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LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 70

1954 c.33

70.(1) For the purposes of any borrowing by a council by means of securities
created by the council, the securities shall be created, issued, transferred,
dealt with and redeemed upon such terms and in accordance with such provisions
as may be prescribed.

(2) Without prejudice to the generality of subsection (1), regulations may
contain provisions with respect to

(a)the form and terms of securities;

(b)the keeping of registers of securities, the form of the registers and the
matters which must or must not be entered therein, the evidence which must be
produced by persons seeking to have entries made in the registers, the form of
transfer of securities, the rectification of the registers, rights of
inspection and fees;

(c)the determination of questions affecting title to securities;

(d)the discharge of loans raised by means of securities;

(e)the extension or variation, with the consent of the holders of securities,
of the times within which such loans may be discharged;

(f)the consent of owners under disability;

(g)the disposal of unclaimed interest;

(h)the duties of officers of the council in connection with the issue or
discharge of securities or any register of securities;

(i)the penalties, not exceeding a fine of #100 on summary conviction, which
may be imposed for contraventions of the regulations.

(3) In this section "security" means mortgage, stock or bond, or any
prescribed security created in connection with the borrowing of money by a
method prescribed under section 62(h).

© 1972 Crown Copyright

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