Local Government Act, 1941

PART VI.

Provisions in Relation to Borrowing by Local Authorities.

Restrictions on application of limitations on borrowing.

63.—For the purposes of the limitations in force at any particular time on the amount which a local authority may borrow, the following provisions shall apply and have effect, that is to say:—

(a) if any sinking or redemption fund is maintained for the purpose of the repayment of any sum borrowed by such local authority, the said sum shall be reckoned as being reduced by the amount then standing to credit in such fund,

(b) there shall not be reckoned any sum borrowed by such local authority for the purpose of defraying the expenses of any work in respect of which the Minister has, on the application of such local authority, certified that it is primarily work for the relief of unemployment,

(c) there shall not be reckoned any sum borrowed by such local authority by virtue of an authorisation given by the Minister under sub-section (3) of section 3 of the Local Authorities (Financial Provisions) Act, 1921 .