48 G. S. c. 1. Powers of recited Act 48 G. 3. c. 1. to extend to Exchequer Bills to be made out under this Act. Bills to bear an Halfpenny per Cent; and to be cur ceivers, &c., and at the Bank. cause or direct any Number of Exchequer Bills to be made out at Her Majesty's Exchequer in Great Britain, not exceeding in the whole the Sum of Five hundred thousand Pounds, in the same or like Manner, Form, and Order, and according to the same or like Rules and Directions (except where other Directions for making out the same are contained and particularly expressed in this Act), as in and by an Act passed in the Forty-eighth Year of the Reign of His Majesty King George the Third, intituled An Act for regulating the issuing and paying off of Exchequer Bills, are enacted and prescribed. II. And be it enacted, That all the Powers, Authorities, Regulations, Clauses, Provisoes, Privileges, Advantages, Penalties, Forfeitures, and Disabilities contained in the said recited Act of the Forty-eighth Year of His said Majesty King George the Third shall be applied and extended to the Exchequer Bills to be made out in pursuance of this Act, as fully and effectually to all Intents and Purposes as if the said several Clauses or Provisoes had been particularly repeated and re-enacted in the Body of this Act. III. And be it enacted, That the said Exchequer Bills to be made out in pursuance of this Act shall bear an Interest not exceeding the Rate of Three-pence Halfpenny per Centum per Diem upon or in respect of the whole of the Money contained therein, and shall be made payable at the Periods herein-after mentioned. IV. Provided always, and be it enacted, That the Exchequer rent to all Re- Bills to be made out by virtue of this Act, or so many of them as shall from Time to Time remain undischarged and uncancelled after the respective Days on which they shall become due and payable, shall after that Time pass and be current to all Receivers and Collectors in Great Britain of the Customs, Excise, or any Revenue, Supply, Aid, or Tax whatsoever, due or payable to Her Majesty, Her Heirs or Successors, and also at the Bank of England to the Account of Her Majesty's Exchequer, from the said Receivers or Collectors, or from any Person or Persons, Bodies Politic or Corporate whatsoever, making any Payments there to Her Majesty, Her Heirs and Successors. Treasury to fix Periods at which such Exchequer Bills shall be payable; and to order Payment of them out of the Consolidated Fund. Treasury to issue Money to defray the V. And be it enacted, That from and after the passing of this Act all Exchequer Bills which at any Time after the passing of this Act shall be made out and issued in pursuance of this Act, and advanced for any of the Purposes mentioned in the said recited Acts or any of them, or in this Act, shall be made payable at such Periods as shall be fixed by the Commissioners of Her Majesty's Treasury. VI. And be it enacted, That it shall be lawful for the Commissioners of Her Majesty's Treasury to order and direct the Payment, out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland, of all Exchequer Bills issued under the Authority of this Act. VII. And be it enacted, That it shall be lawful for the Commissioners of Her Majesty's Treasury, or any Three or more Acts and this cuting recited more of them, or the Lord High Treasurer for the Time being Charges of exein Great Britain, and they are hereby authorized and required, to issue or advance or cause to be issued and advanced all such Sums of Money, to such Person or Persons and in such Manner and such Proportions as the Commissioners for the Execution of the said recited Acts and this Act, or any Three or more of them, shall by Writing under their Hands desire, out of the said Consolidated Fund, which Sums so to be issued and advanced shall be employed for the Payment of Allowances and defraying all Charges and Expences in the Execution of the said recited Acts and this Act, without any other Account than before the said Commissioners of Her Majesty's Treasury, and which Money so to be issued shall not be subject to any Tax, Duty, Rate, or Assessment whatsoever imposed by Authority of Parliament. VIII. And be it enacted, That the Governor and Company of the Bank of England shall and they are hereby required to continue the Account already opened in their Books with the Commissioners for the Execution of the said recited Acts under the Title of "The Commissioners for the Issue of certain Exchequer Bills," and shall carry to the Credit of such Account the several Monies directed to be paid to the Cashiers of the said Bank by the said recited Acts, as well as all Payments to be made under this Act upon such Certificates under the Hands of the said Commissioners as have been heretofore used for such Purpose, as directed by the said recited Acts, or some or one of them, in such and the like Manner in all respects as if the Clauses and Provisoes in the said recited Acts with respect to such Payments and Certificates had been repeated and reenacted in the Body of this Act. Bank to continue the Acopened with the Commissioners for executing count already recited Acts. Money paid into the Bank to make Part of the Consoli. IX. And be it enacted, That all and every Sum and Sums of Money which shall be paid into the Bank of England to the Account of the said Commissioners under and by virtue of the said recited Acts and this Act shall from Time to Time, imme- dated Fund. diately on such Payments being made to the said Account, be transferred by the Governor and Company of the said Bank of England to the Account kept by the said Bank of England with Her Majesty's Exchequer, and when so transferred shall be carried to and made Part of the Consolidated Fund of the United Kingdom of Great Britain and Ireland. recited Acts to be Commissioners for executing this Act, X. And be it enacted, That the several Persons who in and Commissioners by the said recited Acts or any of them are constituted Com- for executing missioners for the Execution of the said Acts, or so many of them as shall be living at the Time of the passing of this Act, shall be and they are hereby constituted Commissioners for the Execution of the said recited Acts and this Act, and all Acts authorized by the said recited Acts and this Act to be done and executed by the said Commissioners may be done and executed by any Three or more of them. XI. And be it enacted, That the said Commissioners named Commissioners in the said recited Acts or either of them shall, before they to sign the 22 following enter Declaration. Amount of Exchequer Bills certified to the Lists of Exche quer Bills made out to be delivered to Commissioners. Commissioners may advance Exchequer Bills to Parties en gaged in Public Works, &c. enter upon the Execution of this Act, sign a Declaration to the following Effect: IA.B. do declare, That according to the best of my Judgment I will faithfully and impartially execute the several Duties, Powers, and Trusts vested in me by an Act, intituled [insert Title of this Act], acccording to the Tenor and Purport of the said Act, the Acts therein recited, and other Acts having reference thereto.' And that such Declaration shall be kept and entered with the other Proceedings of the said Commissioners. XII. And be it enacted, That when the Commissioners for the Execution of the said recited Acts and this Act shall have determined upon any Amount of Exchequer Bills to be advanced out of the Exchequer Bills authorized to be made out by this Act, the said Commissioners, or any Three or more of them, shall forthwith certify such Amount to the Comptroller General of Her Majesty's Exchequer at Westminster for the Time being, who, on such Certificate or Certificates being deposited in his Office, shall cause and direct to be delivered to the Bearer or Bearers thereof Exchequer Bills to be prepared under the Authority of this Act to such Amount as the said Commissioners shall direct; provided the Total Amount to be issued by virtue of such Certificates shall not at any Time exceed the Amount of Exchequer Bills authorized by this Act; and every Exchequer Bill to be issued by virtue of this Act shall bear Date on the Day on which the said Certificates shall appoint and direct, and shall and may be signed by the Comptroller General of Her Majesty's Exchequer, or in his Name by any Person duly authorized by Law to sign the same. XIII. And be it enacted, That the Officers by whom such Exchequer Bills shall be delivered shall from Time to Time, upon Requisition of the said Commissioners for the Execution of the said recited Acts and this Act, deliver to them at their Office complete Lists of all the Exchequer Bills made out as aforesaid, specifying the respective Dates and Sums expressed therein, and the Periods appointed for the Payment of the same, and distinguishing therein the Persons to whom and the Numbers of the Certificates by virtue whereof the same were issued respectively. XIV. And be it enacted, That the said Commissioners, at any Time after the passing of this Act, may lend and advance and apportion or distribute to and amongst any Body or Bodies Politic or Corporate, or any Company or Companies of Proprietors, or Person or Persons, engaged in or desirous of carrying on or interested in any Works of a public Nature, carried on or which may hereafter be carried on under the Authority of Parliament in any Part of Great Britain, or for the Encouragement of the Fisheries, or the Support of any Collieries or Mines, or any Trustees or Trustee of Roads or Railways, or any other Person or Persons whomsoever, for any the Purposes mentioned in the said recited Acts or any or either 12 either of them, or this Act, all or any Part of the Sum or Sums in Exchequer Bills to be issued at any Time after the passing of this Act under the Authority of the said recited Acts, or any or either of them, or this Act, upon, under, and subject to the like Terms, Conditions, and Securities as are specified and prescribed by the said recited Acts, or any or either of them, or this Act; and all the Powers and Authorities, Regulations, Restrictions, Clauses, Provisoes, Privileges, Advantages, Penalties, and Forfeitures contained in the said recited Acts shall be applied and extended to all Loans advanced and Acts done by the said Commissioners or their Secretary for the Time being, or any Trustees or other Persons, or Bodies Politic, Corporate, or Collegiate, or Companies, in pursuance and execution of this Act, as fully and effectually to all Intents and Purposes as if the said several Powers, Authorities, Regulations, Restrictions, Clauses, and Provisoes, Privileges, Advantages, Penalties, and Forfeitures, had been particularly and severally and separately repeated and re-enacted in the Body of this Act, except only so far as the same are altered, amended, and enlarged by this present Act. Powers, &c. of to Advances to Act. XV. And be it enacted, That all the Clauses, Powers, Provisoes, Directions, Regulations, Authorities, Restrictions, Pri- recited Acts as vileges, Priorities, Advantages, Penalties, and Forfeitures con- have the same tained in the said recited Acts or any of them, in relation to Force as if reany Advances made or to be made under the said recited Acts enacted in this or any of them, or for the Recovery, Repayment, and Application of such Advances, and the Repayment thereof, and the Accounts to be kept in relation thereto, shall extend and are hereby extended and made applicable to the said Commissioners, and all other Persons, Parties, Bodies Politic or Corporate, in respect to all Advances which shall be made by the said Commissioners, and all Acts done or directed by the Commissioners of Her Majesty's Treasury, or the said Commissioners for executing this Act and the said recited Acts or either of them, under the Authority of the said recited Acts and this Act, and the Recovery, Repayment, and Application of such Advances, and of all Accounts in respect of the same, in such and the like Manner, to all Intents, Constructions, and Purposes whatsoever, as if such Clauses, Powers, Provisoes, Directions, Regulations, Authorities, Restrictions, Privileges, Priorities, Advantages, Penalties, and Forfeitures had been particularly and severally repeated and re-enacted in the Body of this Act, except only so far as the same are amended, extended, or altered by this Act. the Bank to purchase Exchequer Bills. XVI. And be it enacted, That it shall be lawful for the Commissioners Commissioners for the Execution of the said recited Acts and may authorize this Act, whenever authorized so to do by Warrant under the Hands of the said Commissioners of Her Majesty's Treasury, by Writing under the Hands of the said Exchequer Loan Commissioners, to authorize the Cashier or Cashiers of the Bank of England to employ any Monies which shall be paid to the Credit of their Account in the Purchase of any Exchequer Z 3 Bills, Commissioners may make further Advances for the Completion of certain Public Works. Commissioners may suspend Payment of Principal and Interest on Advances in certain Cases and under certain Conditions. Bills, and forthwith to deliver the same to the Comptroller XVII. And whereas Advances have been made by the said Commissioners towards the Completion of Public Works of which the said Commissioners are now in Possession, or of which it may hereafter become necessary to take possession, and with a view to the Security of the Money already advanced and expended on such Works it is expedient that the ⚫ said Commissioners should have Authority to make Advances for the Completion, Repair, or Security of such Works;' be it enacted, That in all Cases in which the said Commissioners have made or shall hereafter make Advances, under the Powers of the said recited Acts or this Act, for any Work which has been or which shall be taken possession of by the said Commissioners under the Powers and Provisions of the said recited Acts, or some or one of them, it shall be lawful for the said Commissioners, with the Consent and Approbation of the Commissioners of Her Majesty's Treasurer, to make any further Advances for the Completion, Repair, Improvement, or Security of the Works so taken possession of, or of which Possession shall hereafter be taken as aforesaid, and such Advances shall be considered a further Charge on such Works, repayable, with Interest from the Time of the making of such further Advance, in such and the like Manner to all Intents and Purposes as if such further Advances had been secured by a further Mortgage of such Public Work so taken possession of, or which shall hereafter be taken possession of as aforesaid, although such further Advance may exceed the Capital authorized to be borrowed by the Parties interested in the Public Work on account of which such further Advance shall have become necessary, for any or either of the Purposes aforesaid; any Law, Statute, or Usage to the contrary thereof notwithstanding. any XVIII. And whereas Advances have been made by the 'said Commissioners towards the Completion of Public Works the Completion whereof has exceeded the Sum estimated for the same, as well as the Amount of Capital authorized by Act relating to such Work to be raised by Mortgage on the Security of the same, and it may become expedient in some Cases that the said Commissioners should be autho'rized to suspend the Payment of the Instalments of Principal ' and Interest becoming due on any Sums advanced by them, 6 so as to enable the Parties or Persons interested therein to apply their accruing Income or other Funds which may become at their Disposal towards the Completion and Improvement 'thereof;' be it enacted, That it shall be lawful for the said Commissioners, with the Consent and Approbation of the Commissioners of Her Majesty's Treasury, upon such Terms and Conditions for the Completion and Improvement of such Works and the Repayment of the said Instalments as shall be prescribed by the said Commissioners of Her Majesty's Treasurer in that respect, to suspend for any Time not exceeding Ten Years the Payment of the Instalments of Principal and Interest which may 6 from |