Local Authorities Loans (Scotland) Act 1891, Amendment Act 1893
| Jurisdiction | UK Non-devolved |
Local Authorities Loans (Scotland) Act, 1891, Amendment Act, 1893
(56 & 57 Vict.) CHAPTER 8.
An Act to amend the Local Authorities Loans (Scotland) Act, 1891.
[12th May 1893]
W HEREAS doubts have arisen as to the meaning of certain provisions contained in the Local Authorities Loans (Scotland) Act, 1891:
Be it therefore enacted by the Queen'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, is follows:
1 Short title.
1. This Act shall be construed as one with the Local Authorities Loans (Scotland) Act, 1891, and may be cited as theLocal Authorities Loans (Scotland) Act, 1891, Amendment Act, 1893, and this Act and the Local Authorities Loans (Scotland) Act, 1891, may be cited together as the Local Authorities Loans (Scotland) Acts, 1891and 1893.
2 Repeal.
2. The first sub-section of section five of the Local Authorities Loans (Scotland) Act, 1891, is hereby repealed, and in substitution thereof the following provision shall have effect:
Where the local authority have for the time being any statutoryborrowing power, then, subject and according to the provisions of this Act and of any amending regulations which may be prescribed by the Secretary for Scotland and confirmed by Her Majesty by Order in Council, the local authority may from time to time, by resolution, exercise the power by creation of redeemable stock, to be from time to time issued for such amount within the limit of the power, at such price, being not lower than ninety-five per centum, to bear such half-yearly or other dividends, and to be so transferable, that is to say, in books or by deed, as the local authority by the resolution direct; provided that all stock at any time and from time to time so created shall be created on and subject to such terms and conditions as that the same shall form one and the same class of stock, bearing one and the same rate of dividend, and shall be redeemable as herein-after provided after the expiration of such one and the same period from the first creation of the stock as the Secretary for Scotland may approve; and the whole of the stock shall be redeemed or purchased and extinguished within such a period not exceeding sixty years from the first creation of the stock, as the Secretary for Scotland may approve.
3 Issue of regulations by...
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