Section 4 Limit for local loans.F1

United Kingdom

(1)

The aggregate of—

(a)

any commitments of the F2Treasury 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 F3£115 billion or such other (lower or higher) sum, not exceeding F4£135 billion, 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.

Annotations

Textual amendments

F1: S. 4 substituted by Finance Act 1984 (c. 43, SIF 99:3), s. 125(1)
F2: Word in s. 4(1)(a) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 65 (with art. 9)
F3: Sum in s. 4(1) substituted (12.5.2022) by Finance Act 2020 (c. 14), s. 112(1)(a)(3); S.I. 2022/531, reg. 2
F4: Sum in s. 4(1) substituted (12.5.2022) by Finance Act 2020 (c. 14), s. 112(1)(b)(3); S.I. 2022/531, reg. 2