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Provision for redemption of annuities payable in respect of branch railways to dockyards.
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8. [Preamble recites agreements mentioned in Third Schedule, as to payment of annuities to certain railway companies in respect of the construction of certain branch railways to dockyards]:—
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(1) The Commissioners for the Reduction of the National Debt may, out of any funds for the time being in their hands on account of savings banks, lend to the Admiralty, and the Admiralty may borrow from those Commissioners such money as may be required for redemption of the said annuities or any of them, on such terms as to interest, sinking fund, and period of repayment as may be agreed on between those Commissioners and the Admiralty with the approval of the Treasury.
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(2) The sums so advanced by those Commissioners shall be repaid out of the moneys provided by Parliament for naval services, and if and so far as those moneys are insufficient, shall be charged on and payable out of the Consolidated Fund or the growing produce thereof.
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