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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
stands in the register book of the Corporation shall be a sufficient discharge to the Corporation in respect thereof notwithstanding any trust to which such loan or security may be subject and whether or not the Corporation have had express or implied notice of any such trust or of any charge or incumbrance upon or transfer of such loan or security or any part thereof or interest thereon not entered in their register and the Corporation shall not be bound to see to the application of the money paid on any such receipt or be answerable or accountable for any loss mis-application or non-application of any of such money.
177. Nothing in this Act shall prejudicially affect any charge on the revenue and rates or the estates and property of the Corporation subsisting at the passing of this Act and every mortgagee or person for the time being entitled to the benefit of any such charge shall have the same priority of charge and all the like rights and remedies in respect of the revenue rate and property subject to his charge as if this Act had not been passed and all such charges created before the passing of this Act shall during the subsistence thereof have priority over any mortgage or charge granted under this Act on the same revenue rate and property.
178. All expenses incurred by the Corporation in carrying into execution the provisions of this Act (except such of them as are to be paid out of borrowed moneys or
with respect to which no other provision is made) shall be paid as follows, (that is to say) :
(1.) Out of the borough fund and borough rate
(a.) Expenses, incurred for municipal purposes;
(b.) Expenses incurred for tramways purposes:
(2.) Out of the district fund and general district rate
(a). Expenses Incurred for sanitary purposes ;
(b.) Expenses incurred for street purposes;
(c.) Expenses incurred for quay purposes;
(d.) Expenses incurred for purposes of the part of this Act relating to parks and recreation grounds :
Out of the borough fund and borough rate or district fund and general district rate as the Corporation may in their discretion having regard to the object of the expenditure think just expenses incurred for purposes not in this section expressly mentioned.
179.-(1.) The Corporation may if they think fit borrow any moneys which they are by this Act authorised to borrow under the powers and subject to the provisions of the Local Loans Act 1875 by means of a loan or loans to be raised by the issue of debentures debenture stock or annuity certificates or partly in one way and partly in another Any moneys borrowed by the Corporation in
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