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Income of Local Loans Fund.
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12.—(1) All sums paid to the Local Loans Fund on account of the interest of Local Loans shall be considered as income of the Local Loans Fund.
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(2) Any money issued out of the Consolidated Fund for the purposes of dividends on the Local Loans stock in any financial year shall be repayable to the Consolidated Fund out of the income during that year of the Local Loans Fund.
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(3) The income account of the Local Loans Fund shall be charged with the payments under this Act . . . . in respect of the dividends on Local Loans stock (whether such latter payments were made directly or by way of repayment to the Consolidated Fund), and with such expenses connected with Local Loans stock as the Treasury from time to time direct.
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[Sub-s. (4) rep. 60 & 61 Vict. c. 51.]
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(5) If it is shown by the income account of the Local Loans Fund for any financial year that the income is less than the expenditure, a sum equal to the deficiency shown by the account shall, so far as the same has not been paid out of the Consolidated Fund, be charged on and issued out of the Consolidated Fund or the growing produce thereof.
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(6) All sums issued out of the Consolidated Fund in pursuance of this Act to meet such deficiency, and all sums so issued for the purpose of payment of the dividends on Local Loans stock and not repaid out of the income of the Local Loans Fund, shall be an advance to be repaid out of moneys provided by Parliament.
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