Interest on Mortgages to be paid Half-yearly.

LXXIX. Unless otherwise provided by any mortgage or assignation in security, the interest of the money borrowed thereupon shall be paid half-yearly to the several parties entitled thereto.

Power to borrow Money at a lower rate of Interest, to pay off Securities at a higher rate.

LXXX. If the Commissioners can at any time borrow or take up any sum of money at a lower rate of interest than any securities given by them and then be (sic) in force shall bear, they may borrow such sum at such lower rate as aforesaid, in order to pay off and discharge such securities bearing such higher rate of interest, and may charge the rates and other property which they may be authorized to mortgage or assign in security under this or the Special Act, or any part thereof, with payment of such sum and such lower rate of interest, in such manner and subject to such regulations as are herein contained with respect to other moneys borrowed on mortgage or assignation in security.

Repayment of Money borrowed at a Time and Place agreed upon.

LXXXI. The Commissioners may, if they think proper, fix a period for the repayment of all principal moneys borrowed under the provisions of this or the Special Act, with the interest thereof, and in such case the Commissioners shall cause such period to be inserted in the mortgage deed or assignation in security; and upon the expiration of such period the principal sum, together with the arrears of interest thereon, shall, on demand, be paid to the party entitled to receive such principal money and interest, and if no other place of payment be inserted in such deed such principal and interest shall be payable at the office of the Commissioners.

Repayment of Money borrowed when no Time or Place has been

agreed upon.

LXXXII. If no time be fixed in the mortgage deed or assignation in security for the repayment of the money so borrowed, the party entitled to receive such money may, at the expiration or at any time after the expiration of twelve months from the date of such deed, demand payment of the principal money thereby secured, with all arrears of interest, upon giving six months' previous notice for that purpose; and in the like case the Commissioners may at any time pay off the money borrowed, on giving the like notice; and every such notice shall be in writing or print, or both, and if given by a mortgagee or creditor shall be delivered to the clerk or left at the office of the Commissioners, and if given by

U

the Commissioners shall be given either personally to such mortgagee or creditor, or left at his residence, or if such mortgagee or creditor be unknown to the Commissioners, or cannot be found after diligent inquiry, such notice shall be given by advertisement in the London Gazette if the office of the Commissioners is in England, the Edinburgh Gazette if it is in Scotland, or in the Dublin Gazette if it is in Ireland.

Interest to cease on expiration of Notice to pay off a
Mortgage Debt.

LXXXIII. If the Commissioners shall have given notice of their intention to pay off any such mortgage or assignation in security at a time when the same may lawfully be paid off by them, then at the expiration of such notice all further interest shall cease to be payable thereon, unless, on demand of payment made pursuant to such notice, or at any time thereafter, the Commissioners fail to pay the principal and interest due at the expiration of such notice on such mortgage or assignation in security.

Moneys borrowed on security of Rates to be paid off in a

limited Period.

LXXXIV. In order to discharge the principal money borrowed as aforesaid on security of any of the rates, the Commissioners shall every year appropriate and set apart out of such rates respectively a sum equal to the prescribed part, and if no part be prescribed onetwentieth part of the sums so borrowed respectively, as a sinking fund to be applied in paying off the respective principal moneys so borrowed, and shall from time to time cause such sinking fund to be invested in the purchase of Exchequer Bills or other Government securities, or in Scotland deposited in one of the banks there incorporated by Act of Parliament or Royal Charter, and to be increased by accumulation in the way of compound interest or otherwise until the same respectively shall be of sufficient amount to pay off the principal debts respectively to which such sinking fund shall be applicable, or some part thereof, which the Commissioners shall think ought then to be paid off, at which time the same shall be so applied in paying off the same in manner hereinafter mentioned.

Mode of paying off Mortgage Debts.

LXXXV. Whenever the Commissioners shall be enabled to pay off one or more of the mortgages or assignations in security which shall be then payable, and shall not be able to pay off the whole of the same class, they shall decide the order in which they shall be paid off by lot among the class to which such one or more of the mortgages or assignations in security belong, and shall cause a

notice, signed by their clerk, to be given to the persons entitled to the money to be paid off, pursuant to such lot, and such notice shall express the principal sum proposed to be paid off, and that the same will be paid, together with the interest due thereon, at a place to be specified, at the expiration of six months from the date of giving such notice.

Arrears of Interest, when to be enforced by appointment of a Receiver-Arrears of Principal and Interest.

LXXXVI. Where by the Special Act the mortgagees or assignees in security of the Commissioners are empowered to enforce the payment of the arrears of interest, or the arrears of principal and interest, due to them, by the appointment of a receiver, then, if within thirty days after the interest accruing upon any such mortgage or assignation in security has become payable, and, after demand thereof in writing, the same be not paid, the mortgagee or assignee in security may, without prejudice to his right to sue for the interest so in arrear in any of the superior courts, require the appointment of a receiver, by an application to be made as hereinafter provided; and if within six months after the principal money owing upon any such mortgage or assignation in security has become payable, and after demand thereof in writing the same be not paid, together with all interest due in respect thereof, the mortgagee or assignee in security, without prejudice to his right to sue for such principal money, together with all arrears of interest, in any of the superior courts, may, if his debt amount to the prescribed sum, alone, or if his debt do not amount to the prescribed sum, he may in conjunction with other mortgagees or assignees in security, whose debts being so in arrear, after demand as aforesaid, together with his amount to the prescribed sum, require the appointment of a receiver, by an application to be made as hereinafter provided.

As to the Appointment of Receiver.

LXXXVII. Every application for a receiver in the cases aforesaid shall in England or Ireland be made to two justices, and in Scotland to the sheriff, and on any such application such justices or sheriff may, by order in writing, after hearing the parties, appoint some person to receive the whole or a competent part of the rates or sums liable to the payment of such interest, or such principal and interest, as the case may be, until such interest, or until such principal and interest, as the case may be, together with all costs, including the charges of receiving the rates or sums aforesaid, be fully paid; and upon such appointment being made all such rates or sums of money as aforesaid, or such part thereof as may be ordered by the said justices or sheriff, shall be paid to the person so

to be appointed, and the money so paid shall be so much money received by or to the use of the party to whom such interest, or such principal and interest, as the case may be, shall be then due, and on whose behalf such receiver shall have been appointed, and after such interest and costs, or such principal, interest, and costs, have been so received, the power of such receiver shall cease.

Account Books to be open to the inspection of Mortgagees. LXXXVIII. The books of account of the Commissioners shall be open at all seasonable times to the inspection of the respective mortgagees or assignees in security of the Commissioners, with liberty to take extracts therefrom without fee or reward.

SCHEDULE B. (d)

Form of Mortgage.

By virtue of [here name the special Act], We [here name the corporation, if the Commissioners be incorporated, or if not incorporated, five of the Commissioners], appointed in pursuance of the said Act, in consideration of the sum of

paid to the

for

treasurer to the said Commissioners by A. B., of the purposes of the said Act, do grant and assign unto the said A. B., his executors, administrators, and assigns, such proportion of the rates, rents, profits, and other moneys arising or accruing by virtue of the said Act from [here describe the rates or other property doth or proposed to be mortgaged], as the said sum of

shall bear to the whole sum which is or shall be borrowed upon the credit of the said rates, rents, profits, or moneys, to hold to the said A. B., his executors, administrators, and assigns, from this day until the said sum of

with interest at

per

centum per annum for the same, shall be fully paid and satisfied (the principal sum to be repaid at the end of years from the date hereof [in case any period be agreed upon for that purpose]). Given under our corporate seal [or, in witness whereof we have hereunto set our hands and seals, or, if the deed be granted in Scotland, insert the testing clause required by the law of Scotland, as the case may be], this

eight hundred and

day of

one thousand

(d) See s. 75, ante, p. 287, also 27 & 28 Vict. c. 101, s. 50, p. 171.

I, A. B., of

SCHEDULE C. (e)

Form of Transfer of Mortgage.

in consideration of the sum of

paid to me by C. D., of

do hereby transfer

to the said C. D., his executors, administrators, and assigns, a certain mortgage [or, if the deed be granted in Scotland, a certain assignation in security], number made by "The Commis

sioners for executing the [here name the special Act]”, to bearing date

and

day of

for securing the sum of interest [or, if such transfer be by endorsement, the within security], and all my right, estate, and interest in and to the money thereby secured, and in and to the rates, rents, profits, or other moneys thereby assigned. In witness whereof I have hereunto set my hand and seal [or, if the deed be granted in Scotland, insert the testing clause required by the law of Scotland] this day of one thousand eight hundred and

COMMON LAW PROCEDURE ACT, 1854.

17 & 18 VICT. c. 125 (ƒ).

AN ACT FOR THE FURTHER AMENDMENT OF THE PROCESS, PRACTICE, AND MODE OF PLEADING IN AND ENLARGING THE JURISDICTION OF THE SUPERIOR COURTS OF COMMON LAW AT WESTMINSTER, AND OF THE SUPERIOR COURTS OF COMMON LAW OF THE COUNTIES PALATINE OF Lancaster and DURHAM. [12TH AUGUST, 1854.]

Power to Court or Judge to direct Arbitration before Trial.

III. If it be made to appear, at any time after the issuing of the writ, to the satisfaction of the court or a judge, upon the application of either party, that the matter in dispute consists wholly or in part of matters of mere account, which cannot conveniently be tried in the ordinary way, it shall be lawful for such court or judge, upon such application, if they or he think fit, to decide such matter in a summary manner, or to order that such matter, either wholly

(e) See s. 77, ante, p. 288; also 27 & 28 Vict. c. 101, s. 50, ante, p. 171. (f) See 27 & 28 Vict. c. 101, s. 41, ante. p. 162.