III. And be it enacted, That this Act may be amended or Act may be repealed by any Act to be passed during the present Session of amended, &c. Parliament. CA P. LXIII. An Act to provide for the Redemption of an Annuity of George the First, intituled An Act for settling certain 5 G. 1. c. 20. yearly Funds payable out of the Revenue of Scotland, to satisfy 'public Debts in Scotland, and other Uses mentioned in the Treaty of Union, and to discharge the Equivalents claimed on behalf of Scotland in the Terms of the same Treaty, and for obviating all 'future Disputes, Charges, and Expenses concerning those Equi. valents, it was enacted, that every Year the full Sum of Ten 'thousand Pounds should be One yearly Fund for the several 'Purposes in such Act expressed, and should continue payable for 'ever, subject nevertheless to Redemption by Parliament according to the Proviso therein-after contained, and that the said ' yearly Fund, during the Continuance thereof, should be charged upon and be paid out of the Monies arisen and to arise from Time to Time of or for any the Customs, Duties, Excises, or 'Revenues therein mentioned; and it was further enacted, that it should be lawful for the King's Majesty to incorporate all the Proprietors of certain Debts and Sums of Money therein ' mentioned, making Two hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, and all 'Persons, Bodies Politic and Corporate, which at any Time or 'Times thereafter should have or be entitled to any Part, Share, or Interest of or in the said Capital Sums amounting to Two ' hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, so long as they respectively should have any Part, Share, or Interest therein, to be One Body Politic and Corporate by such Name as the King's Majesty should think most proper, and that the said Corporation should have per'petual Succession (subject nevertheless to such Redemption as 'therein-after appointed in that Behalf); and it was by the said Act enacted, that the said Capital Sums amounting to Two 'hundred and forty-eight thousand five hundred and fifty Pounds ' and Nine-pence Halfpenny should be and be deemed to be the Capital or Joint Stock of the said Corporation, and that the 'Shares and Interests of the particular Members of and in the same ⚫ from Time to Time should be assignable, transferable, and devise'able in such Manner as the King's Majesty by the said Letters ⚫ Patent should prescribe and appoint, until the Redemption thereof; ' and it was thereby enacted, that from and after the granting such 'Letters Patent the said Fund of Ten thousand Pounds 'should be paid to the same Corporation, or to their Cashier for ⚫ the Time being for their Use, and to be divided and distributed to and amongst the several Members thereof according and in proportion to their respective Shares of and in the said Capital or "Joint Stock of the same; and it was thereby provided, that at any • Time, per Annum Redemption Money to be paid into the Bank of England. 6 Time, upon Payment by the Parliament of Great Britain of the 'said Capital Sum of Two hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, without any Deduction or Abatement whatsoever to be made out of the same or any Part thereof, and of all Arrears of the said yearly Fund of Ten thousand Pounds then due, computing the same quarterly till the End of the then next preceding Quarter of a Year, and from thenceforth by the Day until the Day of such Payment made, (if any such Arrears were,) then and from thenceforth the said Fund of Ten thousand Pounds per Annum should " cease and determine; and by the said Act Provision is made for Payment to the said Corporation, until the said annual Sum of • Ten thousand Pounds should be redeemed, of the further annual Sum of Six hundred Pounds, for and towards the Charge of Management and other necessary Charges in receiving and dis'tributing of the said Annuity of Ten thousand Pounds payable to the said Corporation and the several Members thereof: And whereas in pursuance of the said Act His said Majesty King George the First did, by Letters Patent under the Great Seal, bearing Date at Westminster the Twenty-first Day of November in the Eleventh Year of the Reign of His said Majesty, grant and appoint that all Persons, Bodies Politic and Corporate, who then were Proprietors of the Debts and Sums of Money stated to amount to the said Principal Sum of Two hundred and forty-eight thou'sand five hundred and fifty Pounds and Nine-pence Halfpenny, and who thereafter should have or be entitled to any Part, Share, or Interest of or in the said Capital Sum, should be One Body Politic and Corporate by the Name of the Equivalent Company, and by that Name should have perpetual Succession, subject to 'such Redemption as in the said Act and therein appointed in that Behalf; and in such Letters Patent it is provided, that upon Payment by the Parliament of Great Britain of the said Capital Sum of Two hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, and of all Arrears of the 'said yearly Fund of Ten thousand Pounds, then and from thenceforth the Grant now in recital, and the Corporation thereby 'created, should cease, determine, and be utterly void: And 'whereas it is desirable that the said yearly Fund should be redeemed, and that the said Equivalent Company should be enabled to receive the said Sum of Two hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, and to distribute the same among the Persons entitled to Shares in their Capital or Joint Stock, according to their respective Rights and Interests:' Be it therefore enacted by the Queen'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, That it shall be lawful for the Commissioners of Her Majesty's Treasury, out of the growing Produce of the Consolidated Fund of the United Kingdom of Great Britain and Ireland, to cause to be paid into the Bank of England, to the Credit of the said Equivalent Company, the Sum of Two hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, and all Arrears (if any) of the said yearly Fund of Ten thousand Pounds until the Day Day of such Payment into the said Bank, which Payment shall be deemed a due Payment by Parliament of the said Capital Sum and Arrears, according to the Provisions of the said recited Act; and upon such Payment as aforesaid, the said Fund of Ten thousand Pounds, and the said further annual Sum of Six hundred Pounds, shall cease to be payable. II. And be it enacted, That the said Equivalent Company shall, Equivalent during Twelve Calendar Months next after Payment as aforesaid Company to of the said Sum of Two hundred and forty-eight thousand five continue a Corhundred and fifty Pounds and Nine-pence Halfpenny, and of such Purpose of Disporation for the Arrears (if any) as aforesaid, continue to be a Body Politic and tribution of Corporate for the Purpose of winding up the Affairs of the said Redemption Company, realizing the Property and Effects thereof, discharging Money. its Liabilities, and dividing and distributing the Money to be paid into the said Bank as aforesaid, and other the clear Property and Effects of the said Company or the Produce thereof, to and amongst the several Members thereof, according and in proportion to their respective Shares of and in the Capital or Joint Stock of the said Company; and the Persons who at the Time of such Payment as aforesaid into the said Bank are Members of the said Corpora tion, and the Persons who at such Time are the Directors of the said Corporation, or the Survivors of them, shall during the said Period continue such Members and Directors respectively, notwithstanding the Receipt by any of them of their Shares or Proportions of or in the said Sum of Two hundred and forty-eight thousand five hundred and fifty Pounds and Nine-pence Halfpenny, and the said Company and such Members and Directors respectively shall, during the Period and for the Purposes aforesaid, have, exercise, and enjoy all such Powers and Privileges as by and under the said recited Act and Letters Patent are conferred on such Company and the Directors and other Members thereof, anything in the said recited Act or Letters Patent to the contrary notwithstanding. III. And be it enacted, That this Act may be amended or Act may be repealed by any Act to be passed in the present Session of Parlia- amended, &c. ment. CA P. LXIV. An Act to provide for more effectually maintaining, repairing, improving, and rebuilding Bridges in Cities and Boroughs. [14th August 1850.] WHEREAS it is expedient that all Bridges in any City or Borough which such City or Borough, and not the County in which such City or Borough is situate, is legally bound to 'maintain and repair should be under the sole Management and ⚫ Control of the Council of such City or Borough: And whereas 'it is also expedient that such Council of such City or Borough 'should in certain Cases be empowered to borrow on the Security ' of the Rate of such City or Borough the Money which may from 'Time to Time be required for the Purpose of maintaining, alter'ing, widening, repairing, improving, and rebuilding such Bridges:' Be it therefore enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Tem poral, Providing for porate Cities or Councils may direct Payment of necessary Amount of Money out of Rates. Councils may borrow Money for the Purpose of maintaining or rebuilding Bridges. poral, and Commons, in this present Parliament assembled, and by the Authority of the same, That from and after the passing of this Act every Bridge which is either wholly or in part within the Limits of any City or Borough in which there is or shall be a Body Corporate, of Mayor, Aldermen, and Burgesses, under the Provisions of an Act passed in the Sixth Year of the Reign of His late Majesty, intituled An Act to provide for the Regulation of Municipal Corporations in England and Wales, or of any Charter granted in pursuance of that or of any subsequent Act, and which Bridge such City or Borough, and not the County in which such City or Borough is situate, is legally bound to maintain or repair, shall, as to the whole of such Bridge, if the same is wholly within the Limits of such City or Borough, or as to such Part as is within the Limits of such City or Borough, if Part only is within such Limits, be maintained, altered, widened, repaired, improved, or rebuilt under the sole Management and Control of the Council of such City or Borough. II. And be it enacted, That for the Purposes of this Act such Council of any such City or Borough, at any Meeting of such Council, shall have and may exercise all the Powers which the Justices of the Peace of any County at their General or Quarter Session of the Peace, or at any other Time, now have and may exercise with respect to any County Bridge, or as near thereto as the Nature of the Case will admit; and that it shall and may be lawful for such Council, and they are hereby empowered, to order and direct that such Sum or Sums of Money as shall be necessary for the Purposes aforesaid shall be paid out of the Rate of such City or Borough, by the Treasurer for the Time being of such City or Borough, at such Times and in such Manner as to the said Council shall seem fit: Provided always, that it shall not be neces sary for the Council of any such City or Borough to cause any Notice to be given or published in any Newspaper in any Case in which Notice is required to be given or published with respect to County Bridges. III. And be it enacted, That when and so often as it shall appear to the Council of any such City or Borough, at any Meeting of such Council holden at any Time after the passing of this Act, that the Amount of any Estimate approved of by such Council for the main taining, altering, widening, repairing, improving, or rebuilding of any such Bridge or Bridges, or any Part thereof, or the Approaches thereto, which any such City or Borough, and not the County in which such City or Borough is situate, is legally bound to maintain and repair shall exceed the Sum of One hundred and fifty Pounds, it shall and may be lawful for such Council and they are hereby empowered, after having first entered a Statement of the Amount of such Estimate in the Minute Book of the Council, to borrow and take up on Mortgage of the Rate of such City or Borough, by an Instrument in the Form contained in the Schedule to this Act annexed marked (A.), or to the like Effect, any Sum or Sums of Money not exceeding the Amount of such Estimate, in Sums of not less than Fifty Pounds each, at Interest, as to the said Council shall appear necessary and expedient, for the Purposes aforesaid or any of them, and to secure every such Sum of Money so borrowed upon the Credit of the said Rate; and it shall and may be be lawful for such Council at any such Meeting, and they are hereby C c shall Interest on Monies borrowed to be a Charge upon the Rates. |