Chwilio Deddfwriaeth

Chwiliad Uwch

Public Works Loans Act 1875

Changes over time for: Public Works Loans Act 1875 (without Schedules)

Help about opening options

Status:

Point in time view as at 25/02/2020.

Changes to legislation:

There are currently no known outstanding effects for the Public Works Loans Act 1875. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

PreliminaryU.K.

1 Short title.U.K.

This Act may be cited as “The Public Works Loans Act 1875.”

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.

Textual Amendments

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2U.K.

Textual Amendments

Public Works Loan CommissionersU.K.

F34 Constitution, &c. of Public Works Loan Commissioners.U.K.

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

Textual Amendments

5 Powers, &c. of [F4the Treasury].U.K.

With respect to [F5local loans] the following provisions shall have effect:

(1) . . . F6

(2)The [F7Treasury] may examine any persons willing to be examined on any matters connected with the execution of this Act, and may for that purpose, or otherwise for the purpose of the execution of this Act, administer an oath, and take any affidavits or declaration; and

(3)The [F8Treasury] shall annually cause to be made out up to the end of every financial year a report of their transactions under this Act during the year, and such report shall contain or have annexed thereto the prescribed particulars respecting moneys issued to and loans granted by [F9the Treasury] F10..., and the execution of the duties of the [F8Treasury], and such other particulars as the [F8Treasury] may from time to time think fit;

Such particulars shall include a statement of any difference that may have arisen between the [F8Treasury] and any public department respecting the grant of any loan or the construction of any Act relating to loans by the [F8Treasury]:

Such report shall be F11... laid by the Treasury before both Houses of Parliament . . . F12

F13(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F156The Public Works Loans SecretaryU.K.

(1)A person may be appointed from time to time by the Treasury to the office of the Public Works Loans Secretary and that person shall be known as the Public Works Loans Secretary.

(2)A person holds and vacates office as the Public Works Loans Secretary in accordance with the terms made by the Treasury.

(3)The Public Works Loans Secretary exercises the functions of that office on behalf of the Crown.

(4)The Treasury may appoint an assistant to the Public Works Loans Secretary as they consider necessary.]

Textual Amendments

7 [F16Securities given to and land and property vested in the Public Works Loans Secretary to vest in their successor].U.K.

Where under this or any other Act [F17or instrument] or any conveyance, obligation, or security, any [F18land] or personal property, or any estate or interest therein, or any chose in action, has been or may be vested in, conveyed, made payable, or secured to the [F19Public Works Loans Secretary for the time being as the holder of, and in respect of, that office], all such [F18land] and personal property, estate and interest, and chose in action whatsoever, upon the death, removal, or resignation of any such [F20Public Works Loans Secretary] from time to time, and as often as the same happens and the appointment of a successor takes place, shall (subject to the same trusts and equities, if any, as the same were before respectively subject to) vest in such succeeding [F20Public Works Loans Secretary], by force of this Act and without any act or deed whatever to be done by the [F20Public Works Loans Secretary] dying, resigning or removed, or by the heirs, executors, or administrators of such [F20Public Works Loans Secretary], or by any person or persons claiming under him, them or any of them, and notwithstanding the same may have been expressed to be vested in, conveyed, made payable to or secured to such [F20Public Works Loans Secretary], his heirs, executors, administrators, and assigns, or any of them; and shall be proceeded upon in the name of any succeeding [F20Public Works Loans Secretary], by any action or suit in law or equity, or in any other manner as the same might have been proceeded upon by or in the name or names of such [F20Public Works Loans Secretary] dying, resigning, or removed.

. . . F21

Textual Amendments

8 Execution of conveyances, leases, &c., by [F22the Public Works Loans Secretary on behalf of the Treasury]. U.K.

All conveyances, leases, mortgages, releases, arrangements, and things which the [F23Treasury] are authorised by this Act to grant, execute, make, or concur in, and all powers, acts, and things which the [F23Treasury] are authorised by this Act to exercise, do, or concur in, in relation to any mortgaged property or rate, may be granted, executed, made, concurred in, exercised, and done by [F24the Public Works Loans Secretary] for the time being under their direction, and when so granted, executed, made, concurred in, exercised, and done by [F25the Public Works Loans Secretary], shall be deemed to have been granted, executed, made, concurred in, exercised, and done by him [F26under the direction of the Treasury], unless the contrary is shown by some person interested in contesting the validity thereof.

Any property, chose in action, estate, interest, powers, authorities, and privileges vested in or exerciseable by [F27the Public Works Loans Secretary] in pursuance of this Act shall be dealt with and exercised by him [F26under the direction of the Treasury] and not otherwise.

Textual Amendments

Modifications etc. (not altering text)

Objects, Terms, and Duration of LoanU.K.

9 [F28Local loans].U.K.

. . . F29

The [F30Treasury] in considering the propriety of granting a [F31local loan] shall have regard to the sufficiency of the security for its repayment, . . . F32

Textual Amendments

10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33U.K.

Textual Amendments

11 Term of years for repayment of [F34local loan]. U.K.

Every [F35local loan] shall be made repayable . . . F36 within a period from the date of the actual advance of such loan, not exceeding the period authorised by a special Act relating to such loan, or if no period be so authorised not exceeding [F37fifty] years.

Where [F38a local loan has been granted] repayable within a period less than the full period allowed by the foregoing provisions of this section, the [F39Treasury], if the repayment of the loan with interest is in their opinion sufficiently secured by such security as is required by this Act, and if they think fit, may extend the period for the repayment of such loan to a period not exceeding the said full period from the date of the advance of such loan.

Where no period is authorised by a special Act relating to the loan, the Treasury, F40... stating special circumstances, may either before or after the grant of the loan, extend the period within which the loan is to be repaid to such period as [F41they see fit].

. . . F36

Textual Amendments

Modifications etc. (not altering text)

12 Security for [F42local loans]. U.K.

The [F43Treasury] before advancing any money on account of [F44a local loan] shall take security for the repayment of the loan with the interest, consisting of the security authorised by the special Act relating to the loan, or if none is so authorised, of a mortgage of property or of a rate, or of both property and a rate, and (save as herein-after mentioned) of personal security.

The [F43Treasury] may, if they think fit, dispense with personal security in any case in which in their opinion the mortgaged property or rate is sufficient security for the payment of the principal and interest of the loan within the stipulated period.

Textual Amendments

Modifications etc. (not altering text)

C3S. 12 excluded by Public Works Loans Act 1965 (c. 63), s. 2(1); restricted by ibid., Sch. para. 5

13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F45U.K.

Textual Amendments

14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F46U.K.

Textual Amendments

15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F47U.K.

Textual Amendments

16, 17.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F48U.K.

Textual Amendments

Recovery of LoansU.K.

18 Charge on property and priority [F49of local loans by the Treasury]. U.K.

Where [F50a local loan] is granted by the [F51Treasury] on the security of a mortgage of any property (whether with or without any other security), the property from and after the date of the mortgage shall be charged with the payment to the use of Her Majesty of the loan with interest as in the mortgage mentioned, in priority, save so far as otherwise specified in the mortgage, over every other debt, mortgage, or charge whatsoever affecting the property, except any loan due to any creditor not assenting to such priority which has been advanced in good faith before the loan advanced by [F52the Treasury] and secured by a mortgage of the property executed to a person who is entitled as a bonafa fide creditor to the repayment thereof with interest.

Provided that if there is more than one such creditor and not less than four fifths in value of such creditors consent in writing that the said charge shall have priority over the loans and mortgages of such creditors, in such case the loans and mortgages of all such creditors, as well those who have not agreed as those who have agreed, shall be postponed to the loan granted by [F52the Treasury] and to the said charge thereof, and to the security for the same.

Nothing in any special Act, and no rule of law or custom shall affect the priority given by this section, except so far as the special Act negative such priority in terms expressly referring to this Act.

Textual Amendments

Modifications etc. (not altering text)

19 Charges on rate of [F53local loan and local loan] not to be repudiated by locality having had the benefit of it. U.K.

Where [F54a local loan] is granted by the [F55Treasury] on the security of a mortgage of any rate (whether with or without any other security) such rate from and after the date of the mortgage shall be charged with the payment to the use of Her Majesty of the loan with interest as in the mortgage mentioned.

Where the loan has been granted to any borrower who appeared to [F56the Treasury] to have power to levy and mortgage such rate and has been expended upon the work in respect of which or in or for the benefit of the locality in which such rate or any part thereof is levied, the mortgage of the rate for securing the repayment of the loan with interest shall be valid, and may be enforced in pursuance of this Act, notwithstanding any defect in the power or title of the borrower by whom the mortgage purports to be granted; and in particular [F56the Treasury] may, although such borrower was not legally constituted or is dissolved, or is otherwise incapable and always was incapable of making, levying, or mortgaging such rate, have the same power of making and levying and enforcing the making or levying the said rate for the purpose of repaying such loan and interest, and all other sums due under the mortgage, as if such borrower had been duly constituted, and was not dissolved, and had had full power to make, levy, and mortgage such rate.

Textual Amendments

Modifications etc. (not altering text)

20 Securities to be taken in name of [F57the Public Works Loans Secretary].U.K.

All securities for [F58any local loan] may be given to the [F59Public Works Loans Secretary]. Every such security is in this Act referred to as a security given [F60to the Treasury].

Textual Amendments

21 Taking possession by [F61the Treasury] of property on default of payment.U.K.

Where a mortgage of property has been given to secure [F62any local loan] granted by the [F63Treasury], and default is made in making payment according to the terms of such mortgage, then at any time after such default and without any consent on the part of any person interested in the equity of redemption of the mortgaged property, [F64the Treasury], without prejudice to any other remedy, shall have power to do all or any of the following things; namely,—

(1)Take possession of the mortgaged property, or any part thereof; and

(2)Grant any lease of the mortgaged property, or any part thereof, for such term and upon such reasonable conditions as they may think expedient, and that either for a premium or rent, or both; and

(3)Sell or mortgage the mortgaged property, or any part thereof.

Textual Amendments

22 Powers of [F65the Treasury] when in possession.U.K.

The [F66Treasury], when authorised [F67by this Act] to take possession of any mortgaged property, may take possession either by themselves or by any person appointed by them (whether such person is interested in the mortgaged property or not), and upon possession of any mortgaged property being so taken,—

(1)All the estate, right, interest, powers, authorities, and privileges, of what nature or kind soever, which were at the time of the making of the mortgage or may for the time being be vested in or exerciseable by the mortgagor or any person claiming through or under the mortgagor, either in relation to the property or necessary for carrying on and managing the same, shall become vested in the [F68Public Works Loans Secretary]; and

(2)[F69The Treasury,] or any person appointed as aforesaid[F70, may] manage and carry on the property, and receive the revenue arising therefrom, or in any way receivable in respect thereof, or otherwise, in pursuance of the mortgage, and exercise all or any of the powers and authorities vested in [F71the Public Works Loans Secretary] by this Act; and

(3)The [F72Treasury] or [F73the Public Works Loans Secretary] or such person as aforesaid shall not be liable for the repairs or maintenance of the mortgaged property, but may apply any moneys received in respect thereof or raised from any rate towards such repairs or maintenance to such extent as the [F72Treasury] may think expedient; and

(4)[F74The Treasury may] advance out of moneys at their disposal under this Act sums for the completion, repair, improvement, or security of the mortgaged property, and every such sum shall be deemed and shall be a loan secured on the property and repayable with the like interest from the time of the advance, and by the like person, and shall have the like priority and be recoverable in the like manner as if it were part of the original loan secured by the said mortgage; and

(5)If the revenue received from or in respect of the property is insufficient to keep down the current expenses of working, maintaining, and repairing the same, together with the instalments of principal and the interest for the time being due on the mortgage, and no rate or no sufficient rate can be levied to meet the deficiency, [F75the Treasury may] destroy or cause to be destroyed, or (if they sell the same) authorise the purchaser with the like consent to destroy the same, and sell or authorise the purchaser to sell the materials thereof and other the articles, goods, and effects belonging thereto, and [F76neither the Treasury, nor the Public Works Loans Secretary], nor the purchaser so authorised, nor his representatives, shall be liable in damages or otherwise to any person whomsoever for such destruction; and the provisions of this Act with respect to the sale of any mortgaged property shall apply to any sale under this section; and

(6)Possession under this Act may be relinquished at such time and in such manner and upon such terms and conditions as [F77the Treasury] think fit, and upon such relinquishment all powers, authorities, and privileges which on the taking of possession become vested in [F78the Public Works Loans Secretary] shall, so far as they are not reserved, revert to and become vested in the person in whom the same would have been vested if possession had not been taken, but [F79the Treasury] may, if they think fit, on the relinquishment of possession, reserve any of the said powers, authorities, and privileges, with a view to the payment of any sum due to them:

(7)Every such relinquishment of possession of any mortgaged property shall be without prejudice to the power of again taking possession thereof under the provisions of this Act.

Textual Amendments

23 Powers in relation to rate where default made.U.K.

Where [F80a local loan] made by the [F81Treasury] is secured by the mortgage of a rate (whether with or without any other security), and the [F81Treasury] might, if such loan were secured upon a mortgage of property, take possession of such property, the [F81Treasury] may, without prejudice to any other remedy, by notice in writing served at the office or last known place of address of the mortgagor, or where from any cause the same cannot be so served by notice in writing published in the prescribed manner, declare their intention to exercise the powers conferred by this Act, and thereupon the [F81Treasury] shall have and may exercise the same power as the mortgagor of making and levying the rate mortgaged, and for that purpose the [F81Treasury] or [F82the Public Works Loans Secretary] with their concurrence may appoint an officer who, subject to the direction of the [F81Treasury], shall have and may exercise the same powers, authorities, and duties as if he had been appointed by the mortgagor.

The [F81Treasury], in making an estimate of the rate to be levied for the purpose of paying any sum due, may add such sum as they think sufficient for defraying and may defray thereout all costs, charges, and expenses, including remuneration to any officer or other person employed, incurred by the [F81Treasury] in the execution of their powers under this section or otherwise by reason of the default in payment.

Any balance remaining in the hands of the [F81Treasury] shall be paid by them to the mortgagor.

The [F81Treasury] may, by a like notice, declare their intention to relinquish the powers conferred by this section, and that either absolutely or with reservations and conditions, and thereupon all such powers shall revest in the mortgagor, subject to the said reservations and conditions.

Textual Amendments

24 Liability of [F83the Treasury] after taking possession or in default of payment.U.K.

When the [F84Treasury] have taken possession of any property under this Act, or exercised the powers conferred by this Act in relation to any rate, neither they nor [F85the Public Works Loans Secretary], nor any person appointed by them in that behalf, shall be liable to account to any person interested in the equity of redemption in such property or rate for any moneys which, but for their wilful neglect or default, they or he might have received when so in possession or exercising such powers, or for any moneys other than those which have actually come to their or his hands.

Textual Amendments

25 Sale and mortgage by [F86the Treasury] of mortgaged premises.U.K.

Where the [F87Treasury] have power [F88under this Act] to sell or mortgage, they shall have power to sell or mortgage either together or in parcels, by public auction or private contract, and subject to such conditions as to title or evidence of title or otherwise as [F89the Treasury] may think proper.

They may also buy in at any auction and rescind any contract for sale or mortgage, and resell or remortgage, without being responsible for any loss occasioned thereby.

Where a sale cannot be made in the ordinary way for a sum equal to the amount remaining due under the mortgage, the [F87Treasury] may, if they think fit, sell in such a manner and subject to such conditions, stipulations, and agreements as they may think expedient for the purpose of ensuring the completion or carrying on of the work comprised in such mortgage by the purchaser thereof, with a view to the public good or general benefit, or for any other purpose, notwithstanding such conditions, stipulations, and agreements may be prejudicial to the sale, or may not be beneficial to the persons interested in the equity of redemption in the property.

The [F87Treasury] may for the purpose of any sale or mortgage execute all such agreements, conveyances, and instruments as they may think fit.

Textual Amendments

26 Purchaser not liable to see to the validity of sale or application of money.U.K.

Every sale or mortgage made by the [F90Treasury or the Public Works Loans Secretary], and purporting to be made in pursuance of this Act, shall, so far as regards the interest of the purchaser and mortgagee, be deemed to be valid, and the purchaser or mortgagee shall not be bound to see or inquire whether the sale or mortgage is authorised, nor in the case of a mortgage whether the money raised is required to be raised, nor as to the necessity or expediency of or authority for making the conditions, stipulations, or agreements subject to which the sale or mortgage was made, nor otherwise as to the propriety or regularity of such sale or mortgage, nor be affected by express notice as to any matters into which he is not bound to see or inquire.

The receipt in writing of the Bank of England, or one of their cashiers or other proper officer for the purpose of the Bank of England, or other prescribed receipt, shall be a full discharge for the money paid on the sale or mortgage, and the person paying the same shall not be bound to see to the application of such money, or be liable or in any manner accountable for the mis-application or non-application thereof.

Textual Amendments

27 Terms of lease, sale, or mortgage.U.K.

Any lease, mortgage, conveyance, or other disposition made by the [F91Public Works Loans Secretary] under this Act of any mortgaged property may be in the prescribed form, and shall convey to the person in whose favour such lease, mortgage, conveyance, or other disposition is made, and according to the terms thereof, all or any part of the estate, right, interest, powers, authorities, and privileges, which under the mortgage and this Act are vested in or capable of being exercised by the [F92Treasury, or the Public Works Loans Secretary], either before or after possession taken, and the same shall thereupon be vested in and may be exercised and put in force by such person accordingly.

Nothing in this Act shall operate to invalidate or affect the rights of any person entitled bonafa fide to any debt, estate, or interest, having priority over or ranking pari passu with the loan granted [F93by the Treasury], or the security for such loan, or the rights of any lessee under any lease made either prior to such security or with the concurrence [F94of the Treasury].

Textual Amendments

28 Application of money arising on taking possession, sale, mortgage, &c. by [F95the Treasury].U.K.

Any money arising from the taking possession, lease, sale, mortgage, or other disposition under this Act by or under the direction of the [F96Treasury] of any mortgaged property shall be applied first in discharge of all costs, charges, and expenses incurred by or under the direction of [F97the Treasury] in respect thereof, or otherwise by reason of the default in payment, and secondly in discharge of the whole of the principal of the loan secured by the mortgage and for the time being unpaid (notwithstanding that the same or any instalment thereof may not have become actually due), and in discharge of all interest accrued due on such principal, and of all other sums (if any) due under the mortgage.

The surplus (if any) of such money either shall be paid to the mortgagor or other person or persons entitled thereto, or, if [F97the Treasury] think fit, shall be paid by the [F98Public Works Loans Secretary] into [F99the Chancery Division of the High Court] in England in like manner as if he were a trustee of such money for the persons entitled thereto, and the court may make such orders for the payment and distribution of such money to or among those persons as may from time to time seem to the court just.

Textual Amendments

29 Payment of [F100local] loan before it is due, and transfer of security for all or part of [F100local] loan. U.K.

The [F101Treasury] may, if they think fit, at any time accept payment of the whole of any part of the principal and interest of [F102any local loan] or other moneys secured by any mortgage under this Act before the time when the same is due; and may release or convey the mortgaged property or rate to the person paying the same or as he may direct, upon such terms and conditions and in such manner and form as [F103the Treasury] may think expedient.

The person in whose favour any conveyance of the mortgaged property or rate under this section is made shall, subject to any limitations inserted therein, be entitled to the like priorities, powers, and authorities as [F103the Treasury] or [F104the Public Works Loans Secretary] were entitled to, either subject to or with priority over or concurrently with any priorities, powers, and authorities reserved to [F103the Treasury] by the conveyance.

[F103The Treasury] shall have full power to enter into and concur in all such arrangements as they may deem expedient for the purposes of carrying into effect a release or conveyance under this section.

Textual Amendments

Modifications etc. (not altering text)

30 Discharge of security and revesting of property on repayment of [F105local loan]. U.K.

Upon all money due under a mortgage under this Act being fully paid the [F106Treasury] shall, when required, give in the prescribed manner to the person liable to the payment thereof a receipt in writing for the same, and such further sufficient discharge (if any) as may seem to the [F106Treasury] to be necessary, and upon such receipt being given the mortgaged rate shall be released from the charge and the mortgaged property, or the part thereof not sold or disposed of under this Act, shall (unless the [F106Treasury], on the request and at the expense of the person paying the said money, make any other disposition thereof,) revest in the person who would have been entitled thereto if the mortgage had not been made, subject nevertheless to any lease, mortgage, or other act previously made or done by or under the direction of the [F106Treasury].

Textual Amendments

Modifications etc. (not altering text)

31 Bankruptcy of debtor.U.K.

Where an individual liable to pay as principal or surety the principal or interest of any [F107local loan] becomes bankrupt or insolvent, or enters into any composition or arrangement with his creditors, or has his affairs liquidated by arrangement, or takes the benefit of, or becomes subject to the provisions of any Act passed for the relief of persons in debt, or for enabling the property of such persons to be distributed among their creditors, or where any company liable to pay as principal or surety the principal or interest of any [F107local loan] becomes bankrupt or is wound up, the whole of such loan shall become due immediately, notwithstanding that the date for the payment thereof or part thereof has not arrived, unless in the case of a surety the [F108Treasury] think fit to accept some other surety.

Textual Amendments

32 Form of mortgage.U.K.

Every security given under this Act may be in such form as may be prescribed, and the fact of the [F109Public Works Loans Secretary] being a party thereto shall be conclusive evidence that the same is in the prescribed form, and every such security shall be valid and effectual to pass all the estate, right, and interest purporting to be passed thereunder by the parties executing the same, subject to the provisions of this Act.

Textual Amendments

33 Recovery of debt on personal security.U.K.

Every sum payable under any security made in pursuance of this Act shall be made payable to the use of Her Majesty, and may be recovered as a specialty debt due to the CrownF110...

Every sum payable in respect of [F111a local loan] or under the security for such loan, shall be compounded for or released only under the authority of Parliament in each case.

F110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . F112

Nothing in this Act shall render it the duty of the Loan Commissioners to issue such warrant or to register such writ or debt, unless they are of opinion that it is necessary for the purpose of securing the payment of the debt, or that otherwise under the particular circumstances it is expedient so to do.

Textual Amendments

F110Words in s. 33 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 3

Modifications etc. (not altering text)

34 Recovery of [F113local loan] after the expiration of term for repayment.U.K.

The expiration of the period within which a [F114local loan] is made repayable (whether such period is the full period allowed by this or the special Act or a shorter period) shall not in any way affect any power of the [F115Treasury] of recovering or enforcing payment of any sum due in respect of such loan.

Textual Amendments

Supplemental Provisions as to Loans and SecuritiesU.K.

35 Security for completion of works partly finished or not commenced.U.K.

Where the [F116Treasury] grant [F117a local loan] in aid of any work which is either partly completed or not commenced, they may, by a bond to Her Majesty or otherwise, take such security for the application of the loan to the work, and for the due completion of the work (including the raising of sufficient funds for that purpose), as they may think sufficient for securing the interest to the public.

Textual Amendments

36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F118U.K.

Textual Amendments

37 Suspension of payment of principal and interest.U.K.

The Treasury mayF119... postpone for any time not exceeding five years the payment of the instalments of principal and interest, or either, due or to become due in respect of a [F120local loan] for the purpose of any work, and that upon such terms and conditions for the completion and improvement of such work, and the ultimate payment of such principal and interest, as the Treasury may F121... authorise.

Textual Amendments

38 Change of security. U.K.

The [F122Treasury] may, F123... if under the circumstances of the case they think fit, accept any security in lieu of any security previously given to them, or of any part of such security, and that subject to such terms and conditions as they direct; so, however, that the substituted security shall be of the character which [F124the Treasury] might take if [F125the local loan] were originally granted at the time of such substitution, and that no change of security under this section shall extend the period for the repayment of [F125the local loan].

Textual Amendments

Modifications etc. (not altering text)

39 Concurrence by [F126the Treasury] in leases, sales, &c. of mortgaged property.U.K.

The [F127Treasury] may concur in any lease, conveyance, release, or other disposition of any property mortgaged under this Act, or any part thereof, and in the arrangements relative thereto, upon such terms and conditions as they may think fit, and either with or without consideration, so that in their opinion the payment, with interest, of the loan charged on the mortgaged property is sufficiently secured or is not thereby made less secure.

Textual Amendments

40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F128U.K.

Textual Amendments

MiscellaneousU.K.

41 Regulations by [F129the Treasury]. U.K.

The [F130Treasury] may from time to time make regulations for carrying into effect this Act, and in particular with respect to F131... the authentication of documents made or issued or directions given or acts done by them, and with respect to [F132local loans] and applictions therefor, and annual and quarterly statements of the amounts required to be borrowed, and the information to be given and conditions to be complied with by the applicants, and with respect to the forms to be used, including the forms of the securities, and with respect to any fees or sums to be paid by the applicants or by other persons dealing with [F133the Treasury], and with respect to the relations between [F133the Treasury] . . . F134 and the Bank of England.

F135...

[F136Any power conferred by this Act to make regulations shall be exercisable by statutory instrument and any such statutory instrument] shall be laid before both Houses of Parliament . . . F137.

Regulations made under this section may be from time to time rescinded, altered, and added to in like manner as the original regulations.

Textual Amendments

Modifications etc. (not altering text)

42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F138U.K.

Textual Amendments

[F13943 Accounts.U.K.

The Treasury shall keep at the Bank of England such account, in respect of local loans, as they deem necessary and under such title as they deem appropriate.]

Textual Amendments

44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F140U.K.

Textual Amendments

45 Authority, and laying before Parliament Treasury warrants.U.K.

The warrant of the Treasury issued under the authority of this Act shall be a sufficient authority to the Bank of England for doing the things thereby directed to be done for the purposes of this Act, and copies of any such warrant relating to the borrowing of money shall be laid before both Houses of Parliament, within one month of the date thereof, if Parliament be then sitting, and if not within one month after the then next meeting of Parliament.

46 Receipt for money payable on account of [F141local loan], &c. U.K.

The receipt in writing of the Bank of England, or one of their cashiers or other the proper officer for the purpose of the Bank of England, and any other prescribed receipt for any money paid in discharge of the principal or interest of any [F142local loan], or of any sum due under any security made under this Act or otherwise payable to or by the direction of the [F143Treasury or the Public Works Loans Secretary, in respect of local loans,] shall be a complete discharge to the person paying the same.

Textual Amendments

Modifications etc. (not altering text)

47 Notices may be served by post.U.K.

Notices, directions, orders, and documents required by this Act, or by any regulation made under this Act, to be served or sent may, unless otherwise expressly provided, be served and sent by post, and, until the contrary is proved, shall be deemed to have been served and received respectively at the time when the letter containing the same would be delivered in the ordinary course of post; and in proving such service or sending it shall be sufficient to prove that the letter containing the notice, direction, order, or document was prepaid, and properly addressed, and put into the post.

48 Notices to and by [F144the Treasury].U.K.

Notices, and documents required by this Act, or by any regulation made under this Act, to be served on the [F145Treasury], may be so served by serving the same on [F146the Public Works Loans Secretary], or by sending the same addressed to or delivering the same [F147to the offices of the Treasury].

Notices and documents required for the purposes of this Act or of any regulation made thereunder, to be served by or on the [F145Treasury], or to be made or issued by the [F145Treasury], shall be in writing or in print, or partly in writing and partly in print.

Textual Amendments

49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F148U.K.

Textual Amendments

F148S. 49 repealed by National Loans Act 1968 (c. 13) Sch. 6 Pt.II

50 Application of Act to loans under special Acts. U.K.

Except so far as a special Act, by express reference to some part of this Act, alters that part, every loan made [F149under such special Act] shall, notwithstanding any provision in such special Act and any rule of law or custom, be made in accordance with and under the powers of this Act [F150and the National Loans Act 1968], and be re-payable in manner provided by this Act, and by the security for the same granted under this Act; and every such loan, together with the security for the same, shall have the priority and be subject to the powers, authorities, and remedies mentioned in this Act; and although made in pursuance of a special Act, shall be deemed for all purposes to be a [F151local loan].

Textual Amendments

Modifications etc. (not altering text)

51 Definitions.U.K.

In this Act, if not inconsistent with the context,—

  • The expression “person” includes a body of persons, whether corporate or unincorporate:

  • . . . F152

  • The expression “financial year” means the year ending the thirty-first day of March:

  • [F153The expression “local loan” means a loan made in pursuance of section 3 of the National Loans Act 1968:]

  • The expression “prescribed” means prescribed by the regulations made under this Act F154... :

  • [F155The expression “special Act” means any Act under which local loans may be made by the Treasury and for the purposes of sections 18 and 50 of this Act only, any Act relating to any person having power to borrow money from the Treasury as a local loan:]

  • The expression “security” includes a mortgage:

  • The expression “mortgage” includes a charge and any instrument in the nature of a mortgage or charge, and in Scotland any heritable security:

  • The expression “conveyance” includes any grant, assignment, transfer, or other disposition or assurance; and the expression “convey” shall be construed accordingly:

  • The expression “rate” means a rate, cess, or assessment the proceeds of which are applicable to public local purposes and leviable 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 a rate, as before defined, and the making and levying of a rate includes the issue and enforcement of any such precept, certificate, or instrument as aforesaid, and expressions relating to the making and levy of a rate shall be constured accordingly:

Any toll, due, rent, imposition, and other sum not being a rate as above defined shall be deemed to be property for the purposes of this Act.

All references to a mortgagor or borrower shall, if need be, be deemed to include a reference to the successors heirs executors administrators and assigns of, or other persons claiming through or under such mortgagor or borrower.

Textual Amendments

Temporary Provisions and RepealU.K.

52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F156U.K.

Textual Amendments

53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F157U.K.

Textual Amendments

54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F158U.K.

Textual Amendments

F15955 Reference in Acts to repealed Acts.U.K.

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

Textual Amendments

56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F160U.K.

Textual Amendments

F16157 Repeal of Acts.U.K.

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

Textual Amendments

Yn ôl i’r brig

Options/Cymorth

Print Options

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

Gweler y wybodaeth ychwanegol ochr yn ochr â’r cynnwys

Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Llinell Amser Newidiadau

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill

Mae'r data ar y dudalen hon ar gael yn y fformatau data amgen a restrir: