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(1)The Public Works Loan Commissioners may in manner provided by the [38 & 39 Vict. c. 89.] Public Works Loans Act, 1875, lend any money which may be borrowed for the purposes of this Act, and may so lend on the security authorised by this Act without requiring any other security.
(2)Every loan by the Public Works Loan Commissioners under this Act shall be repaid within a period not exceeding fifty years, and shall bear interest at a rate not less than three and a half per centum per annum, or such other rate as may be fixed by a minute of the Treasury under section two of the [42 & 43 Vict. c. 77.] Public Works Loans Act, 1879.
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