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Loans may be made repayable by rentcharges at five per cent. for 35 years.
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2. It shall be lawful for the Commissioners of Public Works, upon application of any drainage board, out of any moneys in their hands available for loans, by and with the sanction of the Commissioners of Her Majesty’s Treasury, and subject to such rules, regulations, and conditions as the said Commissioners of the Treasury may think proper from time to time to make, to make loans or advances for the purposes of the said recited Acts, and to secure the repayment of the same, if they think it expedient so to do, by means of rentcharges at five per cent. per annum, payable for terms of thirty-five years, instead of by rentcharges at six pounds ten shillings per cent. per annum payable for terms of twenty-two years as by the said Acts provided; and in case any loan shall be so made to the drainage board of any district, each of the several parcels or portions of land specified in the award of the Commissioners, apportioning the consolidated sum of principal and interest amongst the respective proprietors of the said parcels or portions of land in such district and on their lands respectively (as by the said Acts provided) shall, from the date of such award, become charged with the payment to Her Majesty of an annual rentcharge of five pounds for every one hundred pounds charged on such parcels or portions of land respectively, and so in proportion for any lesser amount, to be payable for the term of thirty-five years, to be computed from the fifth day of April or tenth day of October which shall next happen after the making of such award, such rentcharge to be paid by equal half-yearly payments on the fifth day of April and tenth day of October in every year, the first of such payments to be made on the second of such days which shall happen after the date of such award.
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