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Local Government (Miscellaneous Provisions) Act 1982
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- UK Public General Acts
- 1982 c. 30
- Part XII
- Section 43
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43 Advances for acquisition of land, erection of buildings or carrying out of works. E+W
In section 3 of the M1Local Authorities (Land) Act 1963—
(a)the following subsection shall be substituted for subsection (1)—
“(1)Where a local authority are satisfied that it would be for the benefit or improvement of their area, they may, subject to the provisions of this section, advance money to any person for the purpsoe of enabling him—
(a)to acquire land ; or
(b)to erect any building or to carry out any work on land.” ; and
(b)the following subsections shall be substituted for subsection (3)—
“(3)The amount of the principal of an advance made under subsection (1)(a) of this section shall not exceed nine-tenths of the value of the land.
(3A)The amount of the principal of an advance made under subsection (1)(b) of this section shall not exceed nine-tenths of the value which it is estimated the mortgaged security will bear upon the completion of the building or other works in respect of which the advance is made.”.
Modifications etc. (not altering text)
C1The text of ss. 43, 44, and 47(1) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
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