Section 11 Term of years for repayment of local loan.F8C1
United Kingdom
Every F1local loan shall be made repayable . . . F2 within a period from the date of the actual advance of such loan, not exceeding the period authorised by a special Act relating to such loan, or if no period be so authorised not exceeding F3fifty years.
Where F4a local loan has been granted repayable within a period less than the full period allowed by the foregoing provisions of this section, the F5Treasury, if the repayment of the loan with interest is in their opinion sufficiently secured by such security as is required by this Act, and if they think fit, may extend the period for the repayment of such loan to a period not exceeding the said full period from the date of the advance of such loan.
Where no period is authorised by a special Act relating to the loan, the Treasury, F6... stating special circumstances, may either before or after the grant of the loan, extend the period within which the loan is to be repaid to such period as F7they see fit.
. . .
Annotations
Textual amendments
- F1
Words in s. 11 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. 15(3) (with art. 9)
- F2
Words repealed by Public Works Loans Act 1964 (c. 9), Sch. 3
- F3
Words substituted by Public Works Loans Act 1911 (c. 17), s. 4
- F4
Words in s. 11 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. 15(4) (with art. 9)
- F5
Word in s. 11 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. 15(5) (with art. 9)
- F6
Words in s. 11 omitted (25.2.2020) by virtue of The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 15(6) (with art. 9)
- F7
Words in s. 11 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. 15(7) (with art. 9)
- F8
Words in s. 11 heading 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. 15(2) (with art. 9)
Modifications
- C1
S. 11 amended by Local Authorities Loans Act 1945 (c. 18), s. 2(2) and Public Works Loans Act 1965 (c. 63), Sch. para. 4