Public Works Loans Act 1967

2 Amendments as to local loans and automatic charges under s.2 of Act of 1965.

(1) Any relevant authority within the meaning of section 2 of the [1965 c. 63.] Public Works Loans Act 1965 (which provides for a new form of local loan and an automatic charge for securing it) who do not, apart from this subsection, have power to raise money by means of an agreement to which that section applies, shall have power to raise money by those means.

(2) Subsection (3) of the said section 2 (which imposes an automatic charge for securing a loan made under any such agreement to a relevant authority other than one authorised to borrow money under Part IX of the [1933 c. 51.] Local Government Act 1933 or Part XII of the [1947 c. 43.] Local Government (Scotland) Act 1947) shall not apply to any authority in the case of whom some other enactment is in force which of itself imposes a charge for securing loans of all descriptions on all the revenues of the authority, and—

(a) in any such case that other enactment shall apply accordingly to any money raised by means of an agreement to which the said section 2 applies; and

(b) in subsection (5) of that section the reference to a charge imposed by the said subsection (3) shall include a reference to a charge imposed by any such other enactment.

(3) In sections 29 and 30 of the [1875 c. 89.] Public Works Loans Act 1875 (early repayment of loans secured by mortgage under that Act and transfer and discharge of securities for such loans) any reference to a mortgage under that Act shall include a reference to an automatic charge within the meaning of section 2(5) of the said Act of 1965 as amended by subsection (2)(b) of this section; and in paragraph 3 of the Schedule to the said Act of 1965 the words " 29 and 30 " are hereby repealed.