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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
manner by this section authorised shall be a charge upon and shall be paid out of the same funds and rates as they would be charged upon and paid out of if raised by way of mortgage under this Act and such funds and rates shall in each case be deemed to be the local rate as defined by the Local Loans Act 1875 Every such loan shall be discharged within the time by this Act prescribed in that behalf.
(2.) All moneys paid into any sinking fund formed for the purpose of such discharge shall be invested or applied by the Corporation in the manner in which sinking funds are by this Act authorised to lie invested or applied.
180. Whereas the Corporation borrowed (including moneys mentioned in the section of this Act whereof the marginal note is " Amendment of section 11 of the Act of 1861 and sanction of certain buildings erected ") the whole of the sum of twenty thousand pounds which by section 30 of the Act of 1861 they were authorised to borrow for Mill Dam Quay purposes but the rates rents tolls and moneys leviable by them in respect of such quay have not been sufficient to provide, pursuant to sub-section (2) of section 37 of the said Act the sums required by section 36 of the same Act to be set apart and appropriated as a sinking fund for paying off the said borrowed moneys and there is a sum of eleven thousand and twenty pounds still. owing by the Corporation in respect of such borrowed moneys And whereas the Corporation had on the thirty-first day of March last accumulated surplus revenue derived from stallages rents and tolls in section 44 of the Act of 1861 mentioned to the amount of four thousand one hundred and
thirty two pounds thirteen shillings and ninepence And whereas it is expedient that provision be made as in this section appears with respect to the paying off or making provision for
paying off the sum still owing as aforesaid Be it therefore enacted as follows (that is to say) :
(a.) The Corporation shall on the thirtieth day of September one thousand eight hundred and ninety-six pay and transfer the said sum of four thousand one hundred and thirty-two pounds thirteen shillings and ninepence aforesaid or the investments representing such sum to the credit of the said sinking fund and the same shall be held and dealt with by the Corporation as a portion of such sinking fund;
(b.) Section 36 of the Act of 1861 shall be read and construed as if the following proviso had been added thereto (that is to say) " Provided also that if any sums so borrowed shall not
" have been paid off on or before the thirtieth day of September " one thousand eight hundred and ninety-six then from and
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