Clause121. — {Repayment of borrowed money.)

Private Business. – in the House of Commons on 12th December 1922.

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(1)The Board shall pay off all moneys borrowed by them under this Order within the respective periods following (hereinafter referred to as "the prescribed period"): — As to money borrowed for the purposes (i) mentioned in the said Section within five years from the commencement of this Order.

(2)Any moneys received by the Board from the county council or the town councils representing any sinking fund shall be applied by the Board in repayment of moneys borrowed or owing by the county council or the town councils in respect of the water undertakings transferred by this Order or the supply of water to the water districts respectively or in repayment of moneys borrowed by the Board for the purpose (a) mentioned in the immediately pre ceding Section or l>e paid into a sinking fund which may be formed for the repayment of such last-mentioned moneys.

Amendments made:

In Sub-section (1), leave out the word "purposes" ["As to money borrowed for the purposes"], and insert instead thereof the word "purpose."

In Sub-section (2), leave ou£ the word "purposes" ["moneys borrowed by the Board for the purposes"], and insert instead thereof the word "purpose."— [Sir J. Baird.]

Bill to be read the Third time To-morrow.