. . . F1
The Loan Commissioners in considering the propriety of granting a loan shall have regard to the sufficiency of the security for its repayment, . . . F2
Textual Amendments
F1Words repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. II
F2Words repealed by Public Works Loans Act 1946 (c. 41), Sch. 2
Textual Amendments
F3S. 10 repealed by Public Works Loans Act 1964 (c. 9), Sch. 3
Every loan granted under this Act shall be made repayable . . . F4 within a period from the date of the actual advance of such loan, not exceeding the period authorised by a special Act relating to such loan, or if no period be so authorised not exceeding [F5fifty] years.
Where a loan has been granted repayable within a period less than the full period allowed by the foregoing provisions of this section, the Loan Commissioners, if the repayment of the loan with interest is in their opinion sufficiently secured by such security as is required by this Act, and if they think fit, may extend the period for the repayment of such loan to a period not exceeding the said full period from the date of the advance of such loan.
Where no period is authorised by a special Act relating to the loan, the Treasury, on the recommendation of the Loan Commissioners, stating special circumstances, may either before or after the grant of the loan, extend the period within which the loan is to be repaid to such period as may be recommended by the Loan Commissioners.
. . . F4
Textual Amendments
F4Words repealed by Public Works Loans Act 1964 (c. 9), Sch. 3
F5Words substituted by Public Works Loans Act 1911 (c. 17), s. 4
Modifications etc. (not altering text)
The Loan Commissioners before advancing any money on account of a loan shall take security for the repayment of the loan with the interest, consisting of the security authorised by the special Act relating to the loan, or if none is so authorised, of a mortgage of property or of a rate, or of both property and a rate, and (save as herein-after mentioned) of personal security.
The Loan Commissioners may, if they think fit, dispense with personal security in any case in which in their opinion the mortgaged property or rate is sufficient security for the payment of the principal and interest of the loan within the stipulated period.
Modifications etc. (not altering text)
C2S. 12 excluded by Public Works Loans Act 1965 (c. 63), s. 2(1); restricted by ibid., Sch. para. 5
Textual Amendments
F6S. 13 repealed by Public Works Loans Act 1882 (c. 62), s. 9
Textual Amendments
F7S. 14 repealed by National Debt and Local Loans Act 1887 (c. 16), Sch. 3
Textual Amendments
F8S. 15 repealed by Statute Law Revision Act 1968 (c. 30)
Textual Amendments
F9Ss. 16, 17 repealed by National Debt and Local Loans Act 1887 (c. 16), Sch. 3