<ins class="substitution key-92dd915be54ab411b4d08530ba47d037-1460888504895">b</ins>
</num>
<content>
<p>
<ins class="substitution key-92dd915be54ab411b4d08530ba47d037-1460888504895">which, in the opinion of the Treasury, ought to be treated in the same way as payments which represent such interest,</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="substitution key-92dd915be54ab411b4d08530ba47d037-1460888504895 last">over </ins>
the amounts paid into the National Loans Fund which represent interest on loans by the Government or which, in the opinion of the Treasury, ought to be treated in the same way as interest on loans by the Government.
</p>
</wrapUp>
</subsection>
<subsection eId="section-15-2">
<num>2</num>
<content>
<p>
Notwithstanding the provisions of section 13 of the
<noteRef href="#c13325721" marker="M30" class="commentary M"/>
Exchequer and Audit Departments Act 1866, payments under this section shall be effected without the granting of credits by the Comptroller and Auditor General.
</p>
</content>
</subsection>
<subsection eId="section-15-3">
<num>
<noteRef href="#key-7d4df81c95b053c52f856a5cd87144ec" marker="F53" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
</section>
<section eId="section-16" period="#period8">
<num>16</num>
<heading> Supplemental provisions as to national debt.</heading>
<subsection eId="section-16-1">
<num>1</num>
<content>
<p>
<noteRef href="#c13326141" marker="F35" class="commentary F"/>
. . . in section 43(2) of the
<noteRef href="#c13326151" marker="M31" class="commentary M"/>
Finance Act 1956 (enactments relating to lotteries: saving for premium bonds under the
<noteRef href="#c13326161" marker="M32" class="commentary M"/>
National Loans Act 1939) the reference to the said Act of 1939 shall include a reference to this Act.
</p>
</content>
</subsection>
<subsection eId="section-16-2">
<num>
<noteRef href="#c13326171" marker="F36" class="commentary F"/>
2
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-16-3">
<num>
<noteRef href="#c13326181" marker="C16" class="commentary C"/>
3
</num>
<content>
<p>
Stock or registered bonds issued under this Act, other than premium savings bonds, shall be included in Part I of Schedule 11 to the
<noteRef href="#c13326191" marker="M33" class="commentary M"/>
Finance Act 1942 (transfer and registration of government stock).
</p>
</content>
</subsection>
<subsection eId="section-16-4">
<num>4</num>
<content>
<p>
Stock or registered bonds issued under this Act shall be subject to the provisions of the
<noteRef href="#c13326201" marker="M34" class="commentary M"/>
National Debt Act 1870 so far as is consistent with the tenor of this Act.
</p>
</content>
</subsection>
<subsection eId="section-16-4A">
<num>
<ins class="d29p1224 first">
<noteRef href="#c13326211" marker="F37" class="commentary attribute F"/>
4A
</ins>
</num>
<content>
<p>
<ins class="d29p1224 last">In subsections (3) and (4) above the references to stock or registered bonds issued under this Act include references to a strip (within the meaning of section 47 of the Finance Act 1942) of any stock or bond (whether the stock or bond is issued under this Act or otherwise).</ins>
</p>
</content>
</subsection>
<subsection eId="section-16-5">
<num>
<noteRef href="#c13326221" marker="F38" class="commentary F"/>
5
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-16-6">
<num>
<noteRef href="#c13326231" marker="F39" class="commentary F"/>
6
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-16-7">
<num>7</num>
<content>
<p>
There shall be paid out to
<ins class="substitution key-1059049ee08c5b6f029bc623fc0c475a-1460891435760 first last">
<noteRef href="#key-1059049ee08c5b6f029bc623fc0c475a" marker="F59" class="commentary attribute F"/>
Registrar of Government Stock
</ins>
, . . .
<noteRef href="#c13326241" marker="F40" class="commentary F"/>
, such sums in respect of the management
<ins class="d29p1258 first last">
<noteRef href="#c13326251" marker="F41" class="commentary attribute F"/>
in any period
</ins>
of any Government securities as may be agreed upon between
<ins class="substitution d29p1262 first">
<noteRef href="#c16564481" marker="F42" class="commentary attribute F"/>
the Treasury and the
</ins>
<ins class="substitution d29p1262 last">
<ins class="substitution key-1059049ee08c5b6f029bc623fc0c475a-1460891459500 first last">
<noteRef href="#key-1059049ee08c5b6f029bc623fc0c475a" marker="F59" class="commentary attribute F"/>
Registrar of Government Stock
</ins>
</ins>
.
</p>
<p>
In this subsection “
<term refersTo="#term-government-securities">Government securities</term>
” means securities of Her Majesty’s Government in the United Kingdom and securities issued under—
</p>
<blockList class="unordered">
<item>
<p>
<noteRef href="#c13326271" marker="F43" class="commentary F"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .,
</p>
</item>
<item>
<p>
the
<noteRef href="#c13326281" marker="M35" class="commentary M"/>
Irish Land Act 1903,
</p>
</item>
<item>
<p>
the
<noteRef href="#c13326291" marker="M36" class="commentary M"/>
Irish Land Act 1909,
</p>
</item>
<item>
<p>
the
<noteRef href="#c13326301" marker="M37" class="commentary M"/>
Northern Ireland Land Act 1925.
</p>
</item>
</blockList>
</content>
</subsection>
<subsection eId="section-16-8">
<num>
<noteRef href="#c13326311" marker="F44" class="commentary F"/>
8
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-16-9">
<num>9</num>
<intro>
<p>Sums payable under subsection (7) above shall be met out of the National Loans Fund with recourse to the Consolidated Fund, except that—</p>
</intro>
<paragraph eId="section-16-9-a">
<num>
<noteRef href="#c13326321" marker="F45" class="commentary F"/>
a
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="section-16-9-b">
<num>
<noteRef href="#c13326341" marker="F46" class="commentary F"/>
b
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</subsection>
</section>
<section eId="section-17" period="#period9">
<num>17</num>
<heading> Repeal of provisions for paying off debt, or applying sums to meet interest charges.</heading>
<subsection eId="section-17-1">
<num>
<noteRef href="#key-9a330fe48eaf5e0b2d62a7f1fed70e03" marker="F60" class="commentary F"/>
<noteRef href="#c13326351" marker="C17" class="commentary C"/>
1
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-17-2">
<num>2</num>
<content>
<p>So much of any enactment as provides for sums paid into the Consolidated Fund to be applied in redeeming or paying off debt (that is to say national debt) or meeting such part of the annual charges for the national debt as represents interest, shall cease to have effect.</p>
</content>
</subsection>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="crossheading-relations-of-the-two-funds" period="#period9">
<heading> Relations of the two Funds</heading>
<section eId="section-18" period="#period9">
<num>18</num>
<heading> Daily balancing of Consolidated Fund.</heading>
<subsection eId="section-18-1">
<num>
<noteRef href="#key-3cb1a7bff16cebaa9cdead1795250961" marker="F61" class="commentary F"/>
1
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-18-2">
<num>2</num>
<content>
<p>On any day (from 1st April 1968 onwards) on which payments into the Consolidated Fund exceed payments out of the Consolidated Fund the Treasury shall pay out of the Consolidated Fund into the National Loans Fund sums equal to that excess.</p>
</content>
</subsection>
<subsection eId="section-18-3">
<num>3</num>
<content>
<p>On any day (from 1st April 1968 onwards) on which payments out of the Consolidated fund exceed payments into the Consolidated Fund the Treasury shall pay out of the National Loans Fund into the Consolidated Fund sums equal to that excess.</p>
</content>
</subsection>
<subsection eId="section-18-4">
<num>4</num>
<content>
<p>All payments made on any day (from 1st April 1968 onwards) into the Consolidated Fund by way of payment into the Exchequer Account at the Belfast branch of the Bank of Ireland shall be paid at the close of business on that day into the Exchequer Account at the Bank of England.</p>
</content>
</subsection>
<subsection eId="section-18-5">
<num>5</num>
<content>
<p>
Notwithstanding the provisions of section 13 of the
<noteRef href="#c13326381" marker="M38" class="commentary M"/>
Exchequer and Audit Departments Act 1866 and of section 1(3) of this Act, payments under this section shall be effected without the granting of credits by the Comptroller and Auditor General.
</p>
</content>
</subsection>
</section>
<section eId="section-19" period="#period6">
<num>19</num>
<heading> Liabilities and assets of National Loans Fund.</heading>
<subsection eId="section-19-1">
<num>1</num>
<content>
<p>The excess for the time being of the liabilities of the National Loans Fund over its assets shall be a liability of the Consolidated Fund to the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-19-2">
<num>2</num>
<content>
<p>Sums paid under section 15 of this Act shall be deemed for all purposes to be in satisfaction of the payment of interest in respect of the liability of the Consolidated Fund to the National Loans Fund imposed by subsection (1) above.</p>
</content>
</subsection>
<subsection eId="section-19-3">
<num>
<noteRef href="#key-21c164accec593c4807e844e208d622f" marker="F55" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-19-4">
<num>4</num>
<content>
<p>
For the purposes of this section the liabilities
<ins class="substitution key-b7e6ddd4559a7c0267d851d27764bb5b-1460888801466 first last">
<noteRef href="#key-b7e6ddd4559a7c0267d851d27764bb5b" marker="F54" class="commentary attribute F"/>
and assets of the National Loans Fund shall be as determined by the Treasury.
</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-20">
<num>20</num>
<heading> Power to substitute National Loans Fund for Consolidated Fund in existing Acts.</heading>
<subsection eId="section-20-1">
<num>1</num>
<content>
<p>The Treasury shall have power by order to provide that any payments which, under a provision in any Act passed before, or in the same session as, this Act, are to be paid out of the Consolidated Fund, or are to be paid into the Consolidated Fund (whether or not expressed as a provision for payment into the Exchequer) shall be paid out of the National Loans Fund, or as the case may be shall be paid into the National Loans Fund.</p>
</content>
</subsection>
<subsection eId="section-20-2">
<num>2</num>
<intro>
<p>An order under this section—</p>
</intro>
<paragraph eId="section-20-2-a">
<num>a</num>
<content>
<p>shall not be made unless a draft of the order has been approved by a resolution of the Commons House of Parliament,</p>
</content>
</paragraph>
<paragraph eId="section-20-2-b">
<num>b</num>
<content>
<p>shall be made by statutory instrument,</p>
</content>
</paragraph>
<paragraph eId="section-20-2-c">
<num>c</num>
<content>
<p>may contain such transitional or other supplemental or incidental provisions as appear to the Treasury to be expedient, including provisions amending any Act passed before or after this Act.</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="crossheading-the-debt-management-account" period="#period5">
<heading>
<ins class="d29p1470 first">
<noteRef href="#c13326401" marker="F48" class="commentary attribute F"/>
The Debt Management Account
</ins>
</heading>
<section eId="section-20A" period="#period5">
<num>
<ins class="d29p1470">
<noteRef href="#c13326411" marker="F47" class="commentary F"/>
20A
</ins>
</num>
<heading>
<ins class="d29p1470"> The Debt Management Account.</ins>
</heading>
<content>
<p>
<ins class="d29p1470 last">Schedule 5A to this Act (the Debt Management Account) shall have effect.</ins>
</p>
</content>
</section>
</hcontainer>
<hcontainer name="crossheading" eId="crossheading-supplemental" period="#period7">
<heading> Supplemental</heading>
<section eId="section-21" period="#period6">
<num>21</num>
<heading> Audit and accounts.</heading>
<subsection eId="section-21-1">
<num>1</num>
<content>
<p>
For the financial year ending on 31st March 1969 and each subsequent financial year the Treasury shall prepare
<ins class="substitution key-cbe0397eb1905e6fb0bc974a4c216525-1460888999751 first last">
<noteRef href="#key-cbe0397eb1905e6fb0bc974a4c216525" marker="F56" class="commentary attribute F"/>
an account relating to the Consolidated Fund, and an account relating to the National Loans Fund, in such form and containing such information as the Treasury consider appropriate.
</ins>
</p>
</content>
</subsection>
<subsection eId="section-21-2">
<num>2</num>
<content>
<p>The Treasury shall send the accounts to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which they relate, and the Comptroller and Auditor General shall examine, certify and report on the accounts and lay copies of them, together with his report, before each House of Parliament.</p>
</content>
</subsection>
<subsection eId="section-21-3">
<num>
<noteRef href="#key-97656bf18997cfdba3ca26622a993844" marker="F57" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-21-4">
<num>4</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13326421" marker="F49" class="commentary F"/>
</p>
</content>
</subsection>
</section>
<section eId="section-22" period="#period1">
<num>22</num>
<heading> Interpretation.</heading>
<subsection eId="section-22-1">
<num>1</num>
<content>
<p>
In this Act “
<term refersTo="#term-loan-commissioners">Loan Commissioners</term>
” and “
<term refersTo="#term-local-loans">local loans</term>
” have the meanings given by section 3 of this Act.
</p>
</content>
</subsection>
<subsection eId="section-22-2" period="#period1">
<num>
<noteRef href="#c13326431" marker="C18" class="commentary C"/>
2
</num>
<content>
<p>Any provision in this Act, or in the Acts amended by this Act, charging payments on the National Loans Fund “with recourse to” the Consolidated Fund shall be construed as a requirement that the payment, if it is not made out of the National Loans Fund, shall be charged on and paid out of the Consolidated Fund.</p>
</content>
</subsection>
<subsection eId="section-22-3">
<num>3</num>
<content>
<p>
In this Act “
<term refersTo="#term-securities-of-her-majestys-government-in-the-united-kingdom">securities of Her Majesty’s Government in the United Kingdom</term>
” includes national savings certificates and premium savings bonds but does not include securities issued under—
</p>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13326441" marker="F50" class="commentary F"/>
,
</p>
<p>
the
<noteRef href="#c13326451" marker="M39" class="commentary M"/>
Irish Land Act 1903,
</p>
<p>
the
<noteRef href="#c13326461" marker="M40" class="commentary M"/>
Irish Land Act 1909,
</p>
<p>
the
<noteRef href="#c13326471" marker="M41" class="commentary M"/>
Northern Ireland Land Act 1925.
</p>
</content>
</subsection>
<subsection eId="section-22-4">
<num>4</num>
<content>
<p>Any reference in this Act to any enactment includes a reference to that enactment as amended by any other Act including this Act.</p>
</content>
</subsection>
</section>
<section eId="section-23">
<num>23</num>
<heading> Application to Northern Ireland.</heading>
<subsection eId="section-23-1">
<num>1</num>
<content>
<p>This Act extends to Northern Ireland</p>
</content>
</subsection>
<subsection eId="section-23-2">
<num>2</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c13326481" marker="F51" class="commentary F"/>
</p>
</content>
</subsection>
</section>
<section eId="section-24">
<num>24</num>
<heading> Short title, repeals and commencement.</heading>
<subsection eId="section-24-1">
<num>1</num>
<content>
<p>This Act may be cited as the National Loans Act 1968.</p>
</content>
</subsection>
<subsection eId="section-24-2">
<num>
<noteRef href="#c13326491" marker="C19" class="commentary C"/>
2
</num>
<content>
<p>The enactments mentioned in Schedule 6 to this Act (which include enactments conferring powers of government borrowing superseded by this Act and enactments which are obsolete or spent) shall be repealed to the extent specified in the third column of that Schedule, but subject to any saving at the end of any Part of that Schedule.</p>
</content>
</subsection>
<subsection eId="section-24-3">
<num>3</num>
<content>
<p>Except as otherwise expressly provided, this Act shall come into force on 1st April 1968 and have effect for the financial year beginning on that date and subsequent financial years.</p>
</content>
</subsection>
</section>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>