Public Works Loans Act 1928
| Jurisdiction | UK Non-devolved |
| Citation | 1928 c. 5 |
Public Works Loans Act, 1928
(19 & 20 Geo. 5.) CHAPTER 5.
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.
[19th December 1928]
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 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 thirty-five 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 .
2 Certain debts not to be reckoned as assets of local loans fund.
2. Whereas it is expedient that the principal of the several local loans specified in the Table contained in the Schedule to this Act should, to the extent specified in the last column of that Table, 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.
3 Remission of balance of principal and interest in respect of certain local loans.
3. Whereas it is provided by the last preceding section of this Act that the principal of the local loans specified in the Table contained in the Schedule to this Act shall, to the extent of the sums respectively specified in the last column of that Table, be written off from the assets of the local loans fund:
And whereas the said sums constitute respectively the balances remaining unpaid out of the total amounts advanced, and are irrecoverable:
Now, therefore, the principal of the said loans shall, to the extent aforesaid, be extinguished and all arrears of interest thereon shall be remitted.
4 Short title.
4. This Act...
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