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Powers of promoting and assisting public utility societies.
56 & 57 Vict. c. 39.
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14.—(1) A local authority within the meaning of Part III. of the Act of 1890 may promote the formation or extension of, or, subject to the provisions of this section, assist a public utility society, whose objects include the erection, improvement, or management of houses for the working classes.
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(2) Any such local authority, with the consent of, and subject to any regulations or conditions which may be made or imposed by the Local Government Board may, for the assistance of such a society—
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(a) make grants or loans to the society;
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(b) subscribe for any share or loan capital of the society;
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(c) guarantee or join in guaranteeing the payment of interest on money borrowed by the society or of any share or loan capital issued by the society;
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on such terms and conditions as to rate of interest and repayment or otherwise and on such security as the local authority think fit, and, notwithstanding the provisions of section four of the Industrial and Provident Societies Act, 1893, where a local authority assists such a society under this subsection, the local authority shall not be prevented from having or claiming an interest in the shares of the society exceeding two hundred pounds.
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(3) Any expenses incurred by a local authority under the provisions of this section shall be defrayed in the same manner as the expenses of the local authority under Part III. of the Act of 1890, and the raising of money for the purpose of making grants or loans to or subscribing for the capital of a society under this section shall be a purpose for which the authority may borrow under that Part of that Act.
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