38 Change of security. U.K.
The [F1Treasury] may, F2... 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 [F3the Treasury] might take if [F4the 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 [F4the local loan].
Textual Amendments
F1Word in s. 38 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 36(2) (with art. 9)
F2Words in s. 38 omitted (25.2.2020) by virtue of The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 36(3) (with art. 9)
F3Words in s. 38 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 36(4) (with art. 9)
F4Words in s. 38 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 36(5) (with art. 9)
Modifications etc. (not altering text)
C1S. 38 amended by Public Works Loans Act 1965 (c. 63), Sch. para. 7