Public Works Loans Act 1882
| Jurisdiction | UK Non-devolved |
| Citation | 1882 c. 62 |
| Year | 1882 |
Public Works Loans Act, 1882
(45 & 46 Vict.) CHAPTER 62.
An Act to grant Money for the purpose of Loans by the Public Works Loan Commissioners and the Commissioners of Public Works in Ireland and the Irish Land Commission; and for other purposes relating to Loans by those Commissioners.
[18th August 1882]
W HEREAS it is expedient to grant money for the purpose of loans by the Public Works Loan Commissioners and the Commissioners of Public Works in Ireland and the Irish Land Commission:
And whereas it is expedient to amend the Acts relating to the said Commissioners, and to make provisions respecting certain sums due in respect of loans granted by the said Commissioners:
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 thePublic Works Loans Act, 1882.
2 Citation of Acts.
2. This Act may be cited, together with the Public Works Loans Act, 1875, and the Public Works Loans Act, 1879, as the Public Works Loans Acts, 1879 to 1882.
PART I.
Grant of Money for Public Works Loan Commissioners.
3 Grant of 3,000,000l for Public Works loans during the period ending 30th June 1883.
3. For the purpose of loans by the Public Works Loan Commissioners,—
(1) (1.) Any sum or sums, not exceeding in the whole the sum of three million pounds, may be issued out of the Consolidated Fund of the United Kingdom, or the growing produce thereof in manner provided by the Public Works Loans Act, 1875, as amended by the Public Works Loans Act, 1879; and
(2) (2.) The Commissioners for the Reduction of the National Debt may advance any part or parts of the total sum above in this section mentioned in reduction of the amount which may be so issued out of the Consolidated Fund;
and such sums may be issued and advanced during the period ending on the day at which a further Act granting money for the purpose of the said loans comes into operation.
The Treasury may, in the manner and subject to the limitations provided by the Public Works Loans Act, 1875, borrow the sum authorised by this section to be issued out of the Consolidated Fund, or any part of that sum.
PART II.
Grant of Money for Public Works Commissioners, Ireland.
4 Grant of 1,200,000l for loan by Commissioners of Public Works in Ireland during the period ending 30th June 1883.
4. For the purpose of loans by the Commissioners of Public Works in Ireland,—
(1) (1.) Any sum or sums, not exceeding in the whole one million two hundred thousand pounds, may be issued out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, in manner provided by Part Two of the Public Works Loans (Ireland) Act, 1877 , as amended by the Public Works Loans Act, 1879; and
(2) (2.) The Commissioners for the Reduction of the National Debt may advance any part or parts of the total sum above in this section mentioned in reduction of the amount which may be so issued out of the Consolidated Fund;
and such sums may be issued and advanced during the period ending on the day on which a further Act authorising the issue of money for those loans comes into operation.
The Treasury may, in the manner and subject to the limitations provided by Part Two of the Public Works Loans (Ireland) Act, 1877, borrow the sum authorised by this section to be issued out of the Consolidated Fund, or any part of that sum
PART III.
Grant of Money for Irish Land Commission.
5 Grant of 400,000l to Land Commission.
5. For the purpose of advances or of purchases of estates by the Land Commission in Ireland under the Land Law (Ireland) Act, 1881, any sum or sums not exceeding in the whole the sum of four hundred thousand pounds may be issued out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, in manner provided by the said Act, and such sums may be issued during the period ending on the day on which a further Act providing money for the purpose of such advances or purchases comes into operation.
The Treasury may, in the manner and subject to the limitations provided by the said Act, borrow the sum authorised by this section to be issued out of the Consolidated Fund, or any part of that sum.
6 Power to borrow for purposes of 45 & 46 Vict. c. 47.
6. Whereas by a Bill pending in Parliament for an Act to be called the Arrears of Rent (Ireland) Act, 1882, it is provided that the liabilities incurred by the Irish Land Commission as therein mentioned should be primarily charged on the Irish Church Temporalities Fund, and, subject thereto, on the Consolidated Fund in such manner as might thereafter be provided by Parliament.
And whereas it is expedient to make provision for the discharge of such liabilities in the event of the said Bill being passed: Be it therefore enacted as follows:
(1) (1.) In the event of the said Arrears of Rent (Ireland) Act, 1882, being passed, the Irish Land Commission, for the purpose of meeting orders for payment made under the said Act, and of making advances, and of paying money for grants under the said Act, and generally of discharging the liabilities incurred by them under that Act, may, with the consent of the Treasury, from time to time borrow, on the security of the Irish Church Temporalities Fund, such sums not exceeding in the whole two million six hundred thousand pounds, and at such rate and on such terms as may be sanctioned by the Treasury.
(2) (2.) The Commissioners for the Reduction of the National Debt may, if they think fit, with the approval of the Treasury, out of any money in their hands on account of savings banks, lend to the Irish Land Commission, with such guarantee as is by this section authorised, but not otherwise, the whole or any part of the money which by this section the Irish Land Commission are authorised to borrow.
(3) (3.) For the purpose of giving effect to the charge by the said Act on the Consolidated Fund, the Treasury may from time to time guarantee, in such form as they think expedient, the payment of the principal and interest of all or any part of the money for the time being borrowed by the Irish Land Commission in pursuance of this section.
(4) (4.) Any security given by the Irish...
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