2(1)Where a local authority are authorised under a statutory borrowing power to borrow money, they may raise the money—S
(a)by mortgage,
(b)by overdraft from a bank,
(c)by the issue of stock,
(d)by the issue of bonds,
(e)by the issue of bills,
(f)by an agreement entered into with the Public Works Loan Commissioners under section 2 of the M1Public Works Loans Act 1965, or
(g)by any other means approved by the Secretary of State with the consent of the Treasury.
(2)The powers conferred by this paragraph shall be exercisable subject to and in accordance with the following provisions of this Schedule; and a local authority having power under a local enactment to borrow money by way of any method referred to in sub-paragraph (1) above shall not exercise that power in accordance with the provisions of that enactment.
Marginal Citations