S. 67 repealed (1.10.1996) by 1996 c. 52, s. 227, Sch. 19 Pt. I; S.I. 1996/2402, art. 3 (subject to transitional provisions and savings in Sch.)

Words substituted by Housing and Planning Act 1986 (c. 63, SIF 61), s. 24(1), Sch. 5 Pt. I para. 13(b)

1857 c. 26.

Pt. II (ss. 41–73) excluded (S.) by Housing (Scotland) Act 1987 (c. 26, SIF 61), ss. 199, 335, Sch. 12 para. 1(7)

Pt. II (ss. 41–73): power to apply certain functions conferred (E.W.) by Housing Act 1988 (c. 50, SIF 61), s. 65(2)(b)(4)

http://www.legislation.gov.uk/ukpga/1985/69/part/II/crossheading/loans-by-public-works-loan-commissioners/1996-10-01Housing Associations Act 1985An Act to consolidate certain provisions of the Housing Acts relating to housing associations, with amendments to give effect to recommendations of the Law Commission and of the Scottish Law Commission.1985-10-30texttext/xmlenStatute Law Database2024-05-171996-10-01Part II Housing Association Finance Loans by Public Works Loan Commissioners
67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

68 Loans by Public Works Loan Commissioners: Scotland.1

The Public Works Loan Commissioners may lend money to a registered housing association

a

for the purpose of constructing or improving, or facilitating or encouraging the construction or improvement of, houses,

b

for the purchase of houses, and

c

for the purchase and development of land.

2

A loan for any of those purposes shall be secured with interest by a heritable security over—

a

the land in respect of which that purpose is to be carried out, and

b

such other land, if any, as may be offered as security for the loan;

and the money lent shall not exceed three-quarters (or, if the payment of the principal of and interest on the loan is guaranteed by a local authority, nine-tenths) of the value, to be ascertained to the satisfaction of the Public Works Loan Commissioners, of the estate or interest in the land proposed to be burdened.

3

Loans may be made by instalments as the building of houses or other work on the land burdened under subsection (2) progresses (so, however, that the total loans do not at any time exceed the amount specified in that subsection); and the heritable security may be granted accordingly to secure such loans so to be made.

4

If the loan exceeds two-thirds of the value referred to in subsection (2), and is not guaranteed as to principal and interest by a local authority, the Public Works Loan Commissioners shall require, in addition to such a heritable security as is mentioned in that subsection, such further security as they may think fit.

5

Subject to subsection (6), the period for repayment of a loan under this section shall not exceed 40 years, and no money shall be lent on the security of any land unless the estate or interest proposed to be burdened is either ownership or a lease of which a period of not less than 50 years remains unexpired at the date of the loan.

6

Where a loan under this section is made for the purposes of carrying out a scheme for the provision of houses approved by the Secretary of State, the maximum period for the repayment of the loan is 50 instead of 40 years, and money may be lent on heritable security over a lease recorded under the Registration of Leases (Scotland) Act 1857 of which a period of not less than ten years in excess of the period fixed for the repayment of the loan remains unexpired at the date of the loan.

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<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/69/section/67">S. 67</ref>
repealed (1.10.1996) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/52">1996 c. 52</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/52/section/227">s. 227</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/52/schedule/19/part/I">Sch. 19 Pt. I</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/1996/2402">S.I. 1996/2402</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1996/2402/article/3">art. 3</ref>
(subject to transitional provisions and savings in
<ref href="http://www.legislation.gov.uk/id/uksi/1996/2402/schedule">Sch.</ref>
)
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<note class="commentary F" eId="c11838201">
<p>
Words substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/63">Housing and Planning Act 1986 (c. 63, SIF 61)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/63/section/24/1">s. 24(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/63/schedule/5/part/I/paragraph/13">Sch. 5 Pt. I para. 13</ref>
(
<em>b</em>
)
</p>
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<note class="commentary M" eId="c11838211">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1857/26">1857 c. 26</ref>
.
</p>
</note>
<note class="commentary C" eId="c11837751">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/69/part/II">Pt. II</ref>
(ss. 41–73) excluded (S.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1987/26">Housing (Scotland) Act 1987 (c. 26, SIF 61)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1987/26/section/199">ss. 199</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1987/26/section/335">335</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1987/26/schedule/12/paragraph/1/7">Sch. 12 para. 1(7)</ref>
</p>
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<note class="commentary C" eId="c11837761">
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<ref href="http://www.legislation.gov.uk/id/ukpga/1985/69/part/II">Pt. II</ref>
(ss. 41–73): power to apply certain functions conferred (E.W.) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/50">Housing Act 1988 (c. 50, SIF 61)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/50/section/65/2/b/4">s. 65(2)(b)(4)</ref>
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Part II
</num>
<heading> Housing Association Finance</heading>
<hcontainer name="crossheading" eId="part-II-crossheading-loans-by-public-works-loan-commissioners" period="#period2">
<heading> Loans by Public Works Loan Commissioners</heading>
<section eId="section-67" period="#period3">
<num>
<noteRef href="#c11838191" marker="F1" class="commentary F"/>
67
</num>
<heading>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</heading>
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<p/>
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<num>68</num>
<heading> Loans by Public Works Loan Commissioners: Scotland.</heading>
<subsection eId="section-68-1">
<num>1</num>
<intro>
<p>
The Public Works Loan Commissioners may lend money to a
<ins class="d29p1674 first last">
<noteRef href="#c11838201" marker="F2" class="commentary attribute F"/>
registered housing association
</ins>
</p>
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<num>a</num>
<content>
<p>for the purpose of constructing or improving, or facilitating or encouraging the construction or improvement of, houses,</p>
</content>
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<paragraph eId="section-68-1-b">
<num>b</num>
<content>
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</content>
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<num>c</num>
<content>
<p>for the purchase and development of land.</p>
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<num>2</num>
<intro>
<p>A loan for any of those purposes shall be secured with interest by a heritable security over—</p>
</intro>
<paragraph eId="section-68-2-a">
<num>a</num>
<content>
<p>the land in respect of which that purpose is to be carried out, and</p>
</content>
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<num>b</num>
<content>
<p>such other land, if any, as may be offered as security for the loan;</p>
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<wrapUp>
<p>and the money lent shall not exceed three-quarters (or, if the payment of the principal of and interest on the loan is guaranteed by a local authority, nine-tenths) of the value, to be ascertained to the satisfaction of the Public Works Loan Commissioners, of the estate or interest in the land proposed to be burdened.</p>
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<num>3</num>
<content>
<p>Loans may be made by instalments as the building of houses or other work on the land burdened under subsection (2) progresses (so, however, that the total loans do not at any time exceed the amount specified in that subsection); and the heritable security may be granted accordingly to secure such loans so to be made.</p>
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<num>4</num>
<content>
<p>If the loan exceeds two-thirds of the value referred to in subsection (2), and is not guaranteed as to principal and interest by a local authority, the Public Works Loan Commissioners shall require, in addition to such a heritable security as is mentioned in that subsection, such further security as they may think fit.</p>
</content>
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<num>5</num>
<content>
<p>Subject to subsection (6), the period for repayment of a loan under this section shall not exceed 40 years, and no money shall be lent on the security of any land unless the estate or interest proposed to be burdened is either ownership or a lease of which a period of not less than 50 years remains unexpired at the date of the loan.</p>
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<num>6</num>
<content>
<p>
Where a loan under this section is made for the purposes of carrying out a scheme for the provision of houses approved by the Secretary of State, the maximum period for the repayment of the loan is 50 instead of 40 years, and money may be lent on heritable security over a lease recorded under the
<noteRef href="#c11838211" marker="M1" class="commentary M"/>
Registration of Leases (Scotland) Act 1857 of which a period of not less than ten years in excess of the period fixed for the repayment of the loan remains unexpired at the date of the loan.
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