HC Deb 08 February 1945 vol 407 cc2339-40
Mr. Peake

I beg to move, in page 3, line I, leave out "In."

This Amendment, and the following Amendment on the Order Paper, to insert certain words, should be taken together. Their object is to carry out the undertaking I gave in reply to my hon. Friend the Member for Scarborough (Mr. Spearman) in the Second Reading Debate. Their effect is this. Clause 4 removes any time limit to the power given to the Treasury by the Public Works Loan Act, 1941, to underwrite conversion offers by local authorities who have the option of redeeming existing stocks. Paragraph (a) of the second Amendment extends the procedure for conversion in regard to funds to cases where the loan finally matures; and paragraph (b) provides that the definition of the expression "local authority" is slightly extended because the position of a certain number of public water boards under the definition in the Act of 1941 is a little uncertain.

Amendment agreed to.

Further Amendment made: In page 3, line 3, after "securities" insert: shall have effect subject to the following Amendments:

  1. (a) the power of the Treasury to advance moneys to a local or harbour authority under Sub-section (1) shall be extended so as to include power, where the authority with the approval of the Treasury makes a new issue of securities for the purpose of meeting the liability on any of its maturing securities to advance to the authority, on such terms as the Treasury think fit, an amount equal to the price of issue of any part of the new issue of securities which is not taken up;
  2. (b) the definition of the expression 'local authority' in paragraph (b) of Sub-section (4) shall be extended so as to include any local authority within the meaning of this Act; and
  3. (c)."—[Mr. Peake.]

Mr. Peake

I beg to move, in page 3, line 4, leave out "such advances," and insert "advances under the section."

This is purely a drafting Amendment.

Amendment agreed to.

Clause, as amended, ordered to stand part of the Bill.