A.D. 1897.

Raising of money for

2.-(1.) The provisions of the National Debt and Local Loans Act, 1887, with respect to local loans stock shall, as respects any stock local loans. hereafter issued, be construed as if the rate of 50 & 51 Vict. interest and period fixed by the Treasury were substituted therein respectively for the rate of three per cent. per annum, and the expira. tion of twenty-five years after the commencement of the Act.

c. 16.

(2.) Any money which can be raised by the issue of local loans stock may be borrowed from the National Debt Commissioners by a bond for such term and in such form as the Treasury direct, on the security of the charge created by this Act, and shall be paid to the local loans fund, and the nominal amount of local loans stock which can be created shall be reduced by the amount of the money so borrowed.

(3.) The principal and interest of all money secured by any such bond shall be charged on and paid out of the local loans fund, and if and so far as that is insufficient the Consolidated Fund, and all sums so paid out of the Consolidated Fund to meet any such deficiency shall be an advance to be repaid out of the Local Loans Fund, and if not so repaid shall be repaid out of moneys provided by Par50 & 51, Vict. liament, and the provisions of the National Debt and Local Loans Act, 1887, respecting the income account of the Local Loans Fund shall apply as if the said interest were the dividends on local loans stock.

c. 16.

Abolition of restitution annuity under

50 & 51 Vict. c. 16. s. 11, and varia tion of provisions as to surplus income of Local Loans Fund.

4.-(1.) After the thirtieth day of September one thousand eight hundred and ninety-seven the annuity of one hundred and thirty thousand pounds, payable out of the Local Loans Fund, under section eleven of the National Debt and Local Loans Act, 1887, to the National Debt Commissioners for the purpose of the Restitution Fund shall cease.

(2.) After the said day the income account of the Local Loans Fund shall be charged with such sum in respect of expenses in connexion with local loans as the Treasury direct.

(3.) If it is shown by the income account of the Local Loans Fund for financial any year that the income is in excess of the expenditure, that excess shall be carried to a separate account to be applied as Parliament may direct, and until such application shall be invested either in advances for local loans or in the purchase of securities in which the National Debt Commissioners are authorised to invest VOL. LXXVII.-LAW JOUR. Stat.

money held by them on account of savings A.D. 1897. banks, and the annual income shall be invested in like manner, and accumulated.

or as

interest for

arrears.

5. Where any sum payable in respect of any Substitu loan made by the Commissioners of Public tion of Works in Ireland since the twenty-eighth day receiver's of June One thousand eight hundred and nine- fees on two (whether such sum is payable for interest, 55 & 56 Vict. an instalment of principal, or as a c. 61. periodical payment of an annuity or rentcharge, or otherwise), is in arrear for more than thirty-one days next after the date at which the sum became due, there shall be payable to those Commissioners interest on the said sum at the rate of five per cent. per annum from the said date, and such interest shall be charged, payable, and recoverable in like manner as the said sum. Provided that such interest shall not be payable by any person other than the person liable for the same at the date at which it became due.

6.-(1.) For the purpose of local loans there Provision of may be issued by the National Debt Com- money for public missioners the following sums, namely— works loans.

(a) for the purpose of loans by the Public Works Loan Commissioners, any sum or sums not exceeding in the whole the sum of two million five hundred thousand pounds;

(b) for the purpose of loans by the Commissioners of Public Works in Ireland, any sum or sums not exceeding in the whole one million pounds.

(2.) The sums so issued shall be issued during a period ending on the day on which a further Act providing money for the purposes of those loans comes into operation, and in accordance with the provisions of the National 50 & 51 Vict. Debt and Local Loans Act, 1887.

c. 16.

be reckoned

7. Whereas it is expedient that the principal Certain of the several local loans specified int he First debts not to Schedule to this Act should, to the extent as assets specified in the last column of that schedule, of local not be reckoned as assets of the local loans loans fund. fund established under the National Debt and Local Loans Act, 1887; therefore the principal of the said loans shall, to that extent, be written off from the assets of the local loans fund, and the provisions of section fifteen of the said applicable, apply thereto. Act as amended by this Act shall, so far as

C.

A.D. 1897. Part II. of the First Schedule to this Act, the

.

amount of eighteen thousand six hundred and sixty-four pounds five shillings and tenpence principal and two thousand seven hundred and thirty-six pounds interest:

And whereas the annual income of the said trustees has for many years proved insufficient to pay the interest on their mortgage debts, 60 & 61 Vict. and by the Aberbrothwick Harbour Finance Act, 1897, the trustees have been empowered to make arrangements for compounding their several mortgage debts; and in order to facilitate these arrangements, it is expedient that the Commissioners be authorised to compound the said debt as hereinafter mentioned :

Remission

of loans to Clara and Banagher and Bally

Therefore the Commissioners may accept in discharge of the said principal debt and interest, the sum of fifteen thousand pounds, and a sum equal to the interest on the said principal debt from the twenty-fifth day of April one thousand eight hundred and ninetyseven until the date of payment of those two sums, and on the payment of those sums the balance of the said debt (including all claims for interest) shall be extinguished and be deemed a free grant by Parliament.

9. Whereas the property mortgaged as security for the loan mentioned in Part III. of the First Schedule to this Act, and the mortgages to the Commissioners of Public castle Works in Ireland for securing the loans men. Railway Companies, tioned in Part IV. of the same Schedule, have and Giant's been sold with the consent of the Treasury, Causeway Railway and it is expedient that the principal sums outstanding on account of the said loans should be extinguished:

and Tram

way Company.

Extension

of period of repayment of certain

Therefore the said debts (including all claims for interest in respect thereof) shall be extinguished, and the amounts thereof shall be deemed free grants from Parliament.

10. Notwithstanding anything in the Isle of Man Loans Act, 1880, or any Act incorporated with that Act, money borrowed after the

loans under 55 & 56 Viet. 60 & 61 Vict.

(a) to loans under the Military Lands Acts, c. 43.: 1892 and 1897, on the security of land, c. 6.; and and of a grant out of money provided by 57 & 53 Vict. Parliament; and

(b) to loans under section six hundred and sixty-three of the Merchant Shipping Act, 1894, on the security of the Mercantile Marine Fund, or of the several dues, rates, fees, and payments to be carried to that fund, or of any part thereof.

Miscellaneous.

c. 60.

(2.) The expression security of a local rate" includes a security guaranteed by any such local rate.

(3.) This Act shall be deemed to be a special Act within the meaning of the Public Works 38 & 39 Vict. Loans Act, 1875.

(4.) The Acts specified in the Second Schedule to this Act are hereby repealed to the extent and from the date (if any) in the third column of that schedule mentioned.

(5.) This Act may be cited as the Public Works Loans Act, 1897.

c. 89.