74.—(1) Section 231 (loans by Public Works Loan Commissioners) is amended as follows.
(2) In the heading for “Loans by Public Works Loan Commissioners” substitute “Local loans made by the Treasury”.
(3) In subsection (1) for “Public Works Loan Commissioners” in both places occurring substitute “Treasury”.
(4) After subsection (1) insert–
“(1A) Any loan made under subsection (1) is a local loan for the purposes of section 3 of the National Loans Act 1968 (see Schedule 4 to that Act).”.
(5) In subsection (4)(c) for “Public Works Loan Commissioners” substitute “Treasury”.
(6) In subsection (5) for “Public Works Loan Commissioners” substitute “Treasury”.