London County Council (Loans) Act 1955
| Jurisdiction | UK Non-devolved |
| Citation | 1955 c. xxvi |
4 ELIZ. 2 London County
Council {Loans)
Act, 1955 Ch. xxvi
CHAPTER xxvi
An Act to consolidate the provisions of the London
County Council (Finance Consolidation) Act 1912 and
subsequent enactments with respect to the raising of
money for expenditure on capital account and the
lending of money by the London County Council to
other persons. 122nd November 1955.1
W
HEREAS provisions regulating the borrowing and lending
of money by the London County Council (hereinafter in
this Act referred to as " the Council ") and various other
financial provisions are at present contained in the London
County Council (Finance Consolidation) Act 1912 and in sub-
sequent Acts amending or extending that Act:
And whereas it is expedient that the provisions aforesaid
should be consolidated and that the borrowing and lending of
money by the Council whether under this Act or otherwise
should be regulated by this Act and any Acts which may be
passed in the present or any future session of Parliament relating
to the borrowing or lending of money by the Council:
And whereas the purposes of this Act cannot be effected
without the authority of Parliament:
May it therefore please Your Majesty that it may be enacted
and be it enacted by the Queen's most Excellent Majesty
by and with the advice and consent of the Lords Spiritual and
Temporal and Commons in this present Parliament assembled
and by the authority of the same as follows (that is to say):—
PART I
PRELIMINARY
1.—(1)
This Act may be cited as the London County Council Short title aad
(Loans) Act 1955. date of com-
(2) This Act shall come into operation on the first day of
April nineteen hundred and fifty-six.
A2 1
mencement.
Ch. xxvi London County
Council {Loans)
Act, 1955 4 ELIZ. 2
2.
This Act is divided into Parts as follows:—
Part I.—Preliminary.
Part II.—Capital expenditure and loans by Council.
Part III.—Borrowing by Council.
Part IV.—Issue of securities.
Part V.—Loans fund.
Part VI.—Registration transfer and redemption of securities
and payment of dividends.
Part VII.—General.
3.—(1)
In this Act except as otherwise expressly provided or
unless the subject or context otherwise requires—
" annual money Act" means any Act (whether passed
before or after the commencement of this Act) for
regulating the expenditure of the Council on capital
account or the lending of money by the Council during
a financial period;
" the bank " means the Bank of England;
" the Council " means the London County Council;
" the county " means the administrative county of London ;
" dividends " includes interest;
" financial period " means a period consisting of a financial
year and the following six months and when used in
relation to a financial year or the following six months
means the financial period comprising the financial year
or the following six months in question;
" financial year " means the period of twelve months ending
on the thirty-first day of March in any year;
" the following six months " means the period of six months
next after the ending of a financial year;
" the Minister " means the Minister of Housing and Local
Government;
" property of the Council" means any lands rents and
property belonging to the Council;
"register" means a register of securities of the Council
and security holders required to be kept under this
Act and in relation to any particular class of securities
means the register of that class so required to be kept;
" registrar " means—
(a) in the case of securities of the Council the
register relating to which is kept at the bank the
bank; and
(b) in the case of any other securities of the Coun-
cil such officer of the Council as the Council may
from time to time designate for the purpose;
PART
I
—cont.
Act divided
into Parts.
Interpretation.
2
4
ELK.
2 London County Council
{Loans)
Act, 1955 Ch. xxvi
" revenues of the Council" includes the county fund and
all rates Exchequer contributions and other revenues
(whether arising from land or undertakings or from any
other source) receivable by the Council;
" securities of the Council" means any stocks mortgages
bonds annuities bills or other securities created or
issued by the Council whether under this Act or under
any other enactment;
" statutory security " means any security (whether or not a
security of the Council) in which trustees are for the
time being authorised by law to invest trust money
and any mortgage bond debenture debenture stock
stock or other security created or issued by a local
authority other than an annuity a rentcharge or a
security transferable by delivery;
" stock" means stock issued by the Council.
(2) Any reference in this Act to any enactment shall be
construed as a reference to that enactment as applied amended
or extended by any subsequent enactment.
PART
II
CAPITAL
EXPENDITURE
AND
LOANS
BY
COUNCIL
4.—(1) During any financial period the Council may expend Capital
on capital account for such purposes as may be mentioned in expenditure
the annual money Act relating to that financial period such of Council.
sums as the Council think fit not exceeding the amounts specified
in the said Act in relation to those purposes for the financial
year and the following six months respectively.
(2) In addition to any other money which the Council are
authorised by an annual money Act to expend for any purpose
in the following six months comprised in a financial period the
Council may also expend for that purpose in the said following
six months any money which they are by that Act authorised
to expend but have not expended for that purpose in the
financial year comprised in that financial period.
(3) Any money expended in the following six months com-
prised in a financial period shall be treated as expenditure on
account of the financial year next after the financial year
comprised in that financial period.
5.—(1)
Subject to and in accordance with the provisions of Loans by
this section the Council may during any financial period lend Council.
money to—
(a) a metropolitan borough council;
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PART
I
—cont.
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