Section 12 Security for local loans.F3C1
United Kingdom
The F1Treasury before advancing any money on account of F2a local loan shall take security for the repayment of the loan with the interest, consisting of the security authorised by the special Act relating to the loan, or if none is so authorised, of a mortgage of property or of a rate, or of both property and a rate, and (save as herein-after mentioned) of personal security.
The Treasury may, if they think fit, dispense with personal security in any case in which in their opinion the mortgaged property or rate is sufficient security for the payment of the principal and interest of the loan within the stipulated period.
Annotations
Textual amendments
- F1
Word in s. 12 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. 16(3) (with art. 9)
- F2
Words in s. 12 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. 16(4) (with art. 9)
- F3
Words in s. 12 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. 16(2) (with art. 9)
Modifications
- C1
S. 12 excluded by Public Works Loans Act 1965 (c. 63), s. 2(1); restricted by ibid., Sch. para. 5