Local Authorities (Financial Provisions) Act, 1921

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Modification of provisions for repayment loans.

5.—(1) Where any local authority owing to circumstances arising out of the war have been unable to make the required provision by means of a sinking fund or otherwise for the due discharge of any loan, the authority may submit to the Minister of Health a scheme varying any statutory provision requiring the loan to be discharged within any particular time or in any particular manner, and the Minister may, if he thinks fit, approve any such scheme either with or without modifications.

(2) Any scheme approved by the Minister under this section shall have effect as if enacted in this Act.

(3) Provided that nothing in any scheme shall in any manner prejudice or affect the security, rights, or remedies of any mortgagee or other person from whom the loan was raised.