The Local Loans (Procedure) (Amendment) Regulations 2010

• Citation: S.I. 2010/2576
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Local Loans (Procedure) (Amendment) Regulations 2010 and shall come into force on 15th November 2010.

Section 2 Amendments to the Local Loans (Procedure) Regulations 1968

(1) The Local Loans (Procedure) Regulations 1968 are amended as set out below.

(2) Remove ‘Payment of’ from the heading of regulation 3.

(3) Substitute regulation 3(2)-(6) with the following—

(2) On receipt of a certificate given under paragraph (1), the Treasury shall, on or before the day on which the loans are to be made, issue from the National Loans Fund to the Commissioners the sum specified in the certificate.

(3) The Commissioners shall make advances to borrowers by automated credit transfer to their bank accounts, or by such other method as the Commissioners consider fit.

(4) No advance may be made to a borrower unless the fees payable in respect of the advance have been or are paid in accordance with the Public Works Loans (Fees) Regulations 1991 .

(4) Regulation 4 is revoked.