Decisión Nº 1207 del Consejo Permanente
Act partly in force at Royal Assent; Act wholly in force at 5.11.1965 see s. 4(4) This version of this provision extends to Scotland only; a separate version has been created for England and Wales only. This version of this provision extends to Scotland only; a separate version has been created for England and Wales only. S. 1 repealed by National Loans Act 1969 (c. 13), Sch. 6 Pt. II Word in s. 2(1) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 61(2)(a) (with art. 9) Words in s. 2(1) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 61(2)(b) (with art. 9) S. 2(1)(a)(i)–(iii) substituted (E.W.) for words by S.I. 1990/776, art. 8, Sch. 3 para. 10 S. 2(1)(a)(ia) substituted (E.W.) (1.10.2004 except in relation to W., 10.11.2004 for W.) by Fire and Rescue Services Act 2004 (c. 21), s. 61, Sch. 1 para. 21(2); S.I. 2004/2304, art. 2; S.I. 2004/2197, art. 2 Words in s. 2(1)(a)(ii) substituted (E.W.) (1.10.2004 except in relation to W., 10.11.2004 for W.) by Fire and Rescue Services Act 2004 (c. 21), s. 61, Sch. 1 para. 21(3); S.I. 2004/2304, art. 2; S.I. 2004/2197, art. 2 Word in s. 2(1)(a) repealed (3.7.2000) by 1999 c. 29, ss. 139(2), 423, Sch. 34 Pt. I (with Sch. 12 para.9(1); S.I 1999/3434, art. 4, Sch. 2 Table 2 Word in s. 2(1)(a)(iii) inserted (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 8 para. 125(a); S.I. 2005/910, art. 3(y) Word in s. 2(1)(a) repealed (1.4.2001) by 1999 c. 22, s. 106, Sch. 15 Pt. V(6) (with Sch. 14 paras. 7(2), 36(9)); S.I. 2001/916, art. 2(c)(i) S. 2(1)(a)(iv) and word “and” immediately preceding added (3.7.2000) by 1999 c. 29, s. 139(2) (with Sch. 12 para. 9(1)); S.I. 1999/3434, art. 4, Sch. 2 Table 2 S. 2(1)(a)(v) and preceding word repealed (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 8 para. 125(b), Sch. 10; S.I. 2005/910, art. 3(y) S. 2(1)(b)(i)–(iii) substituted (S.) for s. 2(1)(b) by Abolition of Domestic Rates Etc. (Scotland) Act 1987 (c. 47, SIF 81:2, 103:2), ss. 2, 6, Sch. 1 Pt. III para 22 S. 2(2) repealed (E.W.) by Local Government Act 1972 (c. 70), Sch 30 and (S.) by Local Government (Scotland) Act 1975 (c. 30), Sch. 7 Word in s. 2(3) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 61(3) (with art. 9) Words substituted by virtue of Local Government and Housing Act 1989 (c. 42, SIF 81:1), ss. 194(1), 195(2), Sch. 11 para. 6(a) (subject to a saving in S.I. 1990/431, Sch. 1 para. 1(c) Words in s. 2(3) substituted (27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004, 1.4.2004 for E.) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 7 para. 2(a); S.I. 2003/2938, art. 7(a) (with art. 8 Sch.); S.I. 2003/3034, art. 2, Sch. 1 Pt. I Words in s. 2(3) inserted (1.4.2004) by The Local Authorities (Capital Finance) (Consequential, Transitional and Saving Provisions) Order 2004 (S.I. 2004/533), arts. 1, 7(4) Words substituted by Local Government (Scotland) Act 1975 (c. 30), Sch. 6 Pt. II para. 30(b) Words substituted by virtue of Local Government and Housing Act 1989 (c. 42, SIF 81:1), ss. 194(1), 195(2), Sch. 11 para. 6(b) (subject to a saving in S.I. 1990/431, Sch. 1 para. 1(c) Words in s. 2(5) substituted (27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004, 1.4.2004 for E.) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 7 para. 2(b); S.I. 2003/2938, art. 7(a) (with art. 8 Sch.); S.I. 2003/3034, art. 2, Sch. 1 Pt. I Words substituted by Local Government (Scotland) Act 1975 (c. 30), s. 38(1), Sch. 6 Pt. II para. 30(c) S. 3 repealed by Finance Act 1967 (c. 54), Sch. 16 Pt. VII Sch. para. 1: Words in Sch. 1 para. 1 expressed to be substituted (E.W.) (1.12.1991) by Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130), ss. 2, 4(2), Sch. 1 para. 15(a) Sch. para. 2: Words in Sch. 1 para. 2 expressed to be inserted (E.W.) (1.12.1991) by Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130), ss. 2, 4(2), Sch. 1 para. 15(b) Words repealed by Public Works Loans Act 1967 (c. 61), s. 2(3) Word in Sch. para. 7 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 62 (with art. 9) Sch. paras. 8, 9 repealed by Local Government Act 1972 (c. 70), Sch. 30 Sch. para. 10 repealed by Local Government (Scotland) Act 1975 (c. 30), Sch. 7 Words substituted by Land Drainage Act 1976 (c. 70), Sch. 7 para. 6 S. 2 extended by Public Works Loans Act 1967 (c. 61), s. 2(1), (E.W.) Local Government Act 1972 (c. 70), Sch. 13 Pt. I para. 2(1)(f) and (S.) Local Government (Scotland) Act 1975 (c. 30), Sch. 3 para. 2(1)(f) S. 2 applied (S.)(temp. 14.11.1995 to 31.3.1996) by S.I. 1995/2766, art. 2(1) S. 2(3) restricted by Public Works Loans Act 1967 (c. 61), s. 2(2) S. 2(5) modified by Public Works Loans Act 1967 (c. 61), s. 2(2)(b) 1875 c. 89. 1973 c. 65. 1975 c. 30. 1976 c. 70. An Act to make further provision with respect to loans out of the Local Loans Fund; and for connected purposes.
There may be issued by the National Debt Commissioners for the purposes of local loans by the Public Works Loan Commissioners (in this Act referred to as " the Loan Commissioners ") any sum or sums not exceeding in the whole the sum of £500 million.
The sums so issued shall be issued during the period beginning with the passing of this Act and ending on the day on which a further Act granting money for the purposes of those loans comes into operation, and in accordance with the provisions of the National Debt and Local Loans Act 1887.
The period aforesaid shall be an issue period for the purposes of section 2(1) of the Public Works Loans (No. 2) Act 1946 (power of the Loan Commissioners to undertake to grant loans which include loans falling to be advanced after the expiration of the current issue period), but the aggregate of— shall not exceed the sum of £550 million.
the commitments of the Loan Commissioners outstanding at any time during that period in respect of undertakings entered into by them (whether during or before the beginning of that period) to grant local loans; and
the advances in respect of local loans made by the Loan Commissioners during that period up to that time,
The Treasury may, without first taking security under section 12 of the Public Works Loans Act 1875, enter into an agreement for making a local loan to a relevant authority under section 3 of the National Loans Act 1968; and in this section “relevant authority” means—
in relation to England and Wales,
a billing authority or a precepting authority, as defined in section 69 of the Local Government Finance Act 1992;
a fire and rescue authority in Wales constituted by a scheme under section 2 of the Fire and Rescue Services Act 2004 or a scheme to which section 4 of that Act applies;
a levying body within the meaning of section 74 of the Local Government Finance Act 1988 ; . . .
a body as regards which section 75 of that Act applies and . . .
a functional body, within the meaning of the Greater London Authority Act 1999 ...
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in Scotland—
any local authority within the meaning of the Local Government (Scotland) Act 1973,
any joint board or joint committee within the meaning of that Act, and
any other authority having the power to requisition any sum from any such local authority.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
section 197 of the said Act of 1933 or, as the case may be, section 261 of the said Act of 1947 (creation of an automatic charge to secure local authority borrowings and priority of charges) shall apply accordingly to any money so raised; and
a reference in any enactment passed before this Act to Part IX or section 196 of the said Act of 1933 or to Part XII or section 260 of the said Act of 1947 shall include a reference to the foregoing provisions of this subsection.
Where the Treasury make an agreement to which this section applies with a relevant authority other than one authorised to borrow money under section 1 of or paragraph 2 of Schedule 1 to, the Local Government Act 2003 (borrowing powers) or Schedule 3 to the Local Government (Scotland) Act 1975 then, so long as any part of the principal of and interest on the loan remains outstanding, the loan shall be a charge on all the revenues of the authority (including any grants or contributions from the Exchequer which are receivable by the authority).
A charge imposed on an authority’s revenues by the last foregoing subsection shall, subject to any provision to the contrary applicable to the charge which has been made by or under any enactment, rank equally with any other charges on those revenues.
The enactments specified in the Schedule to this Act shall have effect subject to the adaptations and modifications set out in that Schedule, being adaptations and modifications consequential on the foregoing provisions of this section; and in that Schedule “automatic charge” means a charge imposed, for securing a loan made in pursuance of an agreement to which this section applies, by section 13 of the Local Government Act 2003 (security for money borrowed) by paragraph 8 of Schedule 3 to the said Act of 1975 or by subsection (3) of this section.
An agreement to which the last foregoing section applies shall not be chargeable with stamp duty, but the Loan Commissioners shall, at such times as may be agreed between them and the Commissioners of Inland Revenue, deliver to the Commissioners of Inland Revenue periodical accounts of the loans made in pursuance of such agreements and pay over the aggregate of the sums which would have been chargeable by way of stamp duty if each loan had been secured by mortgage by deed, being the only or principal or primary security for that loan.
The Loan Commissioners may recover from any other party to an agreement to which the last foregoing section applies the amount for which those Commissioners are required under the foregoing subsection to account to the Commissioners of Inland Revenue in respect of the loan to which the agreement relates.
This Act may be cited as the Public Works Loans Act 1965.
In this Act, except where the context otherwise requires, references to any enactment shall be construed as references to that enactment as amended, extended or applied by or under any other enactment, including this Act.
This Act shall not extend to Northern Ireland.
This Act, except section 1, shall come into operation on the expiration of the period of three months beginning with the passing thereof.
Section 2(5).
Sections 75 and 81, as incorporated with section 87 of the Land Drainage Act 1976 or with any other enactment applicable to a relevant authority within the meaning of section 2 of this Act, shall not apply to an automatic charge.
In section 82, as so incorporated, the reference to a mortgage deed shall be construed as including a reference to an agreement to which section 2 of this Act applies.
Sections 75 and 81, as incorporated with any enactment applicable to a relevant authority within the meaning of section 2 of this Act, shall not apply to an automatic charge.
In section 82, as so incorporated or as incorporated with section 55 of the Land Drainage Act 1991, the reference to a mortgage deed shall be construed as including a reference to an agreement to which section 2 of this Act applies.
In the following provisions, that is to say, sections 8 . . . any reference to that Act shall include a reference to section 2 of this Act.
In section 11 the reference to such security as is required by that Act shall be construed as including a reference to any automatic charge.
Section 12 shall not apply to a loan secured by an automatic charge.
Section 19 shall, in relation to an automatic charge, have effect as if any reference to the date of the mortgage included a reference to the date of the making of the relevant agreement and as if any reference to interest mentioned in the mortgage included a reference to interest mentioned in the agreement.
In section 38 the reference to any security previously given to the Treasury, and in sections 46 and 50 any reference to a security made or granted under that Act, shall include a reference to an automatic charge in their favour.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 207—
any reference to a mortgage or to a mortgage created under Part IX of that Act shall be construed as including a reference to an automatic charge;
any reference to a deed of mortgage shall include a reference to an agreement to which section 2 of this Act applies;
the reference in subsection (2) to the date of a mortgage shall be construed as including a reference to the date of any such agreement; and
subsections (3) and (5) shall not apply in relation to any automatic charge.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in subsection (2), for the words " Before a mortgage is delivered to the mortgagee " there shall be substituted the words " Within fourteen days of the making of the agreement giving rise to the automatic charge ";
the reference in paragraph (c) of that subsection to the date of the mortgage shall be construed as a reference to the date of the agreement giving rise to the automatic charge;
so much of the said subsection as relates to the endorsation of any certificate or receipt on the deed of mortgage shall be omitted; and
subsections (3) and (7) shall be omitted.
Act partly in force at Royal Assent; Act wholly in force at 5.11.1965 see s. 4(4) This version of this provision extends to Scotland only; a separate version has been created for England and Wales only. This version of this provision extends to Scotland only; a separate version has been created for England and Wales only. S. 1 repealed by National Loans Act 1969 (c. 13), Sch. 6 Pt. II Word in s. 2(1) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 61(2)(a) (with art. 9) Words in s. 2(1) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 61(2)(b) (with art. 9) S. 2(1)(a)(i)–(iii) substituted (E.W.) for words by S.I. 1990/776, art. 8, Sch. 3 para. 10 S. 2(1)(a)(ia) substituted (E.W.) (1.10.2004 except in relation to W., 10.11.2004 for W.) by Fire and Rescue Services Act 2004 (c. 21), s. 61, Sch. 1 para. 21(2); S.I. 2004/2304, art. 2; S.I. 2004/2197, art. 2 Words in s. 2(1)(a)(ii) substituted (E.W.) (1.10.2004 except in relation to W., 10.11.2004 for W.) by Fire and Rescue Services Act 2004 (c. 21), s. 61, Sch. 1 para. 21(3); S.I. 2004/2304, art. 2; S.I. 2004/2197, art. 2 Word in s. 2(1)(a) repealed (3.7.2000) by 1999 c. 29, ss. 139(2), 423, Sch. 34 Pt. I (with Sch. 12 para.9(1); S.I 1999/3434, art. 4, Sch. 2 Table 2 Word in s. 2(1)(a)(iii) inserted (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 8 para. 125(a); S.I. 2005/910, art. 3(y) Word in s. 2(1)(a) repealed (1.4.2001) by 1999 c. 22, s. 106, Sch. 15 Pt. V(6) (with Sch. 14 paras. 7(2), 36(9)); S.I. 2001/916, art. 2(c)(i) S. 2(1)(a)(iv) and word “and” immediately preceding added (3.7.2000) by 1999 c. 29, s. 139(2) (with Sch. 12 para. 9(1)); S.I. 1999/3434, art. 4, Sch. 2 Table 2 S. 2(1)(a)(v) and preceding word repealed (1.4.2005) by Courts Act 2003 (c. 39), s. 110(1), Sch. 8 para. 125(b), Sch. 10; S.I. 2005/910, art. 3(y) S. 2(1)(b)(i)–(iii) substituted (S.) for s. 2(1)(b) by Abolition of Domestic Rates Etc. (Scotland) Act 1987 (c. 47, SIF 81:2, 103:2), ss. 2, 6, Sch. 1 Pt. III para 22 S. 2(2) repealed (E.W.) by Local Government Act 1972 (c. 70), Sch 30 and (S.) by Local Government (Scotland) Act 1975 (c. 30), Sch. 7 Word in s. 2(3) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 61(3) (with art. 9) Words substituted by virtue of Local Government and Housing Act 1989 (c. 42, SIF 81:1), ss. 194(1), 195(2), Sch. 11 para. 6(a) (subject to a saving in S.I. 1990/431, Sch. 1 para. 1(c) Words in s. 2(3) substituted (27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004, 1.4.2004 for E.) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 7 para. 2(a); S.I. 2003/2938, art. 7(a) (with art. 8 Sch.); S.I. 2003/3034, art. 2, Sch. 1 Pt. I Words in s. 2(3) inserted (1.4.2004) by The Local Authorities (Capital Finance) (Consequential, Transitional and Saving Provisions) Order 2004 (S.I. 2004/533), arts. 1, 7(4) Words substituted by Local Government (Scotland) Act 1975 (c. 30), Sch. 6 Pt. II para. 30(b) Words substituted by virtue of Local Government and Housing Act 1989 (c. 42, SIF 81:1), ss. 194(1), 195(2), Sch. 11 para. 6(b) (subject to a saving in S.I. 1990/431, Sch. 1 para. 1(c) Words in s. 2(5) substituted (27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004, 1.4.2004 for E.) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 7 para. 2(b); S.I. 2003/2938, art. 7(a) (with art. 8 Sch.); S.I. 2003/3034, art. 2, Sch. 1 Pt. I Words substituted by Local Government (Scotland) Act 1975 (c. 30), s. 38(1), Sch. 6 Pt. II para. 30(c) S. 3 repealed by Finance Act 1967 (c. 54), Sch. 16 Pt. VII Sch. para. 1: Words in Sch. 1 para. 1 expressed to be substituted (E.W.) (1.12.1991) by Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130), ss. 2, 4(2), Sch. 1 para. 15(a) Sch. para. 2: Words in Sch. 1 para. 2 expressed to be inserted (E.W.) (1.12.1991) by Water Consolidation (Consequential Provisions) Act 1991 (c. 60, SIF 130), ss. 2, 4(2), Sch. 1 para. 15(b) Words repealed by Public Works Loans Act 1967 (c. 61), s. 2(3) Word in Sch. para. 7 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 62 (with art. 9) Sch. paras. 8, 9 repealed by Local Government Act 1972 (c. 70), Sch. 30 Sch. para. 10 repealed by Local Government (Scotland) Act 1975 (c. 30), Sch. 7 Words substituted by Land Drainage Act 1976 (c. 70), Sch. 7 para. 6 S. 2 extended by Public Works Loans Act 1967 (c. 61), s. 2(1), (E.W.) Local Government Act 1972 (c. 70), Sch. 13 Pt. I para. 2(1)(f) and (S.) Local Government (Scotland) Act 1975 (c. 30), Sch. 3 para. 2(1)(f) S. 2 applied (S.)(temp. 14.11.1995 to 31.3.1996) by S.I. 1995/2766, art. 2(1) S. 2(3) restricted by Public Works Loans Act 1967 (c. 61), s. 2(2) S. 2(5) modified by Public Works Loans Act 1967 (c. 61), s. 2(2)(b) 1875 c. 89. 1973 c. 65. 1975 c. 30. 1976 c. 70. An Act to make further provision with respect to loans out of the Local Loans Fund; and for connected purposes.
There may be issued by the National Debt Commissioners for the purposes of local loans by the Public Works Loan Commissioners (in this Act referred to as " the Loan Commissioners ") any sum or sums not exceeding in the whole the sum of £500 million.
The sums so issued shall be issued during the period beginning with the passing of this Act and ending on the day on which a further Act granting money for the purposes of those loans comes into operation, and in accordance with the provisions of the National Debt and Local Loans Act 1887.
The period aforesaid shall be an issue period for the purposes of section 2(1) of the Public Works Loans (No. 2) Act 1946 (power of the Loan Commissioners to undertake to grant loans which include loans falling to be advanced after the expiration of the current issue period), but the aggregate of— shall not exceed the sum of £550 million.
the commitments of the Loan Commissioners outstanding at any time during that period in respect of undertakings entered into by them (whether during or before the beginning of that period) to grant local loans; and
the advances in respect of local loans made by the Loan Commissioners during that period up to that time,
The Treasury may, without first taking security under section 12 of the Public Works Loans Act 1875, enter into an agreement for making a local loan to a relevant authority under section 3 of the National Loans Act 1968; and in this section “relevant authority” means—
in relation to England and Wales,
a billing authority or a precepting authority, as defined in section 69 of the Local Government Finance Act 1992;
a fire and rescue authority in Wales constituted by a scheme under section 2 of the Fire and Rescue Services Act 2004 or a scheme to which section 4 of that Act applies;
a levying body within the meaning of section 74 of the Local Government Finance Act 1988 ; . . .
a body as regards which section 75 of that Act applies and . . .
a functional body, within the meaning of the Greater London Authority Act 1999 ...
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in Scotland—
any local authority within the meaning of the Local Government (Scotland) Act 1973,
any joint board or joint committee within the meaning of that Act, and
any other authority having the power to requisition any sum from any such local authority.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
section 197 of the said Act of 1933 or, as the case may be, section 261 of the said Act of 1947 (creation of an automatic charge to secure local authority borrowings and priority of charges) shall apply accordingly to any money so raised; and
a reference in any enactment passed before this Act to Part IX or section 196 of the said Act of 1933 or to Part XII or section 260 of the said Act of 1947 shall include a reference to the foregoing provisions of this subsection.
Where the Treasury make an agreement to which this section applies with a relevant authority other than one authorised to borrow money under section 1 of or paragraph 2 of Schedule 1 to, the Local Government Act 2003 (borrowing powers) or Schedule 3 to the Local Government (Scotland) Act 1975 then, so long as any part of the principal of and interest on the loan remains outstanding, the loan shall be a charge on all the revenues of the authority (including any grants or contributions from the Exchequer which are receivable by the authority).
A charge imposed on an authority’s revenues by the last foregoing subsection shall, subject to any provision to the contrary applicable to the charge which has been made by or under any enactment, rank equally with any other charges on those revenues.
The enactments specified in the Schedule to this Act shall have effect subject to the adaptations and modifications set out in that Schedule, being adaptations and modifications consequential on the foregoing provisions of this section; and in that Schedule “automatic charge” means a charge imposed, for securing a loan made in pursuance of an agreement to which this section applies, by section 13 of the Local Government Act 2003 (security for money borrowed) by paragraph 8 of Schedule 3 to the said Act of 1975 or by subsection (3) of this section.
An agreement to which the last foregoing section applies shall not be chargeable with stamp duty, but the Loan Commissioners shall, at such times as may be agreed between them and the Commissioners of Inland Revenue, deliver to the Commissioners of Inland Revenue periodical accounts of the loans made in pursuance of such agreements and pay over the aggregate of the sums which would have been chargeable by way of stamp duty if each loan had been secured by mortgage by deed, being the only or principal or primary security for that loan.
The Loan Commissioners may recover from any other party to an agreement to which the last foregoing section applies the amount for which those Commissioners are required under the foregoing subsection to account to the Commissioners of Inland Revenue in respect of the loan to which the agreement relates.
This Act may be cited as the Public Works Loans Act 1965.
In this Act, except where the context otherwise requires, references to any enactment shall be construed as references to that enactment as amended, extended or applied by or under any other enactment, including this Act.
This Act shall not extend to Northern Ireland.
This Act, except section 1, shall come into operation on the expiration of the period of three months beginning with the passing thereof.
Section 2(5).
Sections 75 and 81, as incorporated with section 87 of the Land Drainage Act 1976 or with any other enactment applicable to a relevant authority within the meaning of section 2 of this Act, shall not apply to an automatic charge.
In section 82, as so incorporated, the reference to a mortgage deed shall be construed as including a reference to an agreement to which section 2 of this Act applies.
Sections 75 and 81, as incorporated with any enactment applicable to a relevant authority within the meaning of section 2 of this Act, shall not apply to an automatic charge.
In section 82, as so incorporated or as incorporated with section 55 of the Land Drainage Act 1991, the reference to a mortgage deed shall be construed as including a reference to an agreement to which section 2 of this Act applies.
In the following provisions, that is to say, sections 8 . . . any reference to that Act shall include a reference to section 2 of this Act.
In section 11 the reference to such security as is required by that Act shall be construed as including a reference to any automatic charge.
Section 12 shall not apply to a loan secured by an automatic charge.
Section 19 shall, in relation to an automatic charge, have effect as if any reference to the date of the mortgage included a reference to the date of the making of the relevant agreement and as if any reference to interest mentioned in the mortgage included a reference to interest mentioned in the agreement.
In section 38 the reference to any security previously given to the Treasury, and in sections 46 and 50 any reference to a security made or granted under that Act, shall include a reference to an automatic charge in their favour.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 207—
any reference to a mortgage or to a mortgage created under Part IX of that Act shall be construed as including a reference to an automatic charge;
any reference to a deed of mortgage shall include a reference to an agreement to which section 2 of this Act applies;
the reference in subsection (2) to the date of a mortgage shall be construed as including a reference to the date of any such agreement; and
subsections (3) and (5) shall not apply in relation to any automatic charge.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in subsection (2), for the words " Before a mortgage is delivered to the mortgagee " there shall be substituted the words " Within fourteen days of the making of the agreement giving rise to the automatic charge ";
the reference in paragraph (c) of that subsection to the date of the mortgage shall be construed as a reference to the date of the agreement giving rise to the automatic charge;
so much of the said subsection as relates to the endorsation of any certificate or receipt on the deed of mortgage shall be omitted; and
subsections (3) and (7) shall be omitted.