Universities and College Estates Act 1925, Section 32 is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)When money has been raised by a mortgage made by a university or college under this Act, or under any enactment repealed by this Act, the university or college shall [F1in such manner as may be approved by the Minister,] make provision, either by the grant of an annuity to the lender or by the creation of a sinking or redemption fund or otherwise, for the discharge, within such time not exceeding fifty years [F2as may be sanctioned by the Minister,][F2as the university or college think fit] of the money borrowed, and for the payment of interest due thereon.
(2)The maximum time allowed for the repayment of the loan—
F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in the case of a loan raised for the purposes of an improvement mentioned in Part II. of the First Schedule to this Act, shall not exceed twenty-five years from the date when the work or operation in payment for which the money was borrowed was completed.
Textual Amendments
F1Words omitted in relation to universities and their colleges by Universities and College Estates Act 1964 (c. 51), s. 2, Sch. 1 Pt. I para. 8
F2Words “as the university or college think fit” substituted for words “as may be sanctioned by the Minister” in relation to universities and their colleges by Universities and College Estates Act 1964 (c. 51), s. 2, Sch. 1 Pt. I para. 8
F3S. 32(2)(a) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 7
Modifications etc. (not altering text)
C1S. 32 extended by Universities and College Estates Act 1964 (c. 51), s. 3(5), Sch. 2 para. 4
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