In section 3 of the Local Authorities (Land) Act 1963—
the following subsection shall be substituted for subsection (1)—1Where a local authority are satisfied that it would be for the benefit or improvement of their area, they may, subject to the provisions of this section, advance money to any person for the purpsoe of enabling him—ato acquire land ; orbto erect any building or to carry out any work on land. ; and
the following subsections shall be substituted for subsection (3)—3The amount of the principal of an advance made under subsection (1)(a) of this section shall not exceed nine-tenths of the value of the land.3AThe amount of the principal of an advance made under subsection (1)(b) of this section shall not exceed nine-tenths of the value which it is estimated the mortgaged security will bear upon the completion of the building or other works in respect of which the advance is made..