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Merchant Shipping Act, 1894
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Mortgage of General Lighthouse Fund for lighthouse expenditure

662.[2] —(1) The Board of Trade may mortgage the [1] Mercantile Marine Fund and any dues, rates, fees, or other payments payable thereto, or any part thereof, for the purpose of the construction and repair of lighthouses or other extraordinary expenses connected with the services of lighthouses, buoys, and beacons.

(2) Any mortgage under this section shall be made in such form and executed in such manner as the Board of Trade may direct.

(3) A person lending money on a mortgage under this section shall not be bound to inquire as to the purpose for which the money is raised or the manner in which it applied.

[2 Extended to colonial lights, by 61 & 62 Vict. c. 44. s. 2 (4).]

[1 Now the General Lighthouse Fund; see 61 & 62 Vict. c. 44. s. 1 (1) (c).]