Public Works Loans Act 1875

Supplemental Provisions as to Loans and Securities U.K.

35 Security for completion of works partly finished or not commenced. U.K.

Where the [F1 Treasury] grant [F2 a local loan] in aid of any work which is either partly completed or not commenced, they may, by a bond to Her Majesty or otherwise, take such security for the application of the loan to the work, and for the due completion of the work (including the raising of sufficient funds for that purpose), as they may think sufficient for securing the interest to the public.

Textual Amendments

F1 Word in s. 35 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. 34(2) (with art. 9)

F2 Words in s. 35 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. 34(3) (with art. 9)

36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 U.K.

Textual Amendments

F3 S. 36 repealed by Public Works Loans Act 1964 (c. 9), Sch. 3

37 Suspension of payment of principal and interest. U.K.

The Treasury mayF4 ... postpone for any time not exceeding five years the payment of the instalments of principal and interest, or either, due or to become due in respect of a [F5 local loan] for the purpose of any work, and that upon such terms and conditions for the completion and improvement of such work, and the ultimate payment of such principal and interest, as the Treasury may F6 ... authorise.

Textual Amendments

F4 Words in s. 37 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. 35(2) (with art. 9)

F5 Words in s. 37 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. 35(3) (with art. 9)

F6 Words in s. 37 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. 35(4) (with art. 9)

38 Change of security. U.K.

The [F7 Treasury] may, F8 ... if under the circumstances of the case they think fit, accept any security in lieu of any security previously given to them, or of any part of such security, and that subject to such terms and conditions as they direct; so, however, that the substituted security shall be of the character which [F9 the Treasury] might take if [F10 the local loan] were originally granted at the time of such substitution, and that no change of security under this section shall extend the period for the repayment of [F10 the local loan].

Textual Amendments

F7 Word in s. 38 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. 36(2) (with art. 9)

F8 Words in s. 38 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. 36(3) (with art. 9)

F9 Words in s. 38 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. 36(4) (with art. 9)

F10 Words in s. 38 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. 36(5) (with art. 9)

Modifications etc. (not altering text)

C1 S. 38 amended by Public Works Loans Act 1965 (c. 63), Sch. para. 7

39 Concurrence by [F11 the Treasury] in leases, sales, &c. of mortgaged property. U.K.

The [F12 Treasury] may concur in any lease, conveyance, release, or other disposition of any property mortgaged under this Act, or any part thereof, and in the arrangements relative thereto, upon such terms and conditions as they may think fit, and either with or without consideration, so that in their opinion the payment, with interest, of the loan charged on the mortgaged property is sufficiently secured or is not thereby made less secure.

Textual Amendments

F11 Words in s. 39 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. 37(2) (with art. 9)

F12 Word in s. 39 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. 37(3) (with art. 9)

40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13 U.K.

Textual Amendments

F13 S. 40 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt II