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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
As to moneys borrowed for street works purposes within forty five years from the date or dates of the borrowing of the same ;
As to moneys borrowed for tramways purposes within thirty years from the date or dates of the borrowing of the same;
As to moneys borrowed for the new quay purposes or for the extension or widening of the Mill Dam Quay purposes within fifty years from the date or dates of the borrowing of the same;
As to moneys borrowed under this Act with the sanction of the Local Government Board within such period as they may think fit to sanction.
170.-(1.) The repayment of the moneys borrowed under and for the purposes of this Act and of the Acts of 1853 and 1861 shall be made within the prescribed periods either by equal annual instalments of principal or of principal and interest or by paying annually throughout the prescribed periods into the sinking fund to be created invested and applied as herein-after provided such several equal sums as
will with accumulations by way of compound interest at a rate not exceeding three per centum per annum throughout the respective periods be sufficient to pay off those moneys respectively within those periods.
(2.) Provided that in case at any time the principal sums to be repaid are reduced by the application to such repayment of the proceeds of the sale or disposition of land or other moneys received on capital account other than borrowed moneys the payments to the sinking funds may be reduced to such extent and upon such terms as may be from time to time approved by the Local Government Board.
(3.) The Corporation may at any time apply the whole or any part of any loans fund or sinking fund in or towards the purchase
and extinction of the securities for the repayment of which the fund is established Provided that they pay into the fund each year and accumulate at compound interest until the expiration of the full period allowed for repayment of the sum so paid off a sum equivalent to the interest which would have been produced by the loans fund or the sinking fund or the part of the loans fund or the sinking fund so applied at the rate per centum per annum on which the equal annual payments to the loans fund or the sinking fund are based.
(4.) If the Corporation at any time apply the whole or any part of any loans fund or sinking fund in or towards the purchase and extinction of securities at a premium any payments to such
loans fund or sinking fund shall if required by the Local Government
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