§ (1) All moneys borrowed by a local authority, whether before or after the commencement of this Act, shall be charged indifferently on all the revenues of the authority.
§ (2) Subject to the provisions of this Section, all securities created by a local authority, whether under this Act or under any other enactment or statutory order, shall rank equally without any priority.
§ (3) Nothing in this Section shall—
§ (a) apply to any money borrowed by way of temporary loan or overdraft without security or;
§ (b) affect any priority existing at, or any right to priority conferred by a security created before, the commencement of this Act.
§ (4) The provisions of the first two paragraphs of Section eight of the Local Loans Act, 1875 (that is to say, the words from the beginning of the said Section to the words "date of such loan") shall cease to have effect in relation to borrowing by a local authority.—[Sir H. Young.]
§ Brought up, and read the First and Second time, and added to the Bill.