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National Loans Act 1968
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Changes over time for: Section 3
Version Superseded: 25/02/2020
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- 01/02/1991- Amendment
- 29/04/1996
Point in time - 25/02/2020- Amendment
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3 Local loans.U.K.
(1)The Treasury may issue out of the National Loans Fund such sums as are required by the Public Works Loan Commissioners (in this Act called the Loan Commissioners) to make loans as authorised by this Act, or by any future Act.
(2)Interest on loans made by the Loan Commissioners shall be paid at such rates as the Treasury may determine from time to time in accordance with section 5 of this Act.
(3)All sums paid or applicable in or towards the discharge of the principal or interest of any loans made by the Loan Commissioners, whether before or after the coming into force of this section, shall be paid by the Loan Commissioners into the National Loans Fund:
Provided that where security for a loan is enforced in any manner the net receipts only shall be so paid into the National Loans Fund.
(4)Any sum payable in respect of Irish land purchase annuities which, but for the provisions of this section, would be payable into the Local Loans Fund under section 26(2) of the M1Government of Ireland Act 1920, or under any other enactment, shall be paid into the National Loans Fund.
(5)Subject to the limit in this Act, . . . F1, the Loan Commissioners’ power of making loans shall include power to enter into undertakings to make loans.
(6)The Loan Commissioners shall, as respects each financial year, prepare in such form and manner as the Treasury may direct an account of all loans made by the Loan Commissioners in the financial year, and of the sums paid or applicable in the financial year in or towards the discharge of the principal or interest of all loans made by the Loan Commissioners, whether before or after the coming into force of this section, and send it to the Comptroller and Auditor General not later than the end of November next following the end of the financial year and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.
(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(8)—(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
(11)[F4Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions] set out in Schedule 4 to this Act (which correspond in material particulars to the loans which the Loan Commissioners may make under section 9 of the M2Public Works Loans Act 1875), and that Act and the enactments amending that Act shall apply to loans made in pursuance of this section.
(12)In the following provisions of this Act “local loans” means loans made by the Loan Commissioners in pursuance of this section.
Textual Amendments
F1Words repealed by Finance Act 1984 (c. 43, SIF 99:3), ss. 125(2)(a), 128(6), Sch. 23 Pt. XIV
F2S. 3(7) repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II
F4Words substituted by Finance Act 1984 (c. 43, SIF 99:3), s. 125(2)(b)
Modifications etc. (not altering text)
C1S. 3(11) applied (temp. 14.11.1995 to 1.4.1996) by S.I. 1995/2766, art. 2(1)
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