Metropolitan Police Act 1857
| Jurisdiction | UK Non-devolved |
| Citation | 1857 c. 64 |
| Year | 1857 |
(20 & 21 Vict.) C A P. LXIV.
[25th August 1857]
'WHEREAS it has become necessary to build new Stations and to improve the existing Stations for the Metropolitan Police, and as the Expense of such building and Improvement will exceed the Amount which can be defrayed out of the annual Receipts applicable to the Purposes of the Metropolitan Police, it is expedient that, towards defraying such Expense, a Sum of Sixty thousand Pounds should be raised as herein-after mentioned:' 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; that is to say,
I Power to raise the Sum of 60,000 l. on Security of the Police Rates of Metropolitan Police District.
I. It shall be lawful for the Receiver of the Metropolitan Police District, by the Direction of One of Her Majesty's Principal Secretaries of State, to borrow and take up at Interest on the Rates raised for the Purposes of the Police within the Metropolitan Police District any Sum or Sums not exceeding in the whole the Sum of Sixty thousand Pounds, and for the Purpose of securing any Sum or Sums so borrowed, with Interest, such Receiver may mortgage and assign over, to the Person or Persons by or on behalf of whom such Sum or Sums are advanced, the said Rates; and the respective Mortgagees (if more than One) shall be entitled to a Proportion of the Rates comprised in their respective Mortgages according to the Sumsin such Mortgages mentioned to have been advanced; and each Mortgagee shall be entitled to be repaid the Sum so advanced by him, with Interest, without any Preference over any other Mortgagee by reason of any Priority of Advance, or the Date of his Mortgage.
II Public Works Loan Commissioners, under 14 & 15 Vict. c. 23., may make Advances.
II. It shall be lawful for the Commissioners acting in the Execution of an Act passed in the Session holden in the Fourteenth and Fifteenth Years of Her Majesty, Chapter Twenty-three, ‘to authorize for a further Period the Advance of Money out of the Consolidated Fund to a limited Amount for carrying on Public Works and Fisheries and Employment of the Poor,’ and any Act or Acts for amending or continuing the same, to make Advances to the said Receiver upon the Security of the said Rates, and without requiring any further or other Security than a Mortgage of such Rates.
III Form of Mortgage.
III. Every Mortgage authorized to be made under this Act shall be by Deed duly stamped, truly stating the Date, Consideration, and the Time of Payment, and may be made according to the Form (A.) contained in the Schedule to this Act annexed, or to the like Effect, or with such Variations or Additions in each Case as the said Receiver and the Party advancing the Money intended to be thereby secured may agree to; and there shall be kept by the said Receivera Register of the Mortgages made under this Act, and within Fourteen Days after the Date of any Mortgage an Entry shall be made in the Register of the Number and Date thereof, and of the Names and Descriptions of the Parties thereto, as stated in the Deed.
IV Repayment of Money borrowed at a Time agreed upon.
IV. A Time or Times may be fixed by any such Deed for the Repayment of all or any Principal Monies secured thereby, and the Payment of the Interest thereof respectively; and such Monies, with Interest, may be made repayable by Instalments or otherwise, as they may think fit; and at the Time or Times so fixed for Payment thereof such Principal Monies and Interest respectively shall, on Demand, be paid to the Partyentitled to receive the same accordingly; and if no other Place of Payment be inserted in the Mortgage Deed, the Principal and Interest shall be payable at the Chief Office of the said Commissioners, and, unless otherwise provided by any Mortgage, the Interest of the Money borrowed thereupon shall be paid half-yearly; and if no Timebe fixed in the Mortgage Deed for the Repayment of the Money so borrowed, the Party entitled to receive such Money may, at the Expiration or at any Time after the Expiration of Twelve Months from the Date of such Deed, demand Payment of the Principal Money thereby secured, with all Arrears of Interest, upon giving Six Months previous Notice for that Purpose to the said Receiver personally, or by leaving the same at the said Office; and in the like Case the said Receiver may at any Time pay off the Money borrowed, on giving the like Notice, which Notice may be given to such Mortgagee personally, or left at his Place of Residence; or if such Mortgagee or his Residence be unknown to them, or cannot be found after diligent Inquiry, such Notice shall be given by Advertisementin theLondon Gazette ; and if the said Receiver have given Notice of his Intention to pay off any such Mortgage at a Time when the same may lawfully be paid off by him, then, at the Expiration of such Notice, all further Interest shall cease to be payable...
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