London County Council (Loans) Act 1955

Publication Date:January 01, 1955
 
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London County Council (Loans) Act 1955

(4 & 5 Eliz. 2) c. 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.

[22nd November 1955]

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 subsequent 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 mencement. 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 Ch. xxvi London County Council {Loans) Act, 1955 4 Eliz. 2 Part I -cont. Act divided into Parts. Interpretation. 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- in the case of securities of the Council the register relating to which is kept at the bank the bank; and in the case of any other securities of the Council such officer of the Council as the Council may from time to time designate for the purpose; (a) 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 I -cont. 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. 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. Any money expended in the following six months comprised 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; A3 3 Ch. xxvi London County Council {Loans) Act, 1955 4 Euz. 2 Part II (b) any other corporation or public body having power to r-cont. levy or to issue a precept for a rate within the county or to make any charge on a rate leviable within the county or to take or charge within the county any due or imposition in the nature of a rate ; (c) the governors or managers of an educational institution including a special or approved school; the committee of a school treatment centre ; the governors or committee of a voluntary hostel home or other establishment; (f) any person desirous of borrowing money under and for the purposes of the Small Dwellings Acquisition Acts 1899 to 1923 or the Housing Acts 1936 to 1952 ; and (g) any other person specified in the annual money Act relating to the financial period. Loans made under this section during a financial period shall be of such amounts as the Council think fit but shall not exceed in the financial year and in the following six months respectively the amounts specified in the annual money Act relating to that financial period. In addition to any other money which the Council are authorised by an annual money Act to lend to any class of persons in the following six months comprised in a financial period the Council may also lend to any persons of that class in the said following six months any money which the Council are by that Act authorised to lend but have not lent to that class of persons in the financial year comprised in that financial period. A loan made under this section during the following six months comprised in a financial period shall be treated as a loan made on account of the financial year next after the financial year comprised in that financial period. Subject to the provisions of any enactment relating to the borrowing powers of the person concerned any person shall have power to borrow from the Council any money which the Council are by virtue of the foregoing provisions of this section authorised to lend to that person. Money lent under this section shall be repaid to the Council with interest within such period as the borrowers (with the consent of the Minister where his consent is necessary to the borrowing) and the Council agree but the period shall not exceed- (a) in the case of money lent to persons borrowing under the Small Dwellings Acquisition Acts 1899 to 1923 or the Housing Acts 1936 to 1952 eighty years; (b) in any other case sixty years. 4 4 Eliz. 2 London County Council (Loans) Act, 1955 Ch. xxvi (7) Money lent under this section may be made repayable Part II either in one sum or by instalments or by a series of equal -com. annual or other instalments comprising both principal and interest or otherwise as may be agreed between the Council and the borrowers. (8) Where the Council lend money to a person whose power to borrow is subject to the consent of the Minister the consent of the Minister to the borrowing of the money shall be con clusive evidence that that person had power to borrow the money at the time when the consent was given. 6.-(1) The Council may lend money for a period not ex- Temporary ceeding twelve months to any person on the security of- loans (a) any stock bonds bills or other property in which trustees are by law authorised to invest trust money or a certificate to bearer relating to any such stock ; or Treasury bills or London County bills; or bills or bonds payable or guaranteed by the Treasury or the Metropolitan Water Board or secured upon the revenues of or local rates leviable by any local authority in the United Kingdom authorised to issue bills or bonds and in the...

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