SCHEDULE. GENERAL RULES. Transfer of Nominal Securities. (1.) A number of persons, not exceeding such number as may from time to time be directed by the local authority, may be registered as joint owners of the same nominal security, with right of survivorship between them. (2.) Unless otherwise directed by a general rule of the local authority, the instrument of transfer of any nominal security issued by a local authority shall be executed both by the transferor and transferee, and the transferor shall be deemed to remain owner of such security until the name of the transferee is entered in the register in respect thereof. (3.) The transfer books of nominal securities may be closed at such times, not exceeding twice in each year, and not exceeding fourteen days at each time of closing, as the local authority may direct. Transmission of Nominal Securities. (4.) The executors or administrators of a deceased owner of a nominal security shall be the only persons recognised by the local authority as having any title to such security. (5.) Any person becoming entitled to a nominal security in consequence of the death or bankruptcy of any owner, or in consequence of the marriage of any female owner, may be registered as owner upon such evidence being produced as may from time to time be required by the local authority. (6.) Unless otherwise directed by a rule of the local authority, any person who has become entitled to a nominal security in consequence of the death or bankruptcy of any owner, or in consequence of the marriage of any female owner, may, instead of being registered himself, elect to have some person to be named by him registered as a transferee of such security. (7.) The person so becoming entitled shall testify such election by executing to his nominee an instrument of transfer of such security. (8.) The instrument of transfer shall be presented to the local authority, accompanied with such evidence as the local authority may require to prove the title of the transferor, and thereupon the local authority shall register the transferee as owner. (9.) In the construction of this schedule the term "nominal security' means any nominal debenture, nominal debenture stock, or nominal annuity certificate. 4. Constitution, &c., of Public Works Loan Commissioners 5. Powers, &c., of Commissioners 512 513 6. Officers, and their salaries and expenses 514 7. Securities and property to vest in successor of secretary 514 8. Execution of conveyances, leases, &c., by secretary. 9. Loans for public works. 515 515 10. Interest on loan 515 17. Repayments to Commissioners to go to Consolidated Fund 18 Charge on property and priority of loan by the Commissioners 19. Charges on rate of loan and loan not to be repudiated 24. Liability of Commissioners after taking possession, &c. 520 520 520 522 522 25. Sale and mortgage by Commissioners of mortgaged premises 26. Purchaser not to see to validity of sale or application of money 28. Application of money arising on taking possession, &c. 34. Recovery of loan after the expiration of term for repayment 526 35. Security for completion of works partly finished or not commenced 36. Examination as to proper application of moneys lent 37. Suspension of payment of principal and interest 526 526 38. Change of security 526 39. Concurrence in leases, sales, &c., of mortgaged property 527 40. Power to various authorities to mortgage and levy rates 41. Regulations by Commissioners 54. Statements and regulations before commencement of Act. 55. Reference in Acts to repealed Acts. 531 Short title. Commencement of Act Extent of Act. Constitution, &c., of Public Works Loan Commissioners. 38 & 39 VICT. c. 89. An Act to consolidate with Amendments the Acts relating to [13th August, 1875.] BE it 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, as follows: Preliminary. 1. This Act may be cited as the "Public Works Loans Act, 1875" II. This Act shall, save as otherwise provided in this Act, come into operation on the first day of April one thousand eight hundred and seventy-six, which date is hereinafter referred to as the commencement of this Act. III. This Act shall extend to the Isle of Man. Public Works Loan Commissioners. IV. For the purpose of loans out of moneys issued in pursuance of this Act, and for the purpose of the execution of this Act and of any enactment passed or hereafter to be passed authorizing or referring to such loans, there shall be a body of commissioners (in this Act referred to as the Loan Commissioners), who may be styled the Public Works Loan Commissioners. Every person who may from time to time be appointed by Act of Parliament a Public Works Loan Commissioner shall, on signing the declaration in the second schedule to this Act, be deemed to be one of the Public Works Loan Commissioners under this Act. The Public Works Loan Commissioners shall held office during such period as may be authorized by any Act appointing them, and if no period is so authorized, during the period of five years after the passing of such Act, and, if at the expiration of such period successors have not been appointed, may continue to hold office until successors be appointed, subject to this qualification, that they shall not grant any new loan after the expiration of such period. Whenever any vacancy among the commissioners occurs by any commissioner dying or declining to act, or declining further to act, the remaining commissioners or a majority of them may by writing under their hands and seals, with the concurrence of the Treasury, appoint such person to fill the vacancy as seems fit, and the person so appointed shall, on signing the declaration in the second schedule to this Act, be deemed to be one of the Public Works Loan Commissioners under this Act, and shall hold office for the period during which the commissioner in whose place he is appointed would have held office. A Public Works Loan Commissioner shall not receive any salary, fee, or emolument in respect of his services as such commissioner. V. With respect to the Loan Commissioners the following Powers, &c., of provisions shall have effect: (1.) The Loan Commissioners may sue and be sued in the name of their secretary for the time being; and no action or suit in law or equity brought or commenced by or against the said commissioners in the name of their secretary for the time being shall abate or be discontinued by the death or removal of such secretary, or by the act of such secretary without the consent of the said commissioners; but the secretary to the said commissioners for the time being shall always be deemed the plaintiff or defendant in such action or suit as the case may be; and (2.) The commissioners may examine any persons willing to be examined on any matters connected with the execution of this Act, and may for that purpose, or otherwise for the purpose of the execution of this Act, administer an oath, and take any affidavits or declaration; and (3.) The Loan Commissioners shall annually cause to be made out up to the end of every financial year a report of their transactions under this Act during the year, and such report shall contain or have annexed thereto the prescribed particulars respecting moneys issued to and loans granted by the commissioners either before or after the passing of this Act, and the execution of the duties of the Loan Commissioners, and such other particulars as the Loan Commissioners may from time to time think fit: Such particulars shall include a statement of any difference that may have arisen between the Loan Commissioners and any public department respecting the grant of any loan or the construction of any Act relating to loans by the Loan Commissioners: Such report shall be transmitted to the Treasury within two months after the date up to which it is required to be made, and shall be forthwith laid by the Treasury before both Houses of Parliament if Parliament be then sitting, or if not, within one month after the then next sitting of Parliament; and (4.) Any minute made of proceedings at meetings of the commissioners. |