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An Act to amend, so far as regards Advances for the Purposes of the Harbours and Passing Tolls, &c. Act 1861, certain of the Acts authorizing the Advance of Money out of the Consolidated Fund for carrying on Public Works and Fisheries and Employment of the Poor.
[28th July 1863]
Modifications etc. (not altering text)
Notwithstanding any provision to the contrary contained in the Acts herein-before mentioned, or in any other Act or Acts passed or to be passed relating to the Public Works Loan Commissioners, it shall be lawful for the Commissioners from time to time to grant priority of security, as well for principal as interest, in respect of any loan made or to be made to any harbour authority by any person or persons other than the Commissioners, over any security which has been or shall be given to the Commissioners by such harbour authority; provided, that the grant of such priority will not, in the opinion of the said Commissioners, affect the sufficiency of the security given or to be given to the Commissioners.
Such grant of priority shall not give any force or validity to any security which could not have been legally given if this Act had not been passed: Provided nevertheless, that where any harbour authority has, independently of the M1Harbours and Passing Tolls, &c. Act 1861, the power to borrow and secure money to a limited amount only, it shall be lawful for the Commissioners, if they think proper, to cause to be inserted in any deed or other instrument made or executed to secure an advance by them to such harbour authority, a declaration that such advance shall not be taken as part of such limited amount; and thereupon and notwithstanding such advance, money to the full extent of such limited amount may be borrowed and secured in addition to the sum secured by the deed or instrument containing the declaration aforesaid; and the fact of the secretary for the time being of the Commissioners being a party to such deed or instrument, and being the person to whom the security is made, shall be conclusive evidence that any such declaration as aforesaid was inserted therein by the authority of the Commissioners.
Marginal Citations
The priority by the first section of this Act authorized to be granted, may be granted either by the deed or instrument whereby the security to the Public Works Loans Commissioners is made, or from time to time by any other deed or instrument in writing under the hand of the secretary for the time being of the Commissioners; and such priority may be so granted either absolutely or subject to any terms and conditions which the Commissioners may think proper to impose.
Where any debt due from a harbour authority has or shall have priority over any security made or to be made for any loan by the Public Works Loan Commissioners to the same harbour authority, then, notwithstanding any provision to the contrary contained in the Acts herein-before mentioned, or in any other Act or Acts passed or to be passed relating to the Public Works Loan Commissioners, it shall be lawful for the same harbour authority from time to time to borrow money to be applied in paying off any debt for the time being having such priority as aforesaid, and to grant and give security for such money similar to the security which had previously existed for the debt paid off; and all securities for money so borrowed and applied shall have the like priority as the security for the debt paid off thereout previously had.
This Act may be cited as “The Public Works and Fisheries Acts Amendment Act 1863.”
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