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2. A local authority who propose to raise money by the issue of stock shall, in their resolution to raise money by that method, specify, or indicate the procedure by which may be determined—
(a)the amount of stock to be issued;
(b)the price at which the stock is to be issued;
(c)the rate of interest;
(d)the dates on which interest is payable;.
(e)the date after which the stock may be redeemed at par at the option of the local authority; and
(f)the date by which the stock must be redeemed.
3.—(1) Bonds issued by a local authority shall, subject to the next following paragraph—
(a)bear interest at such rate as the local authority shall determine at the time of issue of the bonds; and
(b)if they are negotiable bonds, be issued for periods of not less than one year.
(2) The period for which any bonds, other than negotiable bonds, are issued may be extended upon such rate of interest and for such period as the local authority and the holder agree.
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