§ (1) Where a housing scheme approved under Section one of the Housing, Town Planning. &c. Act, 1919 (which requires local authorities within the meaning of Part III. of the Housing of the Working Classes Act, 1890, to prepare and submit to the Minister schemes for the exercise of their powers under the said Part), is being carried into effect by a local authority outside their own area, that authority shall, subject to the approval of the Minister, have power—
§ (b) to borrow money for the purpose of defraying any expenses (including, if the Treasury so approve, interest payable in respect of any period before the completion of the scheme or a period of five years from the date of the borrowing, whichever period is the shorter, on money borrowed under this section) incurred by the local authority in connection with any such works as aforesaid:
§ (2) The council of any county or district in which a scheme is being carried out as aforesaid shall have power, with the approval of the Minister, to borrow money for the purposes of any agreement entered into by the council under this Section: Provided that any order of the Minister in so far as it relates to the sanction of a loan under this Section for the purpose of the payment of interest payable in respect of money borrowed shall be provisional only and shall be of no effect until confirmed by Parliament.
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Amendments made: At the end of Subsection (1, b) insert the words
Provided that any order of the Minister, in so far as it relates to the sanction of a loan under the foregoing provision for the purpose of the payment of interest payable in respect of money borrowed, shall be provisional only and shall be of no effect until confirmed by Parliament.
§
In Sub-section (2) leave out the words
Provided that any order of the Minister in so far as it relates to the sanction of a loan under this Section for the purpose of the payment of interest payable in respect of money borrowed shall be provisional only and shall be of no effect until confirmed by Parliament."—[Sir A. Mond.]