1Appointment of Public Works Loan Commissioners.

(1)As from the first day of April, nineteen hundred and forty-six, the Public Works Loan Commissioners, instead of being appointed by Act of Parliament, shall be appointed by His Majesty.

(2)The number of Commissioners shall be twelve, and two Commissioners shall be appointed by His Majesty to be chairman and deputy chairman respectively.

(3)The term of office of the Commissioners shall be four years, and three of them shall retire each year on the first day of April in that year :

Provided that of the first twelve Commissioners appointed under this section, three shall be appointed to hold office Until the first day of April, nineteen hundred and forty-seven, and shall then retire, three shall be appointed to hold office until the first day of April, nineteen hundred and forty-eight, and shall then retire, and three shall be appointed to hold office until the first day of April, nineteen hundred and forty-nine, and shall then retire.

(4)A person who has held the office of Commissioner shall be eligible for re-appointment to that office.

(5)Whenever a vacancy occurs among the Commissioners by death or resignation or by a Commissioner refusing to act, a person appointed to fill the vacancy shall hold office until the time when the person in whose place he was appointed would regularly have retired and shall then retire.

2Grants for public works.

(1)There may be issued by the National Debt Commissioners for the purpose of local loans by the Public Works Loan Commissioners any sum or sums not exceeding in the whole the sum of one hundred and fifty million pounds.

(2)The sums so issued shall be issued during a period ending on the day on which a further Act granting money for the purposes of those loans comes into operation, and in accordance with the provisions of the [50 & 51 Vict. c. 16.] National Debt and Local Loans Act, 1887.

3Certain debts not to be reckoned as assets of Local Loans Fund.

Whereas it is expedient that the principal of the several local loans specified in the tables contained in Part I and Part II of the First Schedule to this Act should, to the extent specified in the last column of those tables, not be reckoned as assets of the Local Loans Fund established under the National Debt and Local Loans Act, 1887 :

Now, therefore, the principal of the said loans to the extent aforesaid shall be written off from the assets of the Local Loans Fund, and the provisions of section fifteen of the said Act shall, so'far as applicable, apply thereto.

4Remission of balance of principal . and interest in respect of local loan.

Whereas it is provided by section three of this Act that the principal of the local loan specified in the table contained in Part II of the First Schedule to this Act shall, to the extent of the sum specified in the last column of that table, be written off from the assets of the Local Loans Fund :

And whereas the said sum constitutes the balance remaining unpaid out of the total amount advanced, and is irrecoverable :

Now, therefore, the principal of the said loan shall, to the extent aforesaid, be extinguished and all arrears of interest thereon shall be remitted.

5Short title and repeal.

(1)This Act may be cited as the Public Works Loans Act, 1946.

(2)The enactment specified in the Second Schedule to this Act is hereby repealed to the extent specified in the third column of that Schedule.

SCHEDULES

Sections 3 and 4.

FIRST SCHEDULELoans by the Public Works Loan Commissioners under the Agricultural Credits Act, 1923 (including Advances under Paragraph (4) of Section Twenty-Two of the Public Works Loans Act, 1875)

PART I

PART II

Section 5.

SECOND SCHEDULEENACTMENT REPEALED