Public Works Loans Act 1895, Session 2
| Jurisdiction | UK Non-devolved |
Public Works Loans Act, 1895, Session 2
(59 Vict. Session 2) 2.
An Act to grant Money for the purpose of certain Local Loans, and for other purposes relating to Local Loans.
[5th September 1895]
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 Appointment of Public Works Loan Commissioners for five years.
1. Whereas the term of office of the persons who are at the passing of this Act Public Works Loan Commissioners under the Public Works Loan Act, 1875, will expire at the end of a period of five years from the first day of April one thousand eight hundred and ninety-one, and it is expedient to appoint Commissioners for a further period of five years; therefore the following persons, that is to say:
Herbert Barnard, Esquire;
The Right Honourable Lord Napier and Ettrick, K.T.;
Richard Musgrave Harvey, Esquire;
The Right Honourable Lord Hillingdon;
Edward Howley Palmer, Esquire;
Thomas Salt, Esquire;
Samuel Steuart Gladstone, Esquire;
Herbert Cokayne Gibbs, Esquire;
Sir Edward Birkbeck, Bart.;
Edward Norman, Esquire;
Arthur O'Connor, Esquire, M.P.;
The Right Honourable Lord Iveagh;
The Honourable Sir Charles William Fremantle, K.C.B.;
The Honourable Evelyn Hubbard;
Basil Guy Oswald Smith, Esquire;
Francis William Buxton, Esquire;
Edward Henry Loyd, Esquire;
Frederick Greene, Esquire;
shall after the passing of this Act be the Public Works Loan Commissioners under the Public Works Loan Act, 1875, and shall hold office until the expiration of five years from the first day of April one thousand eight hundred and ninety-six.
2 Grants for public works.
(1)2.—(1.) For the purpose of local loans there may be issued by the National Debt Commissioners the following sums, namely—
(a. ) For the purpose of loans by the Public Works Loan Commissioners, any sum or sums not exceeding in the whole the sum of two million pounds;
(b. ) For the purpose of loans by the Commissioners of Public Works in Ireland, any sum or sums not exceeding in the whole eight hundred thousand pounds;
(2) (2.) The sums so issued shall be issued during a period ending on the day on which a further Act granting money for the purposes of those loans comes into operation, and in accordance with the provisions of the National Debt and Local Loans Act, 1887 .
3 Provision as to Suck drainage loans.
3. Whereas the Commissioners of Public Works in Ireland advanced during the year one thousand eight hundred and eighty-one the sum of Three thousand seven hundred and eighty-six pounds one shilling to the River Suck Drainage Board out of money placed at the disposal of the Commissioners under the Relief of Distress (Ireland) Amendment Act, 1880, and the Acts amending the same, by the Commissioners of Church Temporalities, and the sum so advanced was to bear no interest for two years after the date of the advance, but after the expiration of those two years was to bear interest at the rate of one per cent. per annum, and was to be repaid by an annuity of Three pounds eight shillings for every hundred pounds of the advance for thirty-five years, but no payments have yet been made on account of that annuity;
And whereas by the River Suck Drainage (Provision of Funds) Act, 1890, provision was made fixing the rate of interest on all advances made by the Commissioners of Public Works to the said Board at three and a quarter per centum per annum, and for the repayment of such advances by an annuity of four pounds ten shillings for every hundred pounds advanced for forty years, and this provision was to take effect notwithstanding anything in any other Act;
And whereas it was not intended that the last recited...
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