Page:Public General Statutes 1896.djvu/375

1896. (b.) For the purpose of loans by the Commissioners of Public Works in Ireland, any sum or sums not exceeding in the whole eight 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

2. There shall be added to the works for the purpose of which the public Works Loan Commissioners may lend in Great Britain under the, the following works,namely,

Any work for which the council of a county, borough, district, or parish are authorised to borrow;

The construction or improvement of any canal;

Provided that where the repayment of a loan for the construction or improvement of a canal is collaterally secured to the satisfaction of the Public Works Loan Commissioners, the rate of interest on the loan may be three-and-a- quarter per cent, per annum instead of the rate of four per cent, per annum authorised by the

3. Where under section twenty-seven of the the Fishery Board for Scotland, with the consent of the Secretary for Scotland, apply to the Public Works Loan Commissioners for a loan on the security of the annual grant under the  or of any part thereof, the Public Works Loan Commissioners may grant the loan on the same terms as regards rate of interest and period for repayment as are applicable to loans to harbour authorities under the

4. 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 assets of the local loans fund established under the : 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.

5. Whereas the property mortgaged as security for the loan mentioned in Part II. of the schedule to this Act has been sold of loan to with the consent of the Treasury, and it is therefore expedient that the debt due in respect of the principal sum outstanding on Company, account of that loan should be extinguished: therefore the said debt (including all claims for interest in respect thereof) shall be extinguished, and the amount thereof shall be deemed to be a free grant from Parliament.

6. This Act may be cited as the Public Works Loans Act, 1896.