Public Works Loans Act, 1897

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Income account and surplus income of Local Loans Fund.

4. [Sub-s. (1) rep. 8 Edw. 7. c. 49 (S.L.R.).]

(2) . . . . The income account of the Local Loans Fund shall be charged with such sum in respect of expenses in connexion with local loans as the Treasury direct.

(3) If it is shown by the income account of the Local Loans Fund for any financial year that the income is in excess of the expenditure, that excess shall be carried to a separate account to be applied as Parliament may direct, and until such application shall be invested either in advances for local loans or in the purchase of securities in which the National Debt Commissioners are authorised to invest money held by them on account of savings banks, and the annual income shall be invested in like manner, and accumulated.