Finance Act 1984
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Change 1
125 Local loans.
(1) For section 4 of the National Loans Act 1968 (power to make local loans) there shall be substituted the following section— Limit for local loans. 4 (1) The aggregate of— (a) any commitments of the Loan Commissioners outstanding in respect of undertakings entered into by them to grant local loans; and (b) any amount outstanding in respect of the principal of any local loans; shall not at any time exceed £28,000 million or such other (lower or higher) sum, not exceeding £35,000 million, as the Treasury may from time to time specify by order made by statutory instrument. (2) No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament. (2) In section 3 of that Act— (a) in subsection (5), the words from “and" to “future Act" shall be omitted; and (b) in subsection (11), for the words from the beginning to “those" there shall be substituted the words “ Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions ”.
125 Local loans.
(1) For section 4 of the National Loans Act 1968 (power to make local loans) there shall be substituted the following section— Limit for local loans. 4 (1) The aggregate of— (a) any commitments of the Loan Commissioners outstanding in respect of undertakings entered into by them to grant local loans; and (b) any amount outstanding in respect of the principal of any local loans; shall not at any time exceed £28,000 million or such other (lower or higher) sum, not exceeding £35,000 million, as the Treasury may from time to time specify by order made by statutory instrument. (2) No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament. (2) In section 3 of that Act— (a) in subsection (5), the words from “and" to “future Act" shall be omitted; and (b) in subsection (11), for the words from the beginning to “those" there shall be substituted the words “ Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions ”.
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