§ (1)The council of any county or of any municipal borough may, during the continuance of the present war and a period of six months thereafter, borrow, with the consent of the appropriate Government Department, on the security of all or any of the funds or revenues of the council for the purpose of discharging any out standing loan of the council, or for the purpose of replacing any sinking fund money or other sums which have been used for purposes for which they had power to borrow, or for the purpose of raising any further sums which the appropriate Government Department authorise them to raise with a view to prospective capital expenditure.
§ The application and use of any sums borrowed under this provision shall be subject to such conditions as may be imposed by the appropriate Government Department whose consent is given to the borrowing.
§ (2)During the continuance of the present war, and a period of six months thereafter, the council of any county or municipal borough may, with the consent of the Treasury and subject to such conditions as the Treasury may impose, borrow any sums which they have power to borrow for the time being by means of the issue of bearer bonds on other securities to bearer, whether within or without the United Kingdom, and, if thought fit, in any foreign currency.
§ Any such bonds or securities shall rank, as respects other securities issued by the council, in the same mariner as if the sum borrowed by means of those bonds or other securities had been borrowed by means of the issue of stock.
§ (3)The council of any county or of any municipal borough may re-borrow under the powers given by this Act for the pur- 1564 pose of paying off any money borrowed under those powers; and the limitation on the exercise of those powers to the continuance of the present war and a period of six months thereafter shall not apply to any such reborrowing.
§ (4) Any power given by this Section shall not derogate from any other power of borrowing, and may be exercised notwithstanding anything in any Act.
§ Amendments made: In Sub-section (1), after the word "borough" ["any municipal borough"], insert the words "or any urban district."
§ After the word "funds" ["of any of the funds"], insert the word "property."
§ In Sub-section (2), after the word "borough" ["county or municipal borough"], insert the words "or of any urban district."
§ In Sub-section (3), after the word "borough" ["of any municipal borough"], insert the words "or of any urban district."—[Mr. Hants Fisher.]
§ Clause, as amended, ordered to stand part of the Bill."