Section 1. After clause (b) of the proviso to section 8 of the said Act the following shall be added:

1. After clause (b) of the proviso to section 8 of the said Act the following shall be added:— "or "(c) to affect the power conferred on any local authority by any such enactment to charge its funds by guaranteeing the payment of interest on money to be applied to any purpose to which the funds of the local authority can legally be applied."