# Trustee Investments Act 1961, Paragraph 22


In loans to any authority to which this paragraph applies secured on all or any of the revenues of the authority or on a fund into which all or any of those revenues are payable, in fixed-interest or variable interest securities issued in a relevant state by any such authority in that state for the purpose of borrowing money so secured, and in deposits with any authority to which this paragraph applies by way of temporary loan made on the giving of a receipt for the loan by the treasurer or other similar officer of the authority and on the giving of an undertaking by the authority that, if requested to charge the loan as aforesaid, it will either comply with the request or repay the loan. This paragraph applies to the following authorities, that is to say—
(a) any local authority in a relevant state; or
(b) any authority all the members of which are appointed or elected by one or more local authorities in any such state.

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Source: https://www.legislation.gov.uk/ukpga/Eliz2/9-10/62/schedule/FIRST/paragraph/22 (the official version)
Page: https://openlegislation.uk/trustee-investments-act-1961/schedule-FIRST/paragraph-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.