Trade Facilities Act 1924
| Jurisdiction | UK Non-devolved |
| Citation | 1924 c. 8 |
| Year | 1924 |
Trade Facilities Act, 1924
(14 & 15 Geo. 5.) CHAPTER 8.
An Act to amend the Trade Facilities Acts, 1921 and 1922, to authorise the Treasury to contribute towards the interest payable on certain loans, the application of which is calculated to promote employment in the United Kingdom, to extend the periods during which guarantees may respectively be given and remain in force under the Overseas Trade Acts, 1920 to 1922, and to amend section three of the Trade Facilities and Loans Guarantee Act, 1922 (Session 2).
[15th May 1924]
Be 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 Increase of amount of loans which may be guaranteed under 11 & 12 Geo. 5. c. 65, and extension of period for giving of guarantees.
(1) The maximum limit on the aggregate capital amount of the loans, the principal or interest of which may be guaranteed under subsection (1) of section one of the Trade Facilities Act, 1921, as amended by the Trade Facilities and Loans Guarantee Act, 1922 (Session 2), shall be increased from fifty million pounds to sixty-five million pounds.
(2) The power to give guarantees under the said section one may be exercised at any time up to and including the thirty-first day of March, nineteen hundred and twenty-five.
2 Power of Treasury to contribute towards interest payable on certain loans.
(1) If the Treasury are satisfied—
(a ) that the proceeds of any loan to which this section applies are to be applied by way of capital expenditure on or in connection with a public utility undertaking in some part of His Majesty's Dominions in accordance with a scheme approved by the Government of that part of His Majesty's Dominions; and
(b ) that the expenditure involved in the scheme is in anticipation of expenditure which would normally have been incurred at a later date; and
(c ) that the application of the proceeds of the loan in the manner proposed is calculated to promote employment in the United Kingdom;
the Treasury may, subject to the provisions of this section, undertake to pay to the said Government an amount not exceeding three-quarters of any interest...
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