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RAILWAY COMPANIES (IRELAND) TEMPORARY ADVANCES ACT 1866
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CHAPTER XCV.
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An Act to enable the Public Works Loan Commissioners to make temporary Advances to Railway Companies in Ireland. [10th August 1866.]
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[Preamble.]
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Short title.
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1. This Act may be cited as “The Railway Companies (Ireland) Temporary Advances Act, 1866.”
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[S. 2 (power to charge moneys upon the Consolidated Fund to be at disposal of Public Works Loan Commissioners for the purposes of this Act) rep. 56 & 57 Vict. c. 14, (S.L.R.)]
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Powers of Public Works Loan Acts extended to this Act.
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3. All the several clauses, powers, authorities, provisoes, enactments, directions, regulations, restrictions, privileges, priorities, advantages, penalties, and forfeitures contained in and conferred and imposed by the said Acts or any of them, so far as the same may be made applicable and are not varied by this Act, shall be taken to extend to this Act, and to everything to be done in pursuance of this Act, as if the same were herein repeated and set forth.
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Power to make advances of money to railway companies in Ireland.
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4. The Commissioners may, out of the money for the time being at their disposal under this Act, from time to time lend to any railway company in Ireland, and any such railway company may from time to time borrow from the Commissioners, such sums as may be agreed upon, subject and according to the following provisions :
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. . . . . . . . . . . . . .
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2. The interest made payable on each loan shall be at such rate as the Treasury shall from time to time direct, but not less than four pounds per cent, per annum, nor less than the rate of interest payable on the principal money in discharge whereof the loan is applied: Provided, that under special circumstances the Treasury may by warrant direct interest to be payable at a rate lower than such last-mentioned rate, but in such case a copy of each warrant shall be laid before Parliament :
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3. The repayment of every loan, with the interest thereon, … shall be secured by a debenture or other security issued under the Acts of Parliament regulating the company to which the loan is made; and such payment may be further secured in any mode to be agreed on between the company and the Commissioners, but it shall not be obligatory on the Commissioners to require any other security besides the debenture :
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. . . . . . . . . . . . . .
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Power to appoint receiver of tolls in default of payment of principal or interest for six months.
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5. It the expiration of six months after the same shall have become due, the Commissioners may, by order in writing under the hands of any three of them, appoint some person to receive the whole or a competent part of the tolls or sums liable to the payment of such interest, or such principal and interest, as the case may be, until such interest, or such principal and interest, as the case may be, together with all costs and expenses incurred by the Commissioners, including the expenses of receiving the tolls or sums aforesaid, be fully paid; and upon such appointment being made all such tolls and sums of money as aforesaid shall be paid to and received by the person so to be appointed; and after such interest and costs, or such principal, interest, and costs, have been so received, the power of such receiver shall cease.
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In default of payment for twelve months, undertaking vested in secretary of Public Works Loan Commissioners, by way of mortgage for securing payment of all principal and interest due undersecurities duly issued, &c . before such mortgage takes effect.
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6. If any principal money or interest secured by any debenture or other security given under this Act shall remain unpaid after the expiration of one year after the same shall have become due, then the whole undertaking of the company by whom such debenture or security was given, and all their lands, works, rolling stock, and other property and effects of every kind, shall immediately on the expiration of such one year become vested in the secretary of the Public Works Loan Commissioners, freed from all mortgages, charges, or incumbrances whatsoever affecting the same, but by way of mortgage for securing payment of the principal monies and interest due and to become due under all debentures or other securities duly issued and registered by the company before the mortgage under this section takes effect, in the same order and priority, and with the same benefit of special security (if any) duly given, as may be then subsisting; and by virtue of the mortgage effected under this section the Commissioners shall, under their several Acts, have, as against the company, all the same powers, rights, and privileges as if such mortgage had formed the first charge on the property of the company, and had been originally made under the several Acts relating to the Commissioners for securing the amount of a loan advanced under those Acts, and default had been made in payment of the principal and interest due in respect of such loan.
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Application of moneys recovered or received in respect of any mortgage under last preceding section.
11 & 12 Vict. c. 68.
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7. The moneys recovered or received by the Commissioners in respect of any mortgage which shall take effect under the last preceding section shall be applied as follows :
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1. In payment of all costs, charges, and expenses incurred in executing or putting in force any powers or rights conferred by the mortgage, or in realizing the property mortgaged, or in the recovery, application or distribution of the money received or secured thereunder, or otherwise in reference thereto :
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2. In payment of the amounts due under all debentures or other securities duly issued and registered by the company before the mortgage took effect, in the same order and priority, and with the same benefit of special security (if any) duly given, in the same manner, in all respects, in which such amounts would be payable out of the assets of the company in case no mortgage had been effected under the last preceding section :
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3. The surplus may be paid to the company, or may be paid by the secretary of the Commissioners into the Bank of Ireland, to the credit of the Accountant General of the Court of Chancery in Ireland, “The Account of the Surplus Capital of the Company (naming the company),” pursuant to the provisions of the [1]
Act of the eleventh and twelfth years of Her Majesty, chapter sixty-eight, intituled “An Act for extending to Ireland an Act passed in the last session of Parliament, intituled ‘An Act for better securing trust funds, and for the relief of trustees’ ”; and for the purpose of any such payment into Court the secretary of the Commissioners shall be deemed a trustee of such surplus within the meaning of the said Act :
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4. Such orders as shall seem fit shall from time to time be made by the Court of Chancery in Ireland, under the said last-mentioned Act, for payment and distribution of such surplus or any part thereof to the company, or to or among any companies or persons entitled to such surplus or any part thereof.
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Securities under this Act declared valid.
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8. Every debenture or other security given by any company for a loan under this Act shall be deemed to be a debenture or security issued in accordance with the Acts regulating the company, and shall not be rendered invalid by any want of compliance with the provisions of such Acts, or by any other omission or informality whatever.
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Exemption from stamp duty.
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9. No debenture or other security executed for securing payment of any loan under this Act shall be liable to any stamp duty whatever.
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[1 11 & 12 Vict. c. 68. is rep., 56 & 57 Vict. c. 53, s. 51. See now that Act.] |
