A local authority may not borrow money if doing so would result in a breach of—
the limit for the time being determined by or for it under section 3, or
any limit for the time being applicable to it under section 4 , or
any limit for the time being applicable to it under section 12A.
The Secretary of State may, in relation to specific borrowing by a particular local authority, by direction disapply subsection (1)(b), so far as relating to any limit for the time being applicable under section 4(1).
A local authority may not, without the consent of the Treasury, borrow otherwise than in sterling.
This section applies to borrowing under any power for the time being available to a local authority under any enactment, whenever passed.