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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Local Loans (Procedure) (Amendment) Regulations 1991 No. 1139 URL: http://www.bailii.org/uk/legis/num_reg/1991/uksi_19911139_en.html |
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Statutory Instruments
LOCAL LOANS
Made
26th April 1991
Laid before Parliament
10th May 1991
Coming into force
1st June 1991
The Public Works Loan Commissioners, in exercise of the powersconferred on them by section 41 of the Public Works Loans Act 1875(1) and of all other powers enabling them in that behalf,with the approval of the Treasury, hereby make the followingRegulations:
1. These Regulations may be cited as the Local Loans (Procedure)(Amendment) Regulations 1991 and shall come into force on 1st June 1991.
2. In these Regulations a reference to the principal Regulations is areference to the Local Loans (Procedure) Regulations 1968(2).
3.-(1) The following paragraph shall be substituted forparagraph (3) of regulation 3 of the principal Regulations-
"(3) Subject as provided in paragraph (4) of this regulation, wherethe amount of an advance after deduction of any fees is £5,000 ormore the Secretary to the Commissioners shall instruct the Cashiers ofthe Bank of England to transfer such amount from the Public Works Loans(Advances) Account to a bank specified by the borrower for his accountby automated direct credit transfer.".
(2) The following paragraphs shall be inserted after paragraph (3)of regulation 3 to the principal Regulations-
"(4) Where it is impracticable to transfer an amount described inparagraph (3) of this regulation by automated direct credit transfer orwhere the amount of an advance after deduction of any fees is less than£5,000 the Secretary to the Commissioners shall sign an order tothe Cashiers of the Bank of England for payment of such amount from thePublic Works Loans (Advances) Account to a bank specified by theborrower and shall deliver such order to the bank with details of theborrower's account to be credited.
(5) No instructions shall be given or order signed by the Secretary tothe Commissioners to the Cashiers of the Bank of England underparagraphs (3) and (4) of this regulation unless the fees payable inrespect of the advance which is the subject of the instructions or orderhave been or are paid in accordance with the Public Works Loans (Fees)Regulations 1961(3).
(6) In a case in which the Commissioners and the borrower have agreedthat payment of fees in respect of an advance shall be made by way of adeduction therefrom, the references in paragraphs (3) and (4) of thisregulation to the amount of an advance shall be construed as a referenceto the net amount thereof.".
Ian H Peattie
Secretary Public Works Loan Board
25th April 1991
Approved
Thomas Sackville
Sydney Chapman
Two of the Lords Commissioners of Her Majesty's Treasury
26th April 1991
(This note is not part of the Regulations)
These Regulations amend the Local Loans (Procedure) Regulations 1968by providing for payment of advances of £5,000 or more to be madeby automated direct credit transfer or, where this is impracticable, byorder to the borrower's bank, and for payment of advances of less than£5,000 to be made by order to the borrower's bank. Advances are tobe made after payment of fees, or, where it has been agreed that feesare to be deducted from advances, are to be made net of fees.
1875 c. 89; section 41 was amended by the National Loans Act 1968(c.13), section 24and Schedule 6, Part II and by the Statute Law(Repeals) Act 1986 (c. 12), Schedule 1, Part XII.
S.I. 1968/458.
