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Public Works Loans Act 1875

Changes over time for: Cross Heading: Supplemental Provisions as to Loans and Securities

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Version Superseded: 25/02/2020

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Point in time view as at 01/02/1991.

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Supplemental Provisions as to Loans and SecuritiesU.K.

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

Where the Commissioners grant a 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.

36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.

Textual Amendments

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

The Treasury may, on the recommendation of the Loan Commissioners, 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 loan granted by the Commissioners 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 on the said recommendation authorise.

38 Change of security. U.K.

The Loan Commissioners may, subject to the prescribed regulations, 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 the Commissioners might take if the 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 the loan.

Modifications etc. (not altering text)

39 Concurrence by Commissioners in leases, sales, &c. of mortgaged property.U.K.

The Loan Commissioners 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.

40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2U.K.

Textual Amendments

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