Section 46

Any loan made to a local authority under the provisions of this section may be secured by a first mortgage or a first charge or by

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debentures upon the assets, and the revenues derived from the assets, in respect of which the money is borrowed but not upon any other assets or revenue of the local authority.

Section 45 shall not apply to such loan or to any interest due thereon, but the mortgagee, chargee or debenture holder may exercise all such legal and equitable remedies in respect of his mortgage, charge or debentures as may, from time to time, be in force in the

State in which the local authority area is situate.

Loans by Government