. . . F2
The [F3Treasury] in considering the propriety of granting a [F4local loan] shall have regard to the sufficiency of the security for its repayment, . . . F5
Textual Amendments
F1S. 9 heading substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 14(2) (with art. 9)
F2Words repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. II
F3Word in s. 9 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 14(3) (with art. 9)
F4Words in s. 9 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 14(4) (with art. 9)
F5Words repealed by Public Works Loans Act 1946 (c. 41), Sch. 2
Textual Amendments
F6S. 10 repealed by Public Works Loans Act 1964 (c. 9), Sch. 3
Every [F8local loan] shall be made repayable . . . F9 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 [F10fifty] years.
Where [F11a local loan has been granted] repayable within a period less than the full period allowed by the foregoing provisions of this section, the [F12Treasury], 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, F13... 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 [F14they see fit].
. . . F9
Textual Amendments
F7Words in s. 11 heading substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(2) (with art. 9)
F8Words in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(3) (with art. 9)
F9Words repealed by Public Works Loans Act 1964 (c. 9), Sch. 3
F10Words substituted by Public Works Loans Act 1911 (c. 17), s. 4
F11Words in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(4) (with art. 9)
F12Word in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(5) (with art. 9)
F13Words in s. 11 omitted (25.2.2020) by virtue of The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(6) (with art. 9)
F14Words in s. 11 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(7) (with art. 9)
Modifications etc. (not altering text)
C1S. 11 amended by Local Authorities Loans Act 1945 (c. 18), s. 2(2) and Public Works Loans Act 1965 (c. 63), Sch. para. 4
The [F16Treasury] before advancing any money on account of [F17a local 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 [F16Treasury] 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.
Textual Amendments
F15Words in s. 12 heading substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 16(2) (with art. 9)
F16Word in s. 12 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 16(3) (with art. 9)
F17Words in s. 12 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 16(4) (with art. 9)
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
F18S. 13 repealed by Public Works Loans Act 1882 (c. 62), s. 9
Textual Amendments
F19S. 14 repealed by National Debt and Local Loans Act 1887 (c. 16), Sch. 3
Textual Amendments
F20S. 15 repealed by Statute Law Revision Act 1968 (c. 30)
Textual Amendments
F21Ss. 16, 17 repealed by National Debt and Local Loans Act 1887 (c. 16), Sch. 3