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Raising of money for local loans. 50 & 51 Vict. c. 16.
50 & 51 Vict. c. 16.
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2.—(1) The provisions of the National Debt and Local Loans Act, 1887, with respect to local loans stock shall, as respects any stock hereafter issued, be construed as if the rate of interest and period fixed by the Treasury were substituted therein respectively for the rate of three per cent. per annum, and the expiration of twenty-five years after the commencement of the Act.
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(2) Any money which can be raised by the issue of local loans stock may be borrowed from the National Debt Commissioners by a bond for such term and in such form as the Treasury direct, on the security of the charge created by this Act, and shall be paid to the Local Loans Fund, and the nominal amount of local loans stock which can be created shall be reduced by the amount of the money so borrowed.
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(3) The principal and interest of all money secured by any such bond shall be charged on and paid out of the Local Loans Fund, and if and so far as that is insufficient the Consolidated Fund, and all sums so paid out of the Consolidated Fund to meet any such deficiency shall be an advance to be repaid out of the Local Loans Fund, and if not so repaid shall be repaid out of moneys provided by Parliament, and the provisions of the National Debt and Local Loans Act, 1887, respecting the income account of the Local Loans Fund shall apply as if the said interest were the dividends on local loans stock.
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