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Application of tolls.
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12. The tolls payable under the provisions of this Act, or the rent payable upon any lease thereof, shall be applied in manner following; (that is to say,) first, in repairing and maintaining the pier, harbour, or quay, in respect of which such tolls or rent shall be payable; and, in the next place, in defraying all the contingent expenses of the said commissioners in relation to such work; and, in the next place, in paying interest on the capital, whether private or public, expended in the execution of such work, to the parties entitled to receive the same, at a rate not exceeding five pounds per centum per annum, so far as the same will extend; and the surplus of such tolls or rent shall be in the meantime invested in public or government securities, and suffered to accumulate so as to form a fund for the future improvement of such work, and such fund shall be applied for such purpose, at such time, and in such manner, as the said commissioners shall from time to time direct, and the Treasury shall from time to time appoint.
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