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Instead of obligations to the King, bonds may be made to the secretary of commissioners.
Writing obligatory to the King to be entered into when required by the Treasury.
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6. Notwithstanding any thing in the said recited Act to the contrary, it shall not be necessary in any case, except as hereinafter mentioned, for any party to whom any loan shall be made in pursuance of the provisions of the said recited Act and of this Act, or of either of them, to execute any writing obligatory to our sovereign lord the King; but in lieu thereof any party who would have been liable to execute any such writing obligatory to our sovereign lord the King shall and is hereby required, before any payment shall be made in respect of any loan to be made under the provisions of the said recited Act and of this Act, or of either of them, to make and enter into, or cause some sufficient persons or person, to the satisfaction of the said commissioners, to make and enter into, a bond or obligation in writing to the secretary for the time being of the said commissioners, together with a warrant of attorney for confessing judgment thereon (the entering of which judgment shall be in the discretion of the said commissioners), whereby the obligors or obligor therein named shall bind themselves, himself, or herself, their, his, or her heirs, executors, or administrators, in such penalty as the said commissioners shall direct; and such bond or obligation shall be conditioned to be void if the parties or party to whom any loan shall be made in pursuance of the provisions of the said recited Act and of this Act, or either of them, shall apply or cause to be applied all the money so to be advanced at such times and in such manner and for such purposes as shall be specified in any agreement which shall have been or shall hereafter be entered into between such parties or party and such commissioners for that purpose, and shall, so often as may be required by the said commissioners, lay before them a statement of the application of the money advanced, and of the progress and state of the work mentioned in such agreement, and of such further sums as may be necessary for the completion thereof, together with all contracts which may have been entered into with reference to the execution of such work, and all accounts and vouchers in any way relating thereto, and shall keep and perform all such other covenants and conditions as the said commissioners shall prescribe and require to be inserted in such bond or obligation: Provided nevertheless, that if in any case the Treasury shall think fit to require that a writing obligatory to our sovereign lord the King should be entered into by or by any sufficient sureties or surety on behalf of any party by or on whose behalf any loan shall be applied for as aforesaid, then and in such case the said commissioners shall and they are hereby authorized to require from such party, or sufficient sureties or surety, such writing obligatory to our sovereign lord the King as is by the said recited Act directed to be taken; and all the provisions contained in the said recited Act as to any writing obligatory to our sovereign lord the King, and the remedies for putting the same in force, shall be in full force and effect as against such party, or sureties or surety, their, his, or her heirs, executors, administrators, or assigns, and their, his, or her estate and effects, any thing in this Act to the contrary notwithstanding.
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