Section 125 Local loans.

For section 4 of the M1National 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.”

In section 3 of that Act—