{
  "url": "https://openlegislation.uk/london-government-reorganisation-transfer-of-loans-order-1988/note",
  "json_url": "https://openlegislation.uk/london-government-reorganisation-transfer-of-loans-order-1988/note.json",
  "legislation": "uksi/1988/233",
  "legislation_title": "The London Government Reorganisation (Transfer of Loans) Order 1988",
  "legislation_url": "https://openlegislation.uk/london-government-reorganisation-transfer-of-loans-order-1988",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order transfers to the district councils and London borough councils listed in Schedule 1 to the Order the rights and liabilities of the London Residuary Body in respect of the loans made by the Public Works Loan Board which are listed in Schedule 2. The transfer will take effect on 1st April 1988. The Residuary Body’s liability to the Board in respect of these loans is apportioned among the councils.\nAs a consequence of the transfer, the liabilities of the transferee authorities to the Residuary Body under S.I. 1986/442 (which vested in that Body the rights of the Greater London Council to payments in respect of housing accommodation transferred by the Council to the councils) are extinguished subject to certain transitional savings (article 5).\nThe district and London borough councils are required by this Order to make repayments of principal and payments of interest to the Public Works Loans Board on the terms that were applicable to the Residuary Body. They are permitted to borrow over the period of 33 years from 1st April 1988 for the purpose of making the repayments of principal.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/233/note",
    "retrieved_at": "2026-10-29T16:11:57.716340+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}