society, association or person may borrow from the A.D. 1924 Public Works Loan Commissioners such money as may be required for the purposes aforesaid. (2) The companies, societies, associations and per5 sons to whom money may be so lent and who may so borrow are 10 15 20 (a) any railway company or dock or harbour com- (b) any person entitled to any land in fee simple (3) Any such advance may be made whether the company, society, association or person receiving the same has or has not power to borrow on bond and disposition in security or otherwise, independently of this Act, 25 but nothing in this Act shall affect any regulation, statutory or otherwise, whereby any company may be resstricted from borrowing until a definite portion of capital is subscribed for, taken or paid up. (4) The following conditions shall apply in the case 30 of any such advance: 35 40 (a) The period for the repayment of the sums (b) No money shall be advanced upon the security (c) The money advanced upon the security of A.D. 1924. the value to be ascertained to the satisfaction Provided that where a loan is made under this sec- (i) The maximum period for the repayment of the 15 (ii) Money may be lent on heritable security over a (5) The proportion of such value as aforesaid autho- 25 purpose of constructing or improving or of (b) In the case of a public utility society shall be 35€ (c) In any other case shall be one-half : Provided that where the advance to any such company exceeds one half of such value as aforesaid, or if the company is a public utility society exceeds two- 40 thirds thereof, the Public Works Loan Commissioners shall require, in addition to a heritable security over any land A.D. 1924. or dwelling-houses, a further security of such value as they may think fit. (6) Any loan advanced by the Public Works Loan 5 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 interest at such rate not less than three pounds two shillings and six10 pence 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. (7) For the purpose of constructing or improving or facilitating or encouraging the construction or improve15 ment of dwelling-houses for the working classes, every such company, society or association as aforesaid is hereby authorised to purchase, take on feu or otherwise, and hold, land, and if not already a body corporate shall, for the purpose of holding land acquired under this 20 section or the corresponding provision of any Act re pealed by this Act, and of suing and being sued in respect thereof, be nevertheless deemed a body corporate with perpetual succession. (8) A public utility society shall have power, 25 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 money on loan at a rate of interest not exceeding the rate of interest for the time being prescribed by the 30 Treasury for the purposes of this Act with respect to public utility societies. Loans by Local Authorities for provision of Houses. ment of 75.-(1) Where the owner of a house or building Loans by applies to the local authority of the district in which the local autho35 house or building is situated for assistance for the purpose rities for of carrying out works for the reconstruction, enlarge- the improvement, or improvement thereof, and the local authority housing are of opinion that after the works are carried out the accommo house or building would be in all respects fit for habitation dation. 40 as a dwelling-house or dwelling-houses for the working [1919, s. 19.] classes, and that the circumstances of the district in regard to housing accommodation are such as to make it A.D. 1924. 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 necessary to defray the cost of the works and any costs, charges, or expenses incidental thereto : Loans by local autho rities executing scheme outside Provided that the loan shall not exceed one half of the estimated value of the property to be burdened with the heritable security for the loan, unless some additional or collateral security is given sufficient to secure the excess. 5 10 (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 is made the local authority shall satisfy themselves that 15 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" includes joint owner, fiar, feuar, and lessee under a lease recorded under the Registration of Leases (Scotland) Act, 20 1857, whereof a period of not less than ten years in excess of the period fixed for the repayment of the loan remains unexpired at the date of the loan. 76. Where a housing scheme approved under Part III. of this Act is being carried into effect by a local 25 authority outside their own district, that local authority shall, subject to the approval of the Board, have power to advance to the local authority of the district in which the scheme is being carried out such sums as may, by reason of any agreement made with the last-mentioned 30 [1920, s. 4.] local authority under Part III. of this Act, be required by the last-mentioned local authority in connection with the construction by them of any works necessary for the purposes of or incidental to the carrying out of the their own districts. Accounts and audit. [1890, s. 80; 1900, s. 4; 1923, Sch. J..] scheme. Supplemental. 77.-(1) Separate accounts shall be kept by a local authority and their officers of their receipts and expenditure under Part I., Part II., and Part III. of this Act respectively. (2) Such accounts shall be audited in the like manner and with the like power to the officer auditing the same, 35 40 and with the like incidents and consequences, as the A.D. 1924. accounts of the local authority are for the time being required to be audited by law. (3) Where land acquired by a local authority under 5 Part III. of this Act is appropriated for the purpose of re-housing persons displaced by the local authority under the 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 10 laying out of the land), and of any buildings erected thereon, may be treated as receipts and expenditure under that Part or enactment, but shall be accounted for under a separate head. 78. The proceeds of the sale of any land acquired Application 15 by a local authority for any of the purposes of this Act of purchase shall be applied for any purpose, including repayment of money. borrowed money, for which capital money may be applied, and which is approved by the Board. [1890, s. 82.] where land 79. Where, under the powers given by any local Act Re-housing or Provisional Order, or Order having the effect of an Act, obligations any land is acquired, whether compulsorily or by agree- is acquired 25 ment, by any authority, company, or person, or where under any land is so acquired compulsorily under any general statutory Act other than this Act or any. Act repealed by this Act, provisions. the provisions set out in the Fifth Schedule to this Act [1903, s. 3; 1909, s. 53 shall apply with respect to the provision of housing 30 accommodation for persons of the working class. Provisions as to Building Regulations and Byelaws, &c. (10).] 80.-(1) Where in pursuance of a housing scheme to Relaxation which this section applies new buildings are constructed of building or public streets or roads are laid out and constructed in regulations. 35 accordance with plans and specifications approved by the [1919, s. 21. Board, the provisions of any building regulations shall not apply to the new buildings and new streets or roads constructed and laid out in pursuance of the scheme so far as those provisions are inconsistent with the plans and |