Public Works Loans Act, 1910

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PUBLIC WORKS LOANS ACT 1910

CHAPTER 21.

An Act to grant Money for the purpose of certain Local Loans out of the Local Loans Fund, and for other purposes relating to Local Loans. [3rd August 1910.]

BE it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:

Appointment of Public Works Loan Commissioners for five years. 38 & 39 Vict. c. 89.

1. Whereas the term of office of persons who are, at the passing of this Act, Public Works Loan Commissioners under the Public Works Loans Act, 1875, will expire at the end of a period of five years from the first day of April nineteen hundred and six, and it is expedient to appoint Commissioners for a further period of five years; therefore the following persons (that is to say):—

Edward Norman, Esquire,

The Honourable Herbert Cokayne Gibbs,

Sir Herbert Barnard,

His Honour Judge O’Connor, K.C.,

The Honourable Sir Charles William Fremantle, K.C.B.,

The Honourable Evelyn Hubbard,

Francis William Buxton, Esquire,

Edward Henry Loyd, Esquire,

Frederick Greene, Esquire,

The Right Honourable Lord Hillingdon,

The Right Honourable Lord Newlands,

William Douro Hoare, Esquire,

Robert Lydston Newman, Esquire,

The Right Honourable the Earl of Chichester,

The Right Honourable William Ellison-Macartney,

Charles Cave Cave, Esquire,

Sir John Herbert Roberts, Baronet, M.P.,

Laurence Currie, Esquire,

shall, after the passing of this Act, be the Public Works Loan Commissioners under the Public Works Loans Act, 1875, and shall hold office until the expiration of five years from the first day of April nineteen hundred and eleven.

Grants for public works.

50 & 51 Vict. c. 16.

2.—(1) For the purpose of local loans, there may be issued by the National Debt Commissioners the following sums, namely:—

(a) For the purpose of loans by the Public Works Loan Commissioners, any sum or sums not exceeding in the whole the sum of five million pounds;

(b) For the purpose of loans by the Commissioners of Public Works in Ireland, any sum or sums not exceeding in the whole the sum of six hundred thousand pounds.

(2) The sums so issued shall be issued during a period ending on the day on which a further Act granting money for the purposes of those loans comes into operation and in accordance with the provisions of the National Debt and Local Loans Act, 1887.

Certain debts not to be reckoned as assets of local loans fund.

3. Whereas it is expedient that the principal of the several local loans specified in the Schedule to this Act should, to the extent specified in the last column of that Schedule, not be reckoned as assets of the local loans fund established under the National Debt and Local Loans Act, 1887; therefore, the principal of the said loans shall to that extent be written off from the assets of the local loans fund, and the provisions of section fifteen of the said Act shall, so far as applicable, apply thereto.

Remission of balance of loan advanced under 29 & 30 Vict. c. 28 to the late R. L. Cosh.

2 Edw. 7. c. 22.

4. Whereas the Public Works Loan Commissioners advanced in the years eighteen hundred and eighty-seven and eighteen hundred and eighty-eight, under the provisions of the Labouring Classes Dwelling Houses Act, 1866, sums amounting to twelve thousand pounds to Richard Lawrence Cosh for the erection of labourers’ dwellings on a site in Brook Street, Radcliffe, in the parish of St. Dunstan, Stepney, held on a long lease from the Coopers’ Company, the loan being made repayable in forty years by equal instalments of principal with interest at four per cent. per annum:

And whereas the interest and instalments of principal due in respect of the loan having fallen into arrear, the Public Works Loan Commissioners, on the tenth day of November eighteen hundred and eighty-eight, entered into possession of the dwellings, and, the weekly rents proving insufficient after payment of expenses of management, maintenance, and repairs to meet their claim for interest and principal, with the consent of the Treasury on the third day of June eighteen hundred and ninety-two, sold the property for eight thousand seven hundred and fifty pounds:

And whereas by section two of the Public Works Loans Act, 1902, the sum of three thousand one hundred and one pounds five shillings, being the difference between the outstanding balance of the loan (amounting to eleven thousand eight hundred and fifty-one pounds five shillings) and the sum so realised by the sale, was written off from the assets of the local loans fund, but remained a personal liability of the said Richard Lawrence Cosh:

And whereas the said Richard Lawrence Cosh has recently died leaving no available estate to meet the debt, which is therefore irrecoverable:

Therefore the said principal debt, so far as not repaid, together with all claims for interest thereon, is hereby extinguished, and the amount of the said debt and of any arrears of interest therein shall be deemed a free grant from Parliament.

Application of 54 & 55 Vict. c. 48. s. 25 to sales of holding by the Commissioners of Public Works in Ireland.

5. Section twenty-five of the Purchase of Land (Ireland) Act 1891 (which empowers the Irish Land Commission to obtain possession of a holding which they are entitled to cause to be sold for non-payment of any sum due to them), shall apply as if the Commissioners of Public Works in Ireland were mentioned therein, in addition to the Irish Land Commission.

Short title.

6. This Act may be cited as the Public Works Loans Act, 1910.

SCHEDULE.

Loans by the Commissioners of Public Works, Ireland.

Section 3.

(1) Loans under the Landed Property Improvement (Ireland) Act, 1847 (10 Vict. c. 32).

(2) Loans under the Land Law (Ireland) Act, 1881 (44 & 45 Vict. c. 49. s. 31).