Trade Loans (Guarantee) Act, 1924

Removal of limits on borrowing in certain cases.

7.—Any loan borrowed by any public authority exercising functions of local government which is granted by or the repayment of which or the interest on which is guaranteed by the Minister for Industry and Commerce under this Act shall not be reckoned as part of the total debt of such authority for the purpose of any enactment limiting the borrowing powers of such authority.