National Debt and Local Loans Act, 1887

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General provisions as to Local Loans Fund.

14.—(1) Subject to the provisions of this Act, any money for the time being standing to the account of the Local Loans Fund may be applied in payment of any sums charged on such fund and in any advances under this Act for the purpose of Local Loans.

(2) The National Debt Commissioners may from time to time temporarily apply any money standing for the time being to the account of the Local Loans Fund in the purchase of securities in which they are authorised to invest money held by them on account of trustee savings banks or post office savings banks.

(3) As regards any securities which the National Debt Commissioners have, in pursuance of this Act, purchased with moneys standing to the account of the Local Loans Fund or of the sinking fund connected therewith, the income thereof shall be considered as income of the Local Loans Fund, and the National Debt Commissioners may from time to time sell and vary the securities, and the proceeds of any such sale shall be carried to the account to which the moneys with which the securities were purchased were standing at the time of the purchase.