Metropolitan Board of Works (Loans) Act 1875
| Jurisdiction | UK Non-devolved |
| Citation | 1875 c. 65 |
| Year | 1875 |
Metropolitan Board of Works (Loans) Act, 1875
(38 & 39 Vict.) CHAPTER 65.
An Act for further amending the Acts relating to the raising of Money by the Metropolitan Board of Works, and for other purposes.
[11th August 1875]
W HEREAS it is expedient that the raising of money by the Metropolitan Board of Works for the following purposes:
be regulated, and that provision be made requiring that the borrowing powers granted to the Board by Parliament should for the future be limited both in time and in amount, and that in some other respects powers and provisions of and relating to the Board be extended or modified:
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, as follows:
1 Short title.
1. This Act may be cited as TheMetropolitan Board of Works (Loans) Act, 1875.
This Act shall be read and have effect as one with The Metropolitan Board of Works (Loans) Acts, 1869 to 1871.
2 Power for Board to expend for general improvements and contributions.
2. The Board may from time to time, up to the thirty-first day of December one thousand eight hundred and seventy-six, expend under section one hundred and forty-four of The Metropolis Management Act, 1855, and section seventy-two of The Metropolis Management Amendment Act, 1862, such money as they think fit, as follows:
(1) (1.) In making, widening, or improving any streets, roads, or ways, for facilitating the passage and traffic between different parts of the metropolis, or contributing and joining with any persons in any such improvements, and in taking any land, rights in land, or property for the purposes aforesaid, or otherwise for the improvement of the metropolis, or in making such applications as therein mentioned:
(2) (2.) In contributing and joining with a vestry or district board constituted under The Metropolis Management Act, 1855, in making, extending widening, altering, or improving any street, road, or way, or any bridge over a canal traversing any part of the parish or district of the vestry or district board, for the purpose of facilitating passage and traffic, or for any other public purpose.
The aggregate amount expended by the Board under this section shall not exceed one hundred and twenty thousand pounds.
The Board, in order to raise money for purposes of this section, may from time to time create consolidated stock.
3 Power for Board to expend for fire brigade purposes.
3. The Board may from time to time, up to the thirty-first day of December one thousand eight hundred and seventy-six, expend in providing station-houses, fire-engines, fire-escapes, and permanent plant for purposes of The Fire Brigade Act, 1865, such money as they think fit, not exceeding fifteen thousand pounds.
The Board, in order to raise money for purposes of this section, may, from time to time, create consolidated stock.
The Board shall from time to time carry to the consolidated loans fund such sums as the Treasury approve as being, in their opinion, sufficient to redeem, within thirty years from the date of the creation of stock for purposes of this section, an amount of consolidated stock equal to that so created.
4 Power for Board to end to vestry or district board.
4. Where a vestry or district board constituted under The Metropolis Management Act, 1855, desire, in pursuance of authority vested in them by Act of Parliament, to borrow money for the purpose of any work, or for the purpose of paying off any loan or debt, or for any other purpose, and it appears to the Board and to the Treasury expedient that the repayment of the money to be borrowed shall be spread over a series of years, then from time to time, up to the thirty-first day of December one thousand eight hundred and seventy-six, the Board may lend to the vestry or district board, and the vestry or district board may borrow from the Board, such money as the Board think fit and as the vestry or district board are authorised and desire to borrow.
The aggregate amount lent by the Board under this section shall not exceed one hundred thousand pounds.
The Board, in order to raise money for purposes of this section, may from time to time create consolidated stock.
Money lent by the Board under this section shall, notwithstanding anything in any other Act, be repaid to them, with interest, within such time after the borrowing as the Board and...
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