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Incorporated companies for improvement of land in Ireland empowered to borrow money from the commissioners.
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9. And whereas societies or companies incorporated by an Act of Parliament or established by charter, in Ireland or in England, for the improvement of land in Ireland, or for reclaiming land in Ireland, may be desirous of applying for advances of money under the provisions of this Act and the Acts herein recited, but doubts may arise whether such societies are within the provisions of the Acts herein recited, and whether they are authorized to borrow money, by reason of the absence of special authority in their Acts or charters of incorporation, or by reason of the powers to borrow therein contained not having arisen or being inapplicable to the securities which must be taken under the said recited Acts and this Act: Be it enacted, that it shall and may be lawful for the trustees or directors of any such society or company incorporated by Act of Parliament or by royal charter for the improvement of land in Ireland, or for reclaiming land in Ireland, to convene a special general meeting of the shareholders, with such notice as may be required by the respective Act or charter of incorporation, and specifying in such notice the object of such meeting, and to submit to such meeting a proposition for borrowing money under the provisions of this Act; and if the majority of the shareholders present at such meeting shall authorize the directors to borrow a sum of money under the provisions of this Act, it shall and may be lawful for the said commissioners of public works, if they shall think fit, upon the application of the trustees or directors of such society or company, to advance any sum of money not exceeding the sum by such resolution of the special meeting authorized, upon the security herein-after mentioned; and such trustees or directors shall and may mortgage, assign, or charge all or any part of the property of such society or company, or all or any of the interests of such society or company in the leases of lands which they may have taken for the purpose of improvement, or the monies to arise from the sale, letting, or disposal of such lands or any of them, for securing the repayment, according to the provisions of this Act, of the money so advanced, with interest, although such society or company may not have power, independently of this Act, to borrow money, or may have special powers of borrowing which shall not have arisen; and the securities made under the provisions of this Act shall, so far as respects the property therein comprised, have priority over all mortgages or charges subsequent in date and registry, any provisions in the Acts or charters of incorporation of such societies or companies notwithstanding.
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