Metropolitan Board of Works (Loans) Act 1869
| Jurisdiction | UK Non-devolved |
| Citation | 1869 c. 102 |
| Year | 1869 |
Metropolitan Board of Works (Loans) Act, 1869
(32 & 33 Vict.) CHAP. 102.
An Act for making further provision respecting the borrowing of Money by the Metropolitan Board of Works, and for other purposes connected therewith.
[11th August 1869]
Whereas under the Acts mentioned in the first schedule to this Act the Metropolitan Board of Works has incurred debts now amounting in the whole to nearly eight million pounds:
And whereas it is necessary for the board to borrow such further sums for the purposes of the said Acts as, together with the sum already borrowed, will not exceed in the whole the amount of ten million pounds sterling, and it is expedient to authorize the board to raise the whole or any part of the said sum of ten million pounds by loans in manner hereinafter provided, without the guarantee of the Commissioners of Her Majesty's Treasury, and for that purpose to create consolidated stock or annuities charged indifferently on all the securities mentioned in the said Acts, and to establish one fund out of moneys arising from those securities, for the purpose of paying the dividends on and redeeming such stock and annuities:
And whereas it is expedient otherwise to amend the Acts relating to the Metropolitan Board of Works:
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, 1869.
2 Definition of terms.
2. In this Act,—
The term ‘board’ means the Metropolitan Board of Works:
The term ‘Treasury’ means the Commissioners of Her Majesty's Treasury:
The term ‘improvement fund’ means the Thames embankment and metropolis improvement fund constituted under the London Coal and Wine Duties Continuance Act, 1861, and the Acts amending and continuing the same:
Each of the several series of Acts specified in the different parts of the first schedule to this Act is in this Act referred to by the collective name given to such series in such separate part.
3 Exercise by board of borrowing powers.
3. After the passing of this Act the board shall not (except for such temporary period not exceeding six months as the Treasury may from time to time sanction) raise, otherwise than in conformity with this Act and with the sanction of the Treasury, any money under any powers of borrowing, whether conferred by the Acts mentioned in the first schedule to this Act, or otherwise howsoever.
4 Creation by board of consolidated stock.
4. The board, for the purpose of raising such portion of the loans authorized by the Acts mentioned in the first schedule to this Act for the purposes of those Acts as the Treasury may from time to time sanction, may create capital stock, to be called the metropolitan consolidated stock, in this Act referred to as consolidated stock, and to be issued in such amounts and manner, at such price and times, on such terms, subject to such conditions, with such dividends, and redeemable (at the option of the board) at par at such times and on such conditions as the Treasury, before the creation thereof, may from time to time approve.
5 Security for stock.
5. No holder of any portion of consolidated stock shall have any priority or preference by reason of the prior creation of such stock or otherwise, and all consolidated stock created for the purposes of the Acts mentioned in the first schedule to this Act, or of any Act hereafter to be passed, and the dividends thereon, and the sums required for the redemption thereof, shall be charged indifferently on the whole of the lands, rents, and property belonging to the board, under the Acts mentioned in the first schedule to this Act, and on all moneys which can be raised by the board by rates under this Act, and on the improvement fund, subject to all charges existing at the passing of this Act on such lands, rents, property, moneys, and fund respectively, and shall be a first charge thereon after those charges; and all moneys required for payment of the dividends on such stock, and the sums required to be raised for the redemption of such stock as mentioned in this Act, shall be raised out of the improvement fund and metropolitan consolidated rate as in this Act mentioned.
6 Application of money raised.
6. Where any stock has been created under this Act in order to raise any portion of a loan authorized by any of the Acts mentioned in the first schedule to this Act for the purposes of any of those Acts, such stock is referred to in this Act as created for the purposes of such Act, and the money raised thereby shall be deemed to have been borrowed under and for the purposes of such Act, and shall (subject to the provisions of this Act) be applied accordingly.
7 Stock, &c. to be personal estate.
7. All consolidated stock shall be personal estate, and shall not descend to the heir or be liable to any foreign attachment by the custom of London or otherwise.
8 Advance of money by Public Works Loan Commissioners.
8. The Public Works Loan Commissioners may advance money to the board on the security of consolidated stock, and without requiring any further or other security, the said advances to be repaid by such instalments and within such period as may in each case be agreed upon with the approval of the Treasury.
9 Investment and advance by Commissioners for the Reduction of the National Debt.
9. The Commissioners for the Reduction of the National Debt, if they think fit, with the approval of the Treasury, may from time to time, out of any moneys coming into their hands under any Act relating to savings banks or to post office savings banks, make advances to the board on the security of consolidated stock without any further or other security, and may invest the said moneys in such stock.
10 Books to be kept for consolidated stock.
10. The board shall cause to be kept at their office, or at some bank to be approved by the Treasury, books in which the names and addresses of the several persons and bodies corporate from time to time entitled to consolidated stock, and the amounts to which they are respectively entitled, and all transfers thereof, shall be duly entered.
11 Transfer of stock.
11. Consolidated stock shall be transferred only as follows:—
(1) (1.) The transfer shall be made in the said books, and shall be signed in such books by the transferee or by his attorney duly authorized in that behalf, which authority shall be given by writing under his hand and seal attested by two or more witnesses:
(2) (2.) The transfer may be in the form contained in the second schedule to this Act, which shall be effectual in law to pass to the transferee all the interest of the transferor in the stock expressed to be transferred and the dividends thereon:
(3) (3.) The acceptance of the transfer may be signified by the transferee or his attorney authorized in manner aforesaid in that behalf, subscribing such acceptance in the said books:
(4) (4.) A person becoming entitled to any stock in consequence of the death, bankruptcy, or marriage of the owner, or by any lawful means other than by transfer under this Act, shall produce such evidence of his title as may be reasonably required by the board, or by the persons or body corporate who keep the said books.
No notice of any trust, express, implied, or constructive, shall be entered in the said books or receivable by the board, or by any persons or body corporate who keep such books.
12 Closing of transfer books.
12. The board, persons, or body corporate who keep the said books for transfers may, for such period not exceeding fourteen days as they may from time to time fix previous to each payment of dividend, close the books, and shall give seven days notice of the day on which such books will be closed by advertisement in some daily morning newspaper circulating generally in the metropolis.
13 Books to be evidence.
13. The books so kept under the provisions of this Act shall be evidence of all matters therein entered under the provisions of this Act, and of the title of persons or bodies corporate entered therein as owners of any consolidated stock who are mentioned therein as such owners.
14 Certificates of stock.
14. The board, persons, or body corporate who keep the said books, may, if the board think fit, issue to the holder of any consolidated stock a certificate under the hand of some officer of the board or body corporate or of such persons, which certificate shall specify the amount of stock to which such holder is entitled, and such certificate shall be evidence of the title of the holder at the date of the certificate to the amount of stock stated therein, but the want of such certificate shall not prevent the owner of any consolidated stock from transferring the same.
15 Certificate to be renewed when destroyed.
15. If any such certificate be worn out or damaged, then the same may, upon the production thereof, be cancelled, and another similar certificate may be given to the holder of the stock therein specified, or if such certificate be lost or destroyed, then, upon proof thereof to the satisfaction of the board, persons, or body corporate who keep the said books, a similar certificate shall be given to the holder of the stock specified in the certificate so lost or destroyed, and...
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