6. Advances under Public repayable within 20 years, at such rate of inte rest as in cases 1 & 2 W. 4, c. 33, s. 32. 5 AND whereas by the said recited Act of the first and second years of the reign of his late Majesty King WILLIAM the Fourth, it is amongst other things enacted, that it shall and may be lawful for the Commissioners for the execution of the said recited Act to make advances in aid of the drainage, embankment, reclaiming, or other Public Works improvement of land on the credit of mortgages, assignments, or other assurances of the estate and interest, freehold or leasehold, in such land which is to be the subject of such drainage, embankment, reclamation, of other Loans. or other improvement: Provided always, That it shall be made out to the satisfaction of such Commissioners by competent evidence, accompanied 10 by the certificate of a skilful engineer or surveyor, approved of by the said Commissioners, that such drainage, embankment, reclamation or other improvement, when completed, will increase the value of such land in the proportion of at least Ten per centum on the sum proposed to be expended thereon; and that a contract, with Two good and sufficient sureties, to be approved of by the said Commissioners, shall be previously made and entered into for the full and complete execution of such drainage, embankment, reclaiming or other improvement, at and for a sum not exceeding the amount of the advance sought therefor, within a period to be fixed by the said Commissioners, not exceeding 20 Seven Years from the date of such advance; and that in all such cases the whole amount of such advance shall be made repayable within Three Years next after the period so fixed for the completion of such drainage, embankment, reclaiming or other improvement, with interest thereon in the meanwhile, at a rate not less than Five Pounds per 25 centum per annum, payable half-yearly, as the said Commissioners 16. 15 35 6 & 7 Will 4, shall fix and appoint: AND whereas the provisions of the last-recited c. 108, s. 3 & Act as to Loans are in part amended by an Act of the sixth and seventh years of the reign of King WILLIAM the Fourth, for the amendment of the said last-recited Act; but it is expedient that further encourage- 30 ment should be given for the improvement of lands, by enabling parties to obtain such advances on more favourable terms, and that for such purpose the aforesaid provision should be further amended; BE it therefore Enacted, That it shall and may be lawful for the Commissioners of Public Works in Ireland, if they shall so think fit, to make any loan or advance, as aforesaid, in aid of the drainage, embankment, reclaiming or other improvement of land, upon application duly made conformably to the provisions of the said recited Act of the first and second years of the reign of King WILLIAM the Fourth, and any other Acts amending the same, and this Act, in relation thereto, and which may be approved of by the said Commissioners, and by the Commissioners of Her Majesty's Treasury, or any Three or more of them, upon the terms and conditions that the whole amount of such loan or advance shall be made repayable within such time or times, not exceeding Twenty Years after the period so fixed as aforesaid, for the completion of such drainage, embankment, reclaiming or other improvement, at such rate 40 of 5 of interest in the meanwhile, payable half-yearly, as by the said lastrecited Act, or any Acts amending the same, is provided with respect to any other advances by way of loan thereunder, any thing in the said last-recited Act, or the other Acts amending the same, requiring a different period of repayment, or a higher or other rate of interest on any loan or advance for any such drainage, embankment, reclamation or other improvement to the contrary notwithstanding: Provided always, That any such loan or advance shall be subject to the several provisions, regulations and enactments in the said last-recited Act, 10 and the other Acts amending the same, contained in relation to any loan or advance thereunder, so far as the same are applicable, and shall not be varied by this Act. AND whereas by reason of such advances in aid of permanent improvements of lands, great benefit may be expected to accrue to the 15 proprietors thereof, and the value thereof to be considerably increased; and it is expedient to enable tenants for life, and others having only particular estates, and persons under legal disability or incapacity, to charge money on such estates for the purposes of such improvements; BE it therefore Enacted, That it shall and may be 20 lawful for any corporation, lay or ecclesiastical, sole or aggregate, and for the husbands, trustees, committees or attornies of, or for the owners or proprietors of, or any company or companies, or the directors thereof for the time being interested in, any part or parts of any such lands, in or for, or in aid of the drainage, embankment, reclaiming or 25 other improvement of which any such loan or advance shall be agreed to be made by the said Commissioners of Public Works, in pursuance of the said last-recited Act, or the other Acts amending the same, and this Act, being under coverture, minors, lunatics, or beyond the seas, or otherwise incapable of acting for themselves, and to and for every of them for the time being, and to and for the owners and proprietors of all such lands, being tenants in tail or for life, or tenants in tail after possibility of issue extinct, or tenants in dower, and to and for every of them respectively for the time being, by indenture or indentures under their respective hands and seals, from time to time, and to which indenture or indentures One of the said Commissioners shall be an executing party, and before obtaining any advance on account of such loan from the said Commissioners, to charge the said lands with any sum or sums of money which the said Commissioners shall agree to advance or shall advance in or for, or in aid of any such drainage, 40 embankment, reclaiming, or other improvement thereof as aforesaid, and for securing the repayment by instalments of such sum or sums of money which the said Commissioners shall so agree to advance, or shall advance, with interest from the date of the advance thereof, to grant, mortgage, lease or demise, or otherwise subject the said lands unto the said Commissioners of Public Works, or to the Secretary of the said Commissioners 30 35 5. C 8. Such ad vances to be made by in stalments not 9. Advances not to exceed £.5,000 in case of inca sons without the sanction 5 missioners in trust for them, either in fee or for any term of years, so And be it Enacted, That every loan or advance to be made by the said Commissioners of Public Works for any such last-mentioned works or improvements as aforesaid, under the provisions hereof, shall be made by instalments not exceeding Five hundred Pounds in 30 amount at any one time; and that no second or subsequent instalment of any such loan shall be advanced until it shall have been proved to the satisfaction of the said Commissioners that the preceding instalment has been properly applied towards such work or improvement, pursuant to the application for such work, approved by the said Commis- 35 sioners. And be it Enacted, That any loan or advance that shall be made by the said Commissioners for any such work or improvement as aforepacitated Per- said, under the said provisions hereof, to any person being entitled to any estate only as tenant for life or in tail, or being under any legal 40 of a Court of disability or incapacity, shall not exceed in the whole the sum of Five Equity. thousand Pounds, unless the sanction of a Court of Equity shall be obtained to a larger advance than Five thousand Pounds to be charged on such estate; for which purpose it shall be lawful for the party seek ing ing such advance to apply to the High Court of Chancery or to the Court of Exchequer in Ireland, by petition, specifying the improvement proposed to be made, the estimated cost thereof, and the yearly value, and other circumstances of the estate proposed to be charged; 5 and every such petition shall be referred to a Master of the said Court of Chancery, or to the Remembrancer of the said Court of Exchequer, to inquire into and ascertain the propriety of such improvement, and of the proposed charge on such estate; and if, upon the report of such Master or Remembrancer, it shall appear to the satisfaction of the 10 said Court that the proposed improvement and charge upon such estate would be proper and judicious, and advantageous to the person or persons entitled in possession, and in reversion or remainder to such estate, it shall be lawful for such Court, by its order, to declare that it shall be lawful for the said Commissioners of Public Works to 15 make a limited advance exceeding Five thousand Pounds in aid of such improvement, if they shall so think fit, and to cause the same to be charged upon the said estate, pursuant to the provisions hereof as aforesaid; whereupon it shall be lawful for the said Commissioners, if they shall deem it fit and right so to do, to make such advance and 20 cause such charge to be made upon such estate, subject nevertheless to the several provisions, regulations and enactments of the said recited Act of the first and second years of the reign of King WILLIAM the Fourth, and the other Acts amending the same, in relation to advances of the like nature, save and except so far as the same may be varied 25 by this Act. 1 & 2 W. 4, c. 33, s. 15, 16, 17. 10. In case of of, or neglect misapplication to apply, any such Loan to And be it Enacted, That if default shall be made in the due application of any instalment of any loan or advance made for the purpose of any such drainage, embankment, reclamation or other improvement, or in case the party or person to whom any such loan or advance may 30 have been so agreed to be made, or the person entitled for the time being to the rents and profits of the lands which may be the subject of such drainage, embankment, reclamation or other improvement, shall omit or neglect to proceed with the completion of such drainage, complete the embankment, reclamation or other improvement, it shall and may be 35 lawful for the said Commissioners to proceed for the recovery of any such instalment, loan or advance, or any part thereof, with the interest due thereon, and to stop all further advances or loan in respect of such work, or it shall and may be lawful for the said Commissioners, or any person authorized by them for that purpose, if they shall so think fit, to 40 enter upon such lands, and proceed to complete the drainage, embankment, reclamation or other improvement of such lands, according to the original plan and specification which may have been agreed upon for the same, or according to such other plan and specification as the said Commissioners may think proper; and out of the residue of the monies so agreed to be advanced by, and then remaining in the hands the purpose agreed upon, the Commisrecover the sioners may advances made, or may Works. 11. Act may be amended, &c. this Session. of, the said Commissioners, to complete and finish such drainage, em- And be it Enacted, That this Act may be amended or repealed by any Act to be passed in this present Session of Parliament. |