capital expenditure of the authority, the maximum amount it may borrow, and it may not borrow any sums in excess of the amount so fixed, otherwise than for the purpose of paying off loans previously raised, unless authorised by a provisional order of the Electricity Commissioners confirmed by the Minister of Transport and then by Parliament. Besides being limited by this maximum, the borrowing powers may only be exercised with the consent of the Commissioners, and subject to regulations made by the Minister of Transport with the approval of the Treasury. The purposes for which moneys may be borrowed are (a) payment of the purchase price of any generating station or main transmission line transferred to, acquired by, or vested in the authority under the 1919 Act, or of any undertaking or part of an undertaking acquired by the authority under that Act; (b) the cost of any permanent work or other thing which the authority are authorised to execute or do, or any other payment which ought, in the opinion of the Commissioners, to be spread over a term of years (including interest, during a period not exceeding 5 years, while the capital expenditure for which the money is borrowed remains unremunerative), and repayment of any Treasury advances in respect of works carried out by the Ministry of Transport within the electricity district, under section 18 of the 1919 Act; and (c) the provision of working capital. The money borrowed and the interest thereon may be charged on the undertaking and all the revenues of the joint authority, or on any specific property forming part of that undertaking, and is to be repaid within such period, not exceeding 60 years, as the Commissioners may determine.

SUSPENSION OF SINKING FUND PAYMENTS.-Section 2 gives a general power with respect to suspension of annual repayments or sinking fund instalments on money borrowed by a joint authority, or by a local authority, for any of the purposes of the Electricity Supply Acts, 1882 to 1922, whilst the expenditure out of such money remains unremunerative. The power is to be exerciseable notwithstanding anything to the contrary in any general or special

Act, and the suspension may extend for such period, and is to be subject to such conditions, as the Electricity Commissioners or other authority by whom the borrowing is sanctioned may determine, provided that it does not cover a longer period than 5 years from the commencement of the financial year next after that in which the expenditure commences to be incurred.

ISSUE OF STOCK.-Section 3 enables the Electricity Commissioners to empower a joint electricity authority, for the purpose of raising money which they are authorised to borrow, to issue stock, bearing interest at such rate as the authority with the consent of the Commissioners may determine.

PAYMENT OF PURCHASE MONEY IN STOCK.-Section 4 permits a joint authority, by agreement, to discharge, by the issue of stock or other securities, the whole or any part of the purchase price payable (otherwise than by way of annuity) to any authorised undertakers, in respect of any undertaking or part of an undertaking, or any generating station, or main transmission line transferred to or acquired by the joint authority.

FINANCIAL ASSISTANCE TO JOINT AUTHORITIES FROM OTHER BODIES.-Section 5 makes provision for enabling other bodies, interested in the establishment of a joint authority, to assist in providing the necessary financial resources for that authority. It empowers any authorised undertakers, whose area of supply is wholly or partly within the district of the joint authority, and any local authority, company, or person receiving or intending to receive a supply of electricity from the joint authority, and the council of any county, or any borough or urban or rural district having a population of not less than 50,000, wholly or partly within the district of the joint authority, to take up the loans or subscribe for the securities of the joint authority, or to guarantee or join in guaranteeing the payment of the interest on such loans or securities. In the case of the council of a county or borough or urban or rural district, whether or not the council are authorised undertakers, or receive or intend to receive a supply of electricity from the

joint authority, these powers may not be exercised (except in the case of the London County Council) without the consent of the Minister of Health. Also, the powers are not to be exercised so as to involve the council in an annual liability exceeding (a) in cases where the council are not authorised undertakers, the amount which would be produced by a rate of one penny in the pound, and (b) in cases where the council are authorised undertakers, the estimated annual amount of any capital charges from which the council will be relieved by reason of taking a supply in bulk from the joint authority. The product of the penny rate will be estimated in manner determined by the Minister of Health, and the relief due to taking a supply in bulk will be determined by the Electricity Commissioners. Following the principle adopted in section 21 of the 1909 Act, money borrowed by a council under this power will not be reckoned as part of the total debt of the council for the purpose of any limitation on borrowing under the enactments relating to borrowing by the council. Any company, association, or body of persons may exercise these powers of financial assistance, notwithstanding anything contained in any Act, order, or instrument, by or under which it is constituted or regulated, and may apply any of its funds for the purpose of lending any such money, subscribing for any such securities, or fulfilling any such guarantee, and may borrow for the purpose of making any such loans or subscriptions. For the purposes of the section, the Common Council of the City of London is placed in a position similar to that of a county council. The section further provides that a scheme under the 1919 Act constituting a joint electricity authority may include provisions empowering or requiring authorised undertakers, and empowering companies and other bodies represented on the authority, to contribute towards any administrative expenses of the authority.

LEASING BY UNDERTAKERS TO JOINT AUTHORITIES.— Section 6 sanctions the leasing, by any authorised undertakers, of the whole or any part of their undertaking to a joint electricity authority, subject to the approval of the

Electricity Commissioners. The lease may include an option of purchase, and may be made for such period, and on such terms and conditions, as may be agreed.

CONSIDERATION TO LOCAL AUTHORITIES FOR TRANSFERS OF UNDERTAKINGS.-Section 8 provides that the consideration payable to a local authority in respect of the transfer of the whole or any part of their undertaking, either in pursuance of a scheme constituting a joint authority, or in pursuance of the power conferred by the 1919 Act, may, in the option of the local authority, be either one or more terminable annuities, or a capital sum, or any other form of payment approved by the Commissioners.

AGREEMENTS For use of MaiNS BY JOINT AUTHORITY.— Section 9 empowers a joint authority, by agreement with any authorised undertakers, or other persons, to use, subject, in the case of authorised undertakers, to the Acts and orders relating to the undertaking, any main transmission line of those undertakers or persons, for such time and upon such terms as may be agreed.

DISPOSAL, BY JOINT AUTHORITY, OF WORKS NOT REQUIRED.-Section 10 confers on joint electricity authorities powers, exercisable with the consent of the Commissioners, of disposing of any generating station, land, or other works or property, no longer required for the purposes of their undertaking.

CONTINUANCE OF WAYLEAVES FOR ELECTRIC LINES AFTER TERMINATION.-Section II deals with the case where a joint authority or authorised undertakers have, under any terminable agreement, whether made before or after the passing of the Act, placed above or below ground any electric line which could have been so placed under the provisions of section 22 of the 1919 Act. The authority or undertakers may, notwithstanding the termination of the agreement, retain the line in position on the same terms and conditions as were previously applicable thereto, unless and until objection is made by the owner or occupier of any land over or under which it is placed; but, in the event of such objection being made, the line may only be retained if the provisions of section 22 of the 1919 Act,

regulating the placing of a new line, are complied with. At any time whilst a line is so retained the joint authority or undertakers may apply to the Minister of Transport for a revision of the terms and conditions subject to which it is retained, in which case section 22 of the 1919 Act shall apply, as if the retention of the line in position were the placing of an electric line across land; and the authority or undertakers may not be required to remove the line pending the decision on such application.

AGREEMENTS FOR WORKING OF GENERATING STATIONS AND TRANSMISSION LINES.-Section 12 provides that, where a generating station or main transmission line becomes transferred to, or is acquired by, a joint authority under the 1919 Act, the authority may, subject to the approval of the Commissioners, agree with the former owner to work and maintain the same on behalf of the authority, for such period and on such terms as may be agreed.

SUSPENSION OF PURCHASE POWERS BY CONSENT.— Section 14 provides that the Commissioners, by an order establishing a joint electricity authority, or a special order, may, as regards any undertaking or part of an undertaking of any authorised undertakers, suspend any powers of a joint electricity authority, or the London County Council, or any local authority, relating to the purchase of such undertaking or part thereof, for such period, and on such conditions (if any), as the Commissioners may think fit; and may for that purpose amend the provisions of any Act or order relating to such undertaking, provided that no such powers shall be so suspended except with the consent of the authority or authorities in whom they are vested. Where the Commissioners thus suspend any powers of purchase relating to the undertaking of any authorised undertakers, they may make provision as to the relation between the prices which may be charged for electricity and the dividends to be paid by such undertakers.

DELEGATION OF POWERS BY JOINT AUTHORITIES.— Section 15 provides that the powers and duties as to the generation and supply of electricity, conferred and imposed, by or under the 1919 Act, or this Act, on joint electricity