Public Works Loans Act 1946
| Jurisdiction | UK Non-devolved |
Public Works Loans Act, 1946
(9 & 10 Geo. 6.) CHAPTER 41.
An Act to make further provision as to the appointment of the Public Works Loan Commissioners, to grant money for the purpose of certain local loans out of the Local Loans Fund and for other purposes relating to local loans.
[26th March 1946]
B E 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:—
1 Appointment of Public Works Loan Commissioners.
(1) As from the first day of April, nineteen hundred and forty-six, the Public Works Loan Commissioners, instead of being appointed by Act of Parliament, shall be appointed by His Majesty.
(2) The number of Commissioners shall be twelve, and two Commissioners shall be appointed by His Majesty to be chairman and deputy chairman respectively.
(3) The term of office of the Commissioners shall be four years, and three of them shall retire each year on the first day of April in that year:
Provided that of the first twelve Commissioners appointed under this section, three shall be appointed to hold office until the first day of April, nineteen hundred and forty-seven, and shall then retire, three shall be appointed to hold office until the first day of April, nineteen hundred and forty-eight, and shall then retire, and three shall be appointed to hold office until the first day of April, nineteen hundred and forty-nine, and shall then retire.
(4) A person who has held the office of Commissioner shall be eligible for re-appointment to that office.
(5) Whenever a vacancy occurs among the Commissioners by death or resignation or by a Commissioner refusing to act, a person appointed to fill the vacancy shall hold office until the time when the person in whose place he was appointed would regularly have retired and shall then retire.
2 Grants for public works.
(1) There may be issued by the National Debt Commissioners for the purpose of local loans by the Public Works Loan Commissioners any sum or sums not exceeding in the whole the sum of one hundred and fifty 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 .
3 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 and Part II of the First 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 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.
4 Remission of balance of principal and interest in respect of local loan.
4. Whereas it is provided by section three of this Act that...
To continue reading
Request your trial