Isle of Man Loans Act 1880
| Jurisdiction | UK Non-devolved |
| Citation | 1880 c. 8 |
| Year | 1880 |
Isle of Man Loans Act, 1880
(43 & 44 Vict.) 8.
An Act to provide for the raising of Loans on behalf of the Isle of Man.
[19th July 1880]
W HEREAS improvements in the harbours of the Isle of Man, and in public works in the Isle of Man, may be effected out of the revenues mentioned in the First Schedule to this Act, and loans, on the security of some of those revenues, may be raised for that purpose by the Isle of Man Harbour Commissioners, with the approval of the Commissioners of Her Majesty's Treasury (in this Act referred to as the Treasury), and it is expedient to make further provision respecting loans on the security of the said revenues and by the said Commissioners:
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.
1 Short title.
1. This Act may be cited as theIsle of Man Loans Act, 1880.
2 Power to Government of Isle of Man to borrow.
2. The Government of the Isle of Man may from time to time, with the approval of the Treasury and of the Tynwald Court, borrow such sums as may be so approved for all or any of the Purposes following:
(1) (1.) Paying off any incumbrances for the time being chargeable on any of the revenues mentioned in the First Schedule to this Act or on any part of the public revenue of the Isle of Man;
(2) (2.) Effecting improvements in the harbours and other public works in the Isle of Man; and
(3) (3.) Carrying into effect any public works or public purposes in the Isle of Man.
3 Conditions of borrowing.
3. Sums borrowed under this Act may be borrowed on the security of the revenues mentioned in the First Schedule to this Act, or on any part thereof, without prejudice nevertheless to any charges previously existing thereon, and may be borrowed by means of debentures, debenture stock, or annuity certificates, or partly by one means and partly by another, and, where a sum is borrowed for the purpose of any work for the purpose of which the Public Works Loan Commissioners have power under the Public Works Loans Act, 1875, to lend, such sum or any part thereof may, if those Commissioners think fit to lend it, be lent by those Commissioners and be borrowed by means of a mortgage to those Commissioners.
Every such loan shall be repaid within twenty years from the date at which it is borrowed, or within such further time not exceeding fifty years as the Treasury and Tynwald Court for special reasons approve.
4 Appropriation for payment of loan and interest.
4. The Government of the Isle of Man from time to time shall appropriate, out of the revenues specified in the First Schedule to this Act, the sums required to pay the principal and interest of any loan borrowed in pursuance of this Act, and provide for the sinking fund or other redemption fund (if any) and the expenses incurred in respect of the loan, and shall provide for the payment and application of such sums accordingly.
The Government of the Isle of Man may from time to time appoint agents for the purposes of issuing, managing, and paying the principal and interest of any loan borrowed in pursuance of this Act, and otherwise for the purposes of this Act, or for any of the above-mentioned purposes, and may pay those agents such remuneration as the Treasury allow.
5 Application of 38 & 39 Vict. c. 83. to loans under Act.
5. For the purpose of any loan under this Act the following provisions of the Local Loans Act, 1875, that is to say, sections four to ten, thirteen to fifteen, seventeen to twenty-five, and twenty-seven to thirty-four, all inclusive, shall apply as if they were herein enacted, and the following modifications made therein; that is to say,
(1) (1.) As if the Government of the Isle of Man, acting with the approval of the Treasury, were substituted for...
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