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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
(5.) The following provisions shall apply to moneys raised by the issue of stock for the purpose of loans to the school board:
(a.) All sums received from the school board for interest shall be paid into the stock (dividends) fund to be established in accordance with the regulations of the Local Government Board prescribed under the Public Health Acts Amendment Act 1890 Provided that if the sum received as interest from the school board is greater than the total sum required to be paid by the Corporation as dividends on the amount of stock issued to raise moneys for the purpose of loans to the school board the excess shall be carried to the borough fund :
(b.) All sums received from the school board for principal (except sums which are to be carried to the credit of the borough fund under the provisions of sub-section (3) (b) of this section) and all sums set apart out of the borough fund in pursuance of that sub-section shall be paid into the stock (redemption) fund to be established in accordance with the regulations of the Local Government Board prescribed under the Public Health Acts Amendment Act 1890.
(6.) If any doubt shall arise as to how much of any sum received by the Corporation from the school board is to be regarded as principal or interest the question shall be determined by the Local Government Board.
(7.) The town clerk shall within twenty-one days after the expiration of each year ending on the thirty-first day of March if during the twelve months next preceding the said thirty-first day of March any sum is payable to the Corporation in respect of moneys lent by them to the school board and raised otherwise than by the issue of stock or at any other time when the Local Government Board may require such a return to be made transmit to the Local Government Board a return in such form as may be prescribed by that Board and verified by statutory declaration if so required by them showing for the year next preceding the making of such return the amounts which have been received from the school board for principal the amounts which have been applied directly towards the repayment of the principal payable in respect of moneys raised under this section and the amounts which have been invested and the description of the securities upon which any investment has been made and the purposes to which any portion of the investment has been applied during the same period and the total amount (if any) remaining invested at the end of the year and in the event of his failing to make such return the town clerk shall for each offence be liable to a penalty not exceeding twenty pounds to be recovered by action on behalf of the Crown in the High Court and
notwith standing recovery of such penalty the making of the return shall be
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