The Local Loans (Procedure) (Amendment) Regulations 1991

• Citation: S.I. 1991/1139
• Sections: 3

Section 1 Citation, commencement and interpretation

These Regulations may be cited as the Local Loans (Procedure)(Amendment) Regulations 1991 and shall come into force on 1st June 1991.

Section 2 Citation, commencement and interpretation

In these Regulations a reference to the principal Regulations is areference to the Local Loans (Procedure) Regulations 1968 .

Section 3 Amendment of regulation 3 of the principal Regulations

(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 .

(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.