National Debt and Local Loans Act, 1887

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Advance by National Debt Commissioners of money authorised by Parliament for Local Loans.

6.—(1) When Parliament has authorised the advance of any money for the purpose of loans by the Public Works Loan Commissioners, or by the Fishery Board for Scotland, or by the Commissioners of Public Works in Ireland, or by the Irish Land Commissioners, or for the purpose of similar loans by the Treasury, (all which loans are in this Act referred to as Local Loans,) the National Debt Commissioners shall from time to time issue to the said respective Commissioners or Board, or the Treasury, for the purpose of the loans, such sums as may be for the time being required for that purpose, not exceeding in the aggregate, in the case of each of the respective Commissioners and the Board and the Treasury, the amount authorised by Parliament.

(2) If the Act authorising such advance of money fixes a period during which the money is to be issued, the said money shall be issued by the National Debt Commissioners during that period and not subsequently.

(3) For the purpose of passing an annual Act of Parliament authorizing advances under this section, the National Debt Commissioners shall not less than two months before the commencement of every financial year send to the Treasury an estimate of the sums required to be issued for local loans in that year for the advance of which an annual Act is necessary.

(4) The enactments for the time being in force for the regulation of the said Commissioners and Board, and the money at their disposal, and their securities and the proceedings thereon shall, so far as they are consistent with this Act, respectively apply in the case of money issued to those Commissioners and Board in pursuance of this Act.