A.D. 1924. Loans to public utility societies, &c. [1890. ss. 67 and 83; c. 33, s. 4; may exceed the period allowed under any enactment limiting the period for which loans may be made by the Commissioners, but the period shall not exceed the period recommended by the Minister nor in any case eighty years; and 5 (c) as between loans for different periods, the longer duration of the loan shall not be taken as a reason for fixing a higher rate of interest. 90. (1) The Public Works Loan Commissioners may, subject as hereinafter provided, advance on loan 10 to any such company, society, association, or person as is hereafter mentioned moneys for the purpose of constructing or improving or facilitating or encouraging the construction or improvement of dwelling-houses for the working classes, and, in the case of a public utility 15 society, for the purchase of houses which may be made suitable as dwelling-houses for the working classes and for the purchase and development of land, and any such company, society, association, or person may borrow from the Public Works Loan Commissioners such money 20 as may be required for the purposes aforesaid. (2) The companies, societies, associations, and persons to whom money may be so lent and who may so borrow are (a) any railway company or dock or harbour com- 25 (b) any person entitled to any land for an estate in 35 (3) Any such advance may be made whether the company, society, association, or person receiving the sum 40 has or has not power to borrow on mortgage or otherwise independently of this Act; but nothing in this Act shall affect any regulation, statutory or otherwise, whereby any company may be restricted from borrowing until 5 10 15 20 25 a definite portion of capital is subscribed for, taken, or A.D. 1924; paid up. (4) The following conditions shall apply in the case of any such advance : (a) The period for the repayment of the sums (b) No money shall be advanced on mortgage of any Provided that where a loan is made under this section to a public utility society for the purpose of carrying out a scheme for the provision of houses for 30 the working classes approved by the Minister 35 40 (i) The maximum period for the repayment of the purpose of constructing or improving or of 'A.D. 1924. classes which does not trade for profit or whose construction forbids the issue of any share or loan capital with interest or dividend exceeding the rate for the time being prescribed by the Treasury, shall be three-quarters; (b) in the case of a public utility society, shall be two-thirds; (c) in any other case shall be one moiety: 5 Provided that where the advance to any such company exceeds one moiety of such value as aforesaid, or if the 10 company is a public utility society exceeds two-thirds thereof, the Public Works Loans Commissioners shall require, in addition to a mortgage of any land or dwelling-houses, a further security of such value as they may think fit. 15 (6) Any loan advanced by the Public Works Loans Commissioners in pursuance of this section, or to borrowers other than local authorities for the provision of labourers' dwellings under the Public Works Loans Act, 1875, or any Act amending that Act, shall bear 20 interest at such rate not less than three pounds two shillings and sixpence per centum per annum as the Treasury may from time to time authorise as being in their opinion sufficient to enable such loan to be made without loss to the Exchequer. 25 (7) For the purpose of constructing or improving or facilitating or encouraging the construction or improvement of dwelling-houses for the working classes, every such company, society, or association as aforesaid is hereby authorised to purchase, take, and hold land, 30 and if not already a body corporate shall, for the purpose of holding land acquired under this section or the corresponding provision of any Act repealed by this Act and of suing and being sued in respect thereof, be nevertheless deemed a body corporate with perpetual 35 succession. (8) A public utility society shall have power, notwithstanding anything in its rules or constitution prohibiting the payment of any interest on loan capital at a rate exceeding six per centum per annum, to raise 40 money on loan at a rate of interest not exceeding the rate of interest for the time being prescribed by the Treasury for the purposes of this Act with respect to public utility societies. Loans by Local Authorities for provision of Houses. A.D. 1924. the im provement 91.-(1) Where the owner of a house or building Loans by applies to the local authority for the purposes of Part III. local authoof this Act of the district in which the house or building rities for 5 is situated for assistance for the purpose of carrying out works for the reconstruction, enlargement, or improve- of housing ment thereof, and the local authority are of opinion accommodathat after the works are carried out the house or building tion. would be in all respects fit for habitation as a dwelling- [1919, s. 22.] 10 house or as houses for the working classes, and that the circumstances of the district in regard to housing accommodation are such as to make it desirable that the works should be carried out, the local authority may lend to the owner the whole or any part of such sum as may be 15 necessary to defray the cost of the works, and any costs, charges, or expenses incidental thereto : Provided that the loan shall not exceed one half of the estimated value of the property mortgaged, unless some additional or collateral security is given sufficient 20 to secure the excess. (2) Before the works are commenced, full particulars of the works and, where required by the local authority, plans and specifications thereof shall be submitted to the local authority for their approval, and before any loan 25 is made the authority shall satisfy themselves that the works in respect of which the loan is to be made have been carried out in a satisfactory and efficient manner. (3) For the purpose of this section " owner means any person whose interest, or any number of persons 30 whose combined interests, constitute either an estate of fee simple in possession, or, in the case of copyhold land, a similar estate, or a leasehold interest in possession for a term of years absolute whereof a period of not less than ten years in excess of the period fixed for the repay35 ment of the loan remains unexpired at the date of the loan. 92. Where a housing scheme approved under Loans by Part III. of this Act is being carried into effect by a local local authoauthority outside their own area, that authority shall, rity executing 40 subject to the approval of the Minister, have power to scheme advance to the council of any county or district in which outside its the scheme is being carried out such sums as may by own area. [1921, s. 3.] [226] E 2 A.D. 1924. reason of any agreement made with that council under that Part be required by that council in connection with the construction by the council of any works which are necessary for the purposes, or are incidental to the carrying out of the scheme. Power of county councils to lend to local authorities. [1919 A.P., s. 7; 1921, s. 4.] Accounts and audit. 5 93. A county council may lend to any local authority within their area any money which that authority have power to borrow for the purposes of this Act, subject to any conditions (including conditions with respect to the borrowing by a local authority from the 10 county council of the money so raised), which the Minister may by general or special order impose. Supplemental. 94.-(1) Separate accounts shall be kept by a local authority and their officers of their receipts and 15 [1890, s. 80; expenditure under Part I., Part II., and Part III. of this Act respectively. 1900, s. 4; 1923, Sched. I.] money, (2) Such accounts shall be audited in the like manner and with the like power to the officer auditing the same, and with the like incidents and consequences, as the 20 accounts of the local authority are for the time being required to be audited by law. (3) Where land acquired by a council under Part III. of this Act is appropriated for the purpose of re-housing persons displaced by the council under the 25 powers of any other Part of this Act or of any other enactment, the receipts and expenditure in respect of that land (including all costs in respect of the acquisition and laying out of the land) and of any buildings erected thereon, may be treated as receipts and expenditure 30 under that Part or enactment, but shall be accounted for under a separate head. Application 95. The proceeds of the sale of any land acquired of purchase by a local authority for any of the purposes of this Act shall be applied for any purpose, including repayment 35 [1890, s. 82.] of borrowed money, for which capital money may be applied, and which is approved by the Minister. Subscriptions savings com- 96. A local authority for the purposes of Part III. of this Act may, subject to the approval of the Minister, contribute to the expenses of any local savings com- 40 mittee established for their area or any part of their area. |