PART VI MISCELLANEOUS AND SUPPLEMENTARY
Miscellaneous
125 Local loans.
1
For section 4 of the M1National Loans Act 1968 (power to make local loans) there shall be substituted the following 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 £28,000 million or such other (lower or higher) sum, not exceeding £35,000 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.
2
In section 3 of that Act—
a
in subsection (5), the words from “and" to “future Act" shall be omitted; and
b
in subsection (11), for the words from the beginning to “those" there shall be substituted the words “
Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions
”
.