Metropolitan Board of Works (Money) Act 1887
| Jurisdiction | UK Non-devolved |
Metropolitan Board of Works (Money) Act, 1887
(50 & 51 Vict.) CHAPTER 31.
An Act further to amend the Acts relating to the raising of Money by the Metropolitan Board of Works; and for other purposes.
[23rd August 1887]
W HEREAS by the Metropolitan Board of Works (Loans) Act, 1875, (in this Act referred to as ‘the Act of 1875,’) the raising of money by the Metropolitan Board of Works (in this Act referred to as ‘the Board’) for the purposes therein specified was regulated, and provision was made requiring that the borrowing powers granted to the Board by Parliament for the purposes therein named should for the future be limited both in time and amount:
And whereas by the Metropolitan Board of Works (Money) Act, 1886, (in this Act referred to as ‘the Act of 1886,’) the Board were empowered to raise certain sums of money for the purposes in the said Act mentioned, and limits of time and amount within which the powers by the said Act granted might be exercised were fixed:
And whereas the powers for the raising of money by the Act of 1886 conferred upon the Board have been partially exercised, but it is expedient that the Board should have power to raise certain further sums of money specified in the First Schedule to this Act annexed for the purposes, upon the terms and subject to the limitations herein-after mentioned, and that the Act of 1886 should be amended:
And whereas it is expedient that the Board should be empowered to apply for the purpose of certain loans by the Board under this Act and for any purpose for which the Board are authorised to raise money any moneys for the time being forming part of the consolidated loans fund, and not required for the payments of the dividends on consolidated stock:
And whereas it is expedient that the Board should after the issue of consolidated stock be empowered to pay certain parts of the dividends due thereon out of the moneys and in the manner by this Act prescribed:
And whereas it is expedient that the Board should be empowered to raise any of the moneys which they are by this Act authorised to raise and which it may be convenient to raise for a temporary period by the issue of bills, with the consent of the Treasury, for not less than three and not more than twelve months, to be repaid out of moneys raised by the creation of consolidated stock under this Act:
And whereas it is expedient that the provisions with respect to unclaimed stock, unclaimed dividends on stock, and unclaimed moneys applicable to the redemption of stock contained in the Act of 1885 should be incorporated in this Act:
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 (Money) Act, 1887, and the Metropolitan Board of Works (Money) Acts, 1875 to 1886, and this Act, maybe cited together as the Metropolitan Board of Works (Money) Acts, 1875 to 1887.
2 Construction of Act.
2. This Act shall be read and have effect as one with the Metropolitan Board of Works (Loans) Acts, 1869 to 1871, and the Metropolitan Board of Works (Money) Acts, 1875 to 1886.
3 Interpretation.
3. The expression ‘Parks and Open Spaces Acts’ in this Act shall mean the enactments specified in the Second Schedule to this Act annexed.
The expression ‘Main Drainage Acts’ in this Act shall have the same meaning as is assigned to the same term in the Metropolitan Board of Works (Loans) Act, 1869.
4 Amendment of 49 & 50 Vict. c. 44. s. 8 and s. 10, subsections \(e), \(f), \(g), \(i), and \(l).
4. (i.) Section eight of the Act of 1886 shall be read and construed as if the amount which the Board were thereby authorised to expend for the purposes of the Metropolitan Board of Works (Various Powers) Act, 1886, had been limited to a sum of fifty-eight thousand pounds instead of fifty-three thousand pounds.
5 Power to expend moneys for the purposes of the Metropolitan Board of Works \(Various Powers) Act, 1887, the Thames Tunnel \(Blackwall) Act, 1887, the Artizans, &c., Acts, and the London Parks and Works Act, 1887.
5. The Board may from time to time up to the thirty-first day of December one thousand eight hundred and eighty-eight expend for the purposes herein-after mentioned such moneys as they think fit not exceeding the amounts limited in relation to such purposes respectively:
(i.) For the purposes of the Metropolitan Board of Works (Various Powers) Act, 1887, one hundred thousand pounds;
(ii.) For the purposes of the Thames Tunnel (Blackwall) Act, 1887, if it becomes law one million five hundred and sixty-eight thousand two hundred pounds;
(iii.) For the purposes of schemes made by the Board under the authority of the Artizans and Labourers Dwellings Improvement Acts, 1875 to 1885, with respect to Cable Street Shad well and with respect to Shelton Street, St. Giles, one hundred and twelve thousand eight hundred and fifty pounds;
(iv.) For the purposes of the London Parks and Works Act, 1887, if it becomes law, twenty thousand pounds.
Provided always, that the money to be raised and the consolidated stock to be created by the Board for any of the purposes mentioned in this section shall be raised and created by them from time to time in such amounts and at such times only as the Board shall actually require and as the Treasury shall approve for the purpose of carrying out the provisions of the said Acts and schemes in a proper and efficient manner.
6 Composition for stamp duties.
6. For the purposes of the Customs and Inland Revenue Act, 1887, the Board may from time to time pay out of the consolidated loans fund (notwithstanding the provisions of section twenty-eight of the Metropolitan Board of Works (Loans) Act, 1869) such sums as shall be charged under that Act by way of composition for stamp duties on stock and annuities issued or granted after the first day of August one thousand eight hundred and eighty-seven.
7 Power to lend to the Vestry of Saint Pancras.
7. The Board may from time to time up to the thirty-first day of December one thousand eight hundred and eighty-eight lend to the Vestry of Saint Pancras, and the Vestry of Saint Pancras may borrow from the Board for the purposes authorised by the Saint Pancras Loans Amendment Act, 1887, such money as the Board think fit and as the Vestry of Saint Pancras are authorised and desire to borrow not exceeding one hundred and ten thousand pounds.
Money may be borrowed Prom and lent by the Board under this section in addition to any money borrowed from or lent by the Board under section eleven and may be made repayable either in one sum or by instalments as the Board and the Vestry of Saint Pancras shall agree, and in either case shall be repaid to the Board with interest within such time after the lending not exceeding fifty years as the Board and the Vestry of Saint Pancras with the approval of the Treasury shall agree.
8 Power to lend to the Receiver of the Metropolitan Police.
8. Section nine of the Act of 1886 is hereby repealed, and the Receiver of the Metropolitan Police District may borrow from the Board, and the Board may from time to time up to the thirty-first day of December one thousand eight hundred and eighty-eight lend to the Receiver on the security of the Metropolitan Police Fund as defined by section seven of the Metropolitan Police...
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