(This note is not part of the Order)
This Order abolishes the office of the Public Works Loan Commissioners (the “Commissioners”) who together were known as the Public Works Loans Board.
Article 3 abolishes the Commissioners and article 4 transfers the functions of the Commissioners to HM Treasury. In practice these functions are the functions of providing and managing “local loans” as defined in section 3(12) National Loans Act 1968(c. 13).
Article 5 transfers the rights, liabilities, and property held by the Commissioners to the Public Works Loans Secretary. The Public Works Loans Secretary is appointed by HM Treasury and will carry out the functions of the former secretary of the Commissions and hold land and property relating to local loans on behalf of HM Treasury.
Article 7 repeals the entry in Schedule 1 to the Public Bodies Act 2011(c. 24) for the Commissioners.
Article 8 and Schedules 1 and 2 make consequential amendments to primary and secondary legislation.
In particular, section 6 of the Public Works Loans Act 1875(c. 89) is amended so that the functions of the office of secretary of the Commissioners are carried out by the Public Works Loans Secretary. Section 4 Public Works Loans Act 1944(c. 16) is amended to create the role of assistant secretaries to the Public Works Loans Secretary. Sections 3(1) and 3(12) of the National Loans Act 1968 are amended such that only HM Treasury have the power to make local loans of the description set out in Schedule 4 of that Act. Section 3(11) National Loans Act 1968 is amended to make clear that the Public Works Loans Act 1875 continue to apply to local loans.
A final report must be prepared under article 6 and article 9 makes supplementary provision in relation to matters such as the continuity of functions.
A full impact assessment has not been produced for this instrument as no impact on the costs of the business, charity or the voluntary sectors is foreseen.