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Power to make temporary advances from Local Loans Fund to local authorities for housing purposes.
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5.—(1) Subject to the provisions of this section, the Public Works Loan Gommissioners may advance out of the Local Loans Fund to local authorities within the meaning of the Housing Acts, 1890 to 1919, and on the like security as sums borrowed for the purposes of those Acts, any sums which those authorities have power to borrow for those purposes:
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Provided that—
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(a) the amount of an advance to any local authority shall not exceed such sum as may be approved by the Treasury and the Minister of Health in that behalf; and
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(b) the amount advanced shall be repaid by the local authority to the Local Loans Fund within a period of twelve months from the date of the advance.
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(2) Interest on advances under this section shall be payable at such a rate as the Treasury may from time to time fix or, if at any time and so long as the rate originally fixed by the Treasury in the case of any advance is less than the bank rate for the time being in force, at the bank rate.
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(3) A local authority to whom an advance has been made under this section may, without the consent of the Minister of Health, borrow any money required for the purpose of repaying the advance.
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(4) The power to make advances under this section shall not be exercised after the thirtieth day of September, nineteen hundred and twenty-one.
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