Local Loans

Loans to local authorities

Local Loan Regulation (Procedure) 1968 1.-(1) The Secretary of the Commissioners for Public Works Contracts (hereinafter called " the Commissioners ") shall convene Commissioners' sessions from case to case as required by the duties to be performed. 2. If the Chair is not present at a sitting, the Vice-Chair shall be the Chair; if neither the Chair nor the Vice-Chair is present, the Commissioners present shall elect the Chair from among their number.

3. Three Commissioners shall constitute a quorum. They shall be appointed by the Commission. 4. All matters which arise at a session shall be settled by a simple simple majority and, in the case of a tie, the Chair shall have a second or deciding voice. 5. A record shall be kept of loan requests and records of the work of the Commissioners.

Loan requests must be made in the manner prescribed by the Commissioners and the Commissioners may request claimants to supply the information they consider necessary for their examination of the requests. The Secretary of the Members of the Commission shall from period to period attest to the Ministry of Finance the amount of local loans to be granted by the Members of the Commission and the date on which such loans are to be granted.

2. A public building loan (advance) account shall be opened with the Bank of England under the supervision of the Commissioners, and upon receiving a statement in accordance with subsection (1) of this Regulation, the Ministry of Finance shall on or before the due date of the loans from the National Loans Fund to the public building loan (advance) account draw up the amount specified in this statement.

The Secretary of Commissioners shall endorse a decision to the Bank of England treasurers to pay from the public works account (advances) to the representatives referred to therein the amount of the loans which the agent is entitled to obtain. The Secretary shall not commission the representative referred to therein unless that representative has already disbursed the amount of the charges and expenses for the credit or loans to which the commission refers.

Any amount due or due to be applied in the redemption or interest on a borrowing granted by the Commissioners shall be credited by the Mortgagor or his representative to the Bank of England to the Public Building Loans Deposit Accounts held by the Ministry of Finance in accordance with Section 43 of the Public Building Loans Act 1875 and such payment shall be made within the framework of an agency to be maintained at the offices of the Commissioners authorising the Bank of England to obtain the amount specified therein.

Every voucher which must be made out by or on commissioners' account, and every voucher or further relief which must be given when all the funds due for a credit have been fully disbursed, shall be forwarded by the secretary to the commissioners. Any document of the Commissioners shall be considered to have been made or made out by the Commissioners if it purports to be endorsed by its Secretary until proven otherwise; and any instruction or action of the Secretary shall be considered to have been made or made out by the Commissioners until proven otherwise; and any document may be proven to be truthful by the submission of a copy or excerpt allegedly authenticated by the Secretary.

No evidence of the manuscript or formal status of the individual pretending to be a secretary shall be necessary for the purposes of this Regulation. A deputy secretary of the Commissioners and no more than two other officials empowered for this by the Commissioners shall be empowered to carry out any act approved under these Regulations and carried out by their secretary.

Those ordinances may be referred to as the 1968 ordinances on local loans (procedures) and shall enter into force on 1 April 1968. Decrees 1959 on public works contractors (powers of managers). Those Decrees amend and strengthen the former Decrees of the Commissioners for Public Works Contracts implementing the Law on Public Works Contracts of 1875.

In addition to the removal of certain superfluous regulations, the most important change is the review by the Commissioners of the loan funding procedures to take due note of the creation of the National Loan Fund under the National Lending Law of 1968.

Auch interessant

Mehr zum Thema