# Finance Act 1984, Section 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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Source: https://www.legislation.gov.uk/ukpga/1984/43/section/125 (the official version)
Page: https://openlegislation.uk/finance-act-1984/section-125
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.