Public Works Loans Act 1901
| Jurisdiction | UK Non-devolved |
| Citation | 1901 c. 35 |
| Year | 1901 |
Public Works Loans Act, 1901.
(1 Edw. 7.) CHAPTER 35.
An Act to grant Money for the purpose of certain Local Loans out of the Local Loans Fund and for other purposes relating to Local Loans.
[17th August 1901]
B E it enacted by the King'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 Grants for public works.
(1)1.—(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 seven 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 the sum of 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 .
2 Certain debts not to be reckoned as assets of local loans fund.
2. Whereas it is expedient that the principal of the several local loans specified in the schedule to this Act should, to the extent specified in the last column of that schedule, not be reckoned as assets of the local loans fund established under the National Debt and Local Loans Act, 1887; therefore the principal of the said loans shall, to that extent, be written off from the assets of the local loans fund, and the provisions of section fifteen of the said Act shall, so far as applicable, apply thereto.
3 Remission of certain claims against Eyemouth harbour trustees.
(1)3.—(1.) Whereas, in the years one thousand eight hundred and eighty-five and one thousand eight hundred and eighty-six, the sum of twenty-five thousand pounds was advanced by the Public Works Loan Commissioners to the Eyemouth harbour trustees on the security of the harbour revenues, with the collateral security of a charge on the police rate of the burgh of Eyemouth, and the principal sum outstanding in respect of the loan is twenty-four thousand eight hundred and fifty-two pounds eight shillings and twopence, and it has been arranged by the Public Works Loan Commissioners, with the consent of the Treasury, that the sum of one thousand five hundred pounds should be received in full satisfaction of the claim of the Commissioners in respect of the said loan;
Therefore the said arrangement is hereby confirmed, and on payment of the said sum of one thousand five hundred pounds the balance, namely, twenty-three thousand three hundred and fifty-two pounds eight shillings and twopence, shall be deemed a free grant from Parliament.
(2) (2.) Whereas, pursuant to an agreement made in the year one thousand eight hundred and ninety-two, the sum of ten thousand pounds was advanced by the Public Works Loan Commissioners to the Eyemouth harbour trustees on the security of the harbour revenues, with the collateral security of the Fishery Board for Scotland, and it has been arranged by the Public Works Loan Commissioners, with the consent of the Treasury, that, on payment of the sum of five hundred pounds to the Fishery Board for Scotland, the Eyemouth harbour trustees should be released from their liability in respect of the said loan of ten thousand pounds, without prejudice to the liability of the Fishery Board for Scotland to repay that loan;
Therefore the said arrangement is hereby confirmed, and, on payment of the said sum of five hundred pounds, the liability of the Eyemouth harbour trustees in respect of the said loan shall be extinguished.
4 Remission of certain loans and penalties under 54 & 55 Vict. c. 1. and 58 & 59 Vict. c. 2.
(1)4.—(1.) Whereas, under the Seed Potatoes Supply (Ireland) Act, 1890, the Commissioners of Public Works in Ireland have advanced to the board of guardians of the poor law union of Belmullet the sum of three thousand eight hundred and fifty-three pounds seven shillings, and the board of guardians have repaid the sum of three thousand and eighty-seven pounds nine shillings and fivepence, and it is expedient, regard being had to the circumstances of the case, that repayment should not be required of the debt still...
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