Schedule 18 | Provisions With Respect To Advances Under The Small Dwellings Acquisition Acts 1899 To 1923 | Housing Act 1985 C68

SCHEDULE 18 Provisions with Respect to Advances under the Small Dwellings Acquisition Acts 1899 to 1923

Housing Act 1985 (1985 c 68) | Legislation

SCHEDULE 18 Provisions with Respect to Advances under the Small Dwellings Acquisition Acts 1899 to 1923

Section 456 Repayment of advance

(1) The advance shall be repaid with interest within such period not exceeding 30 years as may be agreed upon.

(2) The rate of interest is 1/4 per cent in excess of the rate of interest which, one month before the date on which the terms of the advance were settled, was the rate fixed by the Treasury in respect of loans to local authorities for the purposes of Part V of the Housing Act 1957 (provision of housing), as follows—

(a) where the time referred to is before 27th February 1964, the rate so fixed under section 1 of the Public Works Loans Act 1897;

(b) where the time referred to is on or after 27th February 1964 and before 1st April 1968, the rate so fixed under section 2 of the Public Works Loans Act 1964 in respect of loans made on the security of local rates, or, where there was more than one rate so fixed, such of those rates as the Treasury have directed in that behalf under that section;