HC Deb 18 July 1963 vol 681 cc862-3
Mr. Corfield

I beg to move, in page 80, line 15, sit the end to insert: and any payments made out of any sinking fund so maintained". With your permission, Mr. Deputy-Speaker, I think we could conveniently take with this Amendment those in page 80, lines 16, 21, 25 and 31.

Mr. Deputy-Speaker

If that is the wish of the House.

Mr. Corfield

The purpose of these Amendments is to take account of the fact that under Clause 91(2) a river authority can borrow money by mortgage for any of the purposes specified in that subsection. It follows, therefore, that there is a need to enable the river authority to form a sinking fund out of the relevant fund, whether they be conservancy receipts or precept receipts under the transferred functions, in order to build up a. sinking fund to pay off the capital sums when due.

The first Amendment deals with the conservancy account; the last Amendment deals with the necessary drafting alteration, and the middle Amendments deal with the same problem where it applies to the transferred functions.

Amendment agreed to.

Further Amendments made: In page 80, line 16, after "incurred", insert "and payments made",

In line 21, leave out from "any" to "as" in line 24 and insert: amounts paid into any sinking fund maintained by them, but excluding any payments made out of such a fund".

In line 25, leave out "expenditure" and insert: "expenses or payments".

In line 31, at end insert: and any amounts paid by the authority out of such receipts into any sinking fund so maintained".—[Mr. Corfield.]