HC Deb 30 July 1935 vol 304 cc2617-8

Lords Amendment: In page 22, line 23, leave out from "persons" to the end of line 26, and insert: The following Sub-section shall be inserted after Sub-section (2): (2A) An advance for any of the purposes specified in Sub-section (1) of this Section shall be secured with interest thereon by a heritable security over the land and dwelling-houses in respect of which that purpose is to be carried out and of such other land and dwelling-houses (being houses which have been constructed or made suitable for the working classes by the company, society, association or person receiving the advance) if any as may be offered as security for the advance. (4) In the said Section seventy-three the following Sub-section shall be substituted for Sub-section (5)—

Mr. SPEAKER

This Amendment and the next Amendment raise questions of Privilege.

10.10 p.m.

The LORD ADVOCATE

I beg to move, "That this House doth agree with the Lords in the said Amendment."

The purpose of the Amendment is to clear up a difficulty which has been raised by the interpretation of Sub-section 4 of Section 73 of the 1925 Act, which makes provision with regard to the extent to which advances may be made, namely, two-thirds of the value of the property, but it has been construed as referring only to the houses under the loan. The Amendment would enable the Public Works Loans Board to take into account when considering the amount of an advance to a housing association, not only the houses which are to be built, but any working-class houses already erected by the association which can be offered as a security for the loan.

Subsequent Lords Amendments to page 29, line 27, agreed to.