The Local Loans (Procedure) (Amendment) Regulations 1992

Statutory Instruments

1992 No. 1565

LOCAL LOANS

The Local Loans (Procedure) (Amendment) Regulations 1992

Made

29th June 1992

Laid before Parliament

1st July 1992

Coming into force

22nd July 1992

The Public Works Loan Commissioners, in exercise of the powers conferred on them by section 41 of the Public Works Loans Act 1875(1) and of all other powers enabling them in that behalf, with the approval of the Treasury, hereby make the following Regulations:

Citation, commencement and interpretation

1.  These Regulations may be cited as the Local Loans (Procedure) (Amendment) Regulations 1992 and shall come into force on 22nd July 1992.

2.  In these Regulations a reference to the principal Regulations is a reference to the Local Loans (Procedure) Regulations 1968(2).

Amendment of regulation 3 of the principal Regulations

3.  In paragraphs (3) and (4) of regulation 3 of the principal Regulations “£1,000” shall be substituted for “£5,000.”

I. H. Peattie

Secretary Public Works Loan Board

29th June 1992

Approved

Gregory Knight

Tim Boswell

Two of the Lords Commissioners of Her Majesty’s Treasury

29th June 1992

Explanatory Note

(This note is not part of the Regulations)

These Regulations further amend the Local Loans (Procedure) Regulations 1968 by reducing the lower limit for the making of advances by the Public Works Loan Commissioners by automated direct credit transfer from £5,000 to £1,000.

(1)

1875 c. 89; section 41 was amended by the National Loans Act 1968 (c. 13), section 24(2) and Schedule 6, Part II and by the Statute Law (Repeals) Act 1986 (c. 12), section 1(1) and Schedule 1, Part XII.

(2)

S.I. 1968/458, amended by S.I. 1991/1139.