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Commissioners to grant Debentures to Lenders for Principal and Interest.
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VI. And be it enacted, That from and after the passing of this Act, in all Cases of Monies to be borrowed and taken up the said recited Acts and this Act, it shall and may be lawful Security in the Form of Debenture for such Monies, under the Hands and Seals of the said Commissioners, to every Person who shall advance any Sum of Money for the Purposes of the said recited Acts or this Act, every such Debenture being numbered in the Order of its Execution by the Commissioners, and setting forth the Amount of the Sum for which each such Debenture is issued, and the Rate of Interest payable for the same, and the Period to expire before the same shall upon Notice become payable, with a Reference to the Land for the Drainage or Improvement of which, or River for the Navigation of which, or the Reservoir or other Work for the Construction of which, such Sum shall have been so borrowed or taken up, and the District within which the same, or any of them, may be situate; and that every such Debenture shall be made in the following Words, or as near thereto as the Circumstances of the Case will admit:
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Drainage, Navigation and Water Power, in Ireland, 5 and 6 Victoria, c. 89, 8 and 9 Victoria, c. 69, and 9 Victoria, c.
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By virtue of an Act passed in the Sixth Year of the Reign of Her Majesty Queen Victoria, intituled An Act to promote the Drainage of Lands, and Improvement of Navigation and Water Power in connexion with such Drainage, in Ireland, and also of Two other Acts passed in the Ninth Year of the Reign of Her said Majesty, amending the same, we, the undersigned, being Two of the Commissioners for the Execution of the said Acts, in consideration of the Sum of Sterling to us lent and paid by do hereby certify, and it is hereby witnessed, that the Monies to become payable to the said Commissioners for the Execution of the said Acts under their final Award, for and in respect of the Drainage, Improvement, Navigation, Construction of Reservoir, [or other Work, et cœtera, et cœtera, as the Case may be,] in the District of in the County of particularly mentioned, described, and referred to in the Declaration [or final Notice, as the Case may be,] made on the Day of by of the said Commissioners, [or issued and published, in the Case of final Notice, as the Case may be,] and deposited and registered, pursuant to the said Acts or this Act, are hereby charged with the Repayment of said Sum of such Repayment to be made to the said or other the Person entitled thereto, by Endorsement hereon, in One Payment, at such Time after the Expiration of Years from the Date hereof as may be appointed by the said Commissioners pursuant to Notice to be given for that Purpose, with Interest at and after the Rate of per Centum per Annum, such Interest to commence and to be computed from the Day of the Date hereof, and be payable half-yearly, on each First Day of January and First Day of July, until the Principal Sum shall be repaid, or be repayable pursuant to Notice as aforesaid, which Sum so lent and advanced by the said was taken up and borrowed by us for the Purposes of said Acts. In witness whereof we have hereunto set our Hands and Seals, this Day of
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And the Monies mentioned in each such Debenture, with the Interest thereon, shall be charged upon and repayable and paid by the said Commissioners out of the Monies which shall come to their Hands under the final Award to be made by the said Commissioners in respect of the Lands or District for or in respect of which such Monies shall have been borrowed; and any such Debenture may be transferred by Endorsement thereon, in like Manner and subject to like Provisions and Regulations as by the said secondly-recited Act any Certificate of Loan may be transferred; and all Persons to whom such Securities shall be so given, or other Person entitled thereto by Endorsement thereon as aforesaid, shall be entitled to the Monies accruing and payable under such final Award, according to and in the Order of the Number of each such Debenture as aforesaid, any thing in the said recited Acts, or any of them, to the contrary notwithstanding: Provided always, that all the Provisions in the said recited Acts contained with respect to Certificates of Loan thereunder shall, save so far as the same are altered or varied by this Act, and subject to such Alteration or Variation, be deemed and construed to extend and shall be applied to any such Debentures as aforesaid: Provided also, that nothing herein contained shall be deemed, construed, or taken to extend to make the said Commissioners, or any of them, personally, or their respective Lands or Tenements, Goods and Chattels, liable to the Repayment of any of the Monies to be borrowed or secured in pursuance of this Act.
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