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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
Board be increased to such extent and upon such terms as may from time to time be approved by that Board.
(5.) The Corporation shall pending the application of any sinking fund in repayment of debt invest the same and the dividends interest and annual income thereof in statutory securities the Corporation being at liberty from time to time to vary and transpose such investments.
(6.) Provided always that if in any year the rate of income produced by the investments of any sinking fund falls short of the rate of accumulation on which the payment's to the fund are based the Corporation shall forthwith make good such deficiency out
of the rates or revenues liable to make the equal annual payments to the fund.
(7.) Provided also that in case in any year the rate of income received from the
investments of any sinking fund is in excess of the rate of accumulation on which the payments to the fund are based any such excess may be applied by the Corporation in reduction of the other payments to the fund.
(8.) The first instalment or the first payment as the case may be to any sinking fund in respect of the moneys borrowed under the section of this Act whereof the marginal note is " Power to borrow " shall be paid or made within twelve months after the respective dates of borrowing.
171. It shall be lawful for the Corporation to invest any sinking fund provided or established by them under this Act or the former recited Acts in any statutory securities.
172. If the Corporation pay off any moneys borrowed by them under this Act or
under any Act mentioned in the First Schedule to this Act otherwise than
by instalments or by means of a sinking fund or out of the proceeds of the sale of land or other property or out of fines or premiums on leases or out of other moneys received on capital account not being borrowed moneys they may from time to time re-borrow the same but all moneys so re-borrowed shall be repaid as regards moneys borrowed under this Act within the prescribed periods and as regards moneys borrowed under any Act mentioned in the said First Schedule within the period prescribed by that Act for the repayment of the moneys so borrowed and shall be
deemed to form the same loan as the moneys originally borrowed and the obligations of the Corporation with respect to the repayment of the loan and to the provision to be made for such repayment shall not be diminished by reason of such re-borrowing.
173. A person lending money to the Corporation under this Act shall not be bound to inquire as to the observance by
them of any
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