Public Works Loans Act, 1920

• Permanent Page URL

PUBLIC WORKS LOANS ACT 1920

CHAPTER LXI.

An Act to grant money for the purpose of certain Local Loans out of the Local Loans Fund, and for other purposes relating to Local Loans. [23rd December 1920.]

Be it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:

Appointment of Public Works Loans Commissioners for five years.

38 & 39 Vict. c. 89.

1. Whereas the term of office of persons who are, at the passing of this Act, Public Works Loan Commissioners under the Public Works Loans Act, 1875, will expire at the end of a period of five years from the first day of April, nineteen hundred and sixteen, and it is expedient to appoint Commissioners for a further period of five years; therefore the following persons (that is to say):—

Edward Norman, Esquire,

The Honourable Herbert Cokayne Gibbs,

The Honourable Evelyn Hubbard,

Edward Henry Loyd, Esquire,

The Right Honourable Lord Newlands,

William Douro Hoare, Esquire,

Robert Lydston Newman, Esquire,

The Right Honourable the Earl of Chichester,

The Right Honourable Lord Clwyd,

Laurence Currie, Esquire,

Alexander Brodrick Leslie-Melville, Esquire,

Anthony de Rothschild, Esquire,

Alfred Mildmay, Esquire,

The Honourable Sir William Henry Goschen, K.B.E.,

Lawrence Edlmann Chalmers, Esquire,

Sir Charles Eric Hambro, K.B.E.,

Charles Robert Gilliat, Esquire,

Edward Charles Grenfell, Esquire,

shall, after the passing of this Act, be the Public Works Loan Commissioners under the Public Works Loans Act, 1875, and shall hold office until the expiration of five years from the first day of April, nineteen hundred and twenty-one.

Grants for public works.

50 & 51 Vict. c. 16.

2.—(1) For the purpose of local loans, there may be issued by the National Debt Commissioners the following sums, namely:—

(a) For the purpose of loans by the Public Works Loan Commissioners, any sum or sums not exceeding in the whole the sum of forty million pounds;

(b) For the purpose of loans by the Commissioners of Public Works in Ireland, any sum or sums not exceeding in the whole the sum of one million pounds.

(2) The sums so issued shall be issued during a period ending on the day on which a further Act granting money for the purposes of those loans comes into operation, and in accordance with the provisions of the National Debt and Local Loans Act, 1887.

Certain debts not to be reckoned as assets of local loans fund.

3. Whereas it is expedient that the principal of the several local loans specified in the tables contained in Part I., Part II., and Part III. respectively of the Schedule to this Act should, to the extent specified in the last column of those tables, not be reckoned as assets of the local loans fund established under the National Debt and Local Loans Act, 1887:

Now, therefore, the principal of the said loans to the extent aforesaid and the said sums shall be written off from the assets of the local loans fund, and the provisions of section fifteen of the said Act shall, so far as applicable, apply thereto.

Remission of arrears of principal and interest in respect of Eyemouth Harbour loan.

1 Edw. 7. c. 35.

4. Whereas in pursuance of an agreement made in the year eighteen hundred and ninety-two the sum of ten thousand pounds was advanced by the Public Works Loan Commissioners to the Eyemouth Harbour Trustees on the security of the harbour revenues with the collateral security of the Fishery Board for Scotland:

And whereas by an arrangement confirmed by section three of the Public Works Loans Act, 1901, the liability of the Eyemouth Harbour Trustees in respect of the said loan was extinguished without prejudice to the liability of the Fishery Board for Scotland to repay the said loan, and, in consequence thereof, the said collateral security is the sole security for the repayment of the said loan:

And whereas the terms of the said collateral security are embodied in a memorandum of agreement between the Secretary for Scotland and the Public Works Loan Commissioners, dated the eleventh day of March, eighteen hundred and ninety-two, whereby a portion of the surplus herring brand fees, as defined in clause three of the said memorandum, was pledged in security for the repayment of the said loan with interest by the instalments and at the times mentioned in the security given by the Eyemouth Harbour Trustees for the said loan, and it was provided that the said portion of the surplus herring brand fees of any one year should only be applicable to the repayment of the one-fiftieth part of principal and interest on outstanding principal falling due under the security for the said loan in the same year, and should not be applicable to the repayment of arrears of principal:

And whereas the said portion of the surplus herring brand fees, so pledged as aforesaid, was in the year ending the thirty-first day of March, nineteen hundred and twenty, insufficient to discharge in full the instalment of principal with interest which fell due under the security for the said loan in that year, and the principal sum of two hundred pounds, with interest amounting to one hundred and fifty-one pounds seven shillings now remains unpaid, and under the terms of the said memorandum of agreement is irrecoverable:

Now, therefore, the said principal sum of two hundred pounds shall be extinguished, and the said arrears of interest amounting to one hundred and fifty-one pounds seven shillings shall be remitted.

Power to make temporary advances from Local Loans Fund to local authorities for housing purposes.

5.—(1) Subject to the provisions of this section, the Public Works Loan Gommissioners may advance out of the Local Loans Fund to local authorities within the meaning of the Housing Acts, 1890 to 1919, and on the like security as sums borrowed for the purposes of those Acts, any sums which those authorities have power to borrow for those purposes:

Provided that—

(a) the amount of an advance to any local authority shall not exceed such sum as may be approved by the Treasury and the Minister of Health in that behalf; and

(b) the amount advanced shall be repaid by the local authority to the Local Loans Fund within a period of twelve months from the date of the advance.

(2) Interest on advances under this section shall be payable at such a rate as the Treasury may from time to time fix or, if at any time and so long as the rate originally fixed by the Treasury in the case of any advance is less than the bank rate for the time being in force, at the bank rate.

(3) A local authority to whom an advance has been made under this section may, without the consent of the Minister of Health, borrow any money required for the purpose of repaying the advance.

(4) The power to make advances under this section shall not be exercised after the thirtieth day of September, nineteen hundred and twenty-one.

Short title.

6. This Act may be cited as the Public Works Loans Act, 1920.

SCHEDULE.

Section 3 .

Part I.

Loans by the Public Works Loan Commissioners.

Loan under the Harbours and Passing Tolls Act, 1861 (24 & 25 Vict. c. 47).

Part II.

Loans by the Irish Land Commission.

Loan under the Purchase of Land (Ireland) Act, 1885 (48 & 49 Vict. c. 73).

Part III.

Loans by the Commissioners of Public Works in Ireland.

Loan under the Public Works (Ireland) Act, 1831 (1 & 2 Will. 4. c. 33).

Loan under the Land Law (Ireland) Act, 1881 (44 & 45 Vict. c. 49. s. 31).