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One third of estimated cost of work to be secured.
Loan only to amount to two thirds of purchase money of glebe.
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4. The person or persons to whom such loans shall be granted for the execution of any work shall previously expend, secure, or deposit, in such manner as the said Commissioners of Public Works shall direct, a sum equal to not less than one third of the estimated cost of the construction of the proposed work; and no person or persons shall, for the purpose of purchasing any glebe or discharging any debt incurred before the passing of this Act in the purchase of any glebe, be granted by way of loan a sum greater than two thirds of the purchase money to be paid or already paid for such glebe.
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