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Commissioners of public works may make advances in aid of drainage or improvement of land, repayable within 20 years, as in case of other loans under 1 & 2 Will. 4. c. 33. &c.
Advances to be subject to provisions of recited Acts.
Priority of charges for securing repayment of advances.
Priority of loans when made to persons under disability, or having limited estates only, to be obtained only on application to Court of Chancery under 8 & 9 Vict. c. 56.
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6. [Recital of 1 & 2 Will. 4. c. 33; 6 & 7 Will. 4. c. 108.] It shall and may be lawful for the commissioners of public works in Ireland, if they shall so think fit, subject to such restrictions and conditions as are herein-after provided, to make any loan or advance as aforesaid for or in aid of the drainage, embankment, reclaiming, or other permanent improvement of land, upon application duly made conformably to the provisions of the Public Works (Ireland) Act, 1831, and any other Acts amending the same, and this Act, in relation thereto, and which may be approved of by the said commissioners, and by the Treasury, upon the terms and conditions that the whole amount of such loan or advance shall be made repayable within such time or time, not exceeding twenty years after the period so fixed as aforesaid for the completion of such drainage, embankment, reclaiming, or other permanent improvement, at such rate of interest in the meanwhile, payable half-yearly, as by the said last-recited Act, or any Acts amending the same, is provided with respect to any other advances by way of loan thereunder, any thing in the said last-recited Act, or the other Acts amending the same, requiring a different period of payment, or a higher or other rate of interest on any loan or advance for any such drainage, embankment, reclamation, or other permanent improvement, to the contrary notwithstanding: Provided always, that any such loan or advance, and any charge, mortgage, assignment, or other assurance for securing the repayment thereof, shall be subject to the several provisions, regulations, and enactments in the said last-recited Act, and the other Acts amending the same, contained in relation to any loan or advance or security thereunder, so far as the same are applicable, and shall not be varied by this Act; and any such charge, mortgage, assignment, or other assurance for securing the repayment of any such last-mentioned loans under this Act shall take priority of all charges and incumbrances whatsoever and whensoever made: And provided further, that no such charge, mortgage, or other assurance to be made as last aforesaid shall have such priority as aforesaid in any case where such loan or loans shall be made, pursuant to the provisions aforesaid, to or for the use of any person or persons under any legal disability or incapacity, or being tenants for life, or having only particular or limited estates or interests in the lands whereon the same are to be charged, or whose estates therein shall be subject to any incumbrances whatever, unless, previous to the making such loan or advance, the person or persons to whom or on whose behalf the same shall be made shall have obtained the report of one of the masters of the High Court of Chancery in Ireland, authorizing such advance to be made, on a petition to be presented to the said court pursuant to the provisions of a certain Act passed in the eighth and ninth years of the reign of her present Majesty Queen Victoria, intituled “An Act to alter and amend an Act passed in the third and fourth years of the reign of her present Majesty, intituled ‘An Act to enable the owners of settled estates to defray the expences of draining the same by way of mortgage,’” and such report shall have been duly filed and absolutely confirmed according to the provisions of the same Act, and which provision shall be applicable to advances to be made under this Act in the same manner as if the same were here repeated.
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