for purposes of this section, an amount of consolidated stock equal to that so created. to board of 16. Where a board of guardians of a union or parish wholly or Power to for the greater part in the metropolis as defined in the Metropolis Board to lend Management Act, 1855, desire, in pursuance of authority vested in guardians. them, to borrow money for the purpose of any work or for the pur- 18 & 19 Vict. pose of paying off any loan or debt or for any other purpose, and c. 120. it appears to the Board and the Treasury expedient that the repayment of the money to be borrowed shall be spread over a series of years, then from time to time during the year ending the thirtyfirst day of December one thousand eight hundred and eighty-two, the Board may lend to the board of guardians, and the board of guardians may borrow from the Board, such money as the Board think fit and as the board of guardians are authorised and desire to borrow. The aggregate amount lent by the Board under this section shall not exceed one hundred and fifty thousand pounds. The Board, in order to raise money for purposes of this section, may from time to time create consolidated stock. Money lent by the Board under this section shall, notwithstanding anything in any other Act, be repaid to them with interest within such time after the borrowing as the Board and the borrowers, with the approval of the Treasury, agree, not exceeding thirty years. The Board shall from time to time carry to the consolidated loans fund such sums as the Treasury approve, as being in their opinion sufficient to redeem within the period for which the loan is made, not exceeding thirty years from the date of the creation of stock for purposes of this section, an amount of consolidated stock equal to that so created. 17. The Board may from time to time during the year ending Extension of the thirty-first day of December one thousand eight hundred and amount of loans by Board eighty-two, lend to the managers of the Metropolitan Asylum to managers of District, in addition to the sums heretofore authorised to be lent by Metropolitan the Board to the said managers, such sums as the said managers trict. Asylum Disare from time to time authorised by the Local Government Board to borrow in pursuance of the Metropolitan Poor Act, 1867, and 30 & 31 Vict. any Acts altering or amending the same for the time being in force, c. 6. not exceeding in the whole fifty thousand pounds, as though the said sums were included in the amount authorised to be lent for such purposes by section thirty-seven of the Metropolitan Board of 32 & 33 Vict. Works (Loans) Act, 1869, and the Acts amending the same. The Board, in order to raise money for the purpose of this section, may from time to time create consolidated stock. c. 102. to School 18. The Board may from time to time during the year ending Power to the thirty-first day of December one thousand eight hundred and Board to lend eighty-two, lend to the School Board for London, in accordance Board for with the provisions of the Elementary Education Acts, 1870 and London. 1873, and any Act or Acts altering or amending the same for the 33 & 34 Vict. time being in force, such sums as the said School Board are from 36 & 37 Vict. time to time authorised to borrow by the Education Department c. 86. in pursuance of the said Acts, not exceeding in the whole the sum of six hundred thousand pounds. c. 75. Power to burial boards, &c. 18 & 19 Vict. c. 120. The Board, in order to raise money for the purpose of this section, may from time to time create consolidated stock. The moneys so lent by the Board shall be repaid to them by the said School Board with interest within such period, not exceeding fifty years, as may be agreed upon between the Board and the said School Board, with the sanction of the Education Department, subject to the approval of the Treasury. 19. Where any corporation, body of commissioners, burial board, Board to lend or other public body having power to levy directly or indirectly to corporations, rates in respect of lands in the metropolis, as defined in the Metropolis Management Act, 1855, or to make charges on rates leviable in the metropolis as so defined, or to take within the metropolis as so defined dues or impositions in the nature of rates, desire in pursuance of authority vested in them to borrow money for the purpose of any work, or for the purpose of paying off any loan or debt, or for any other purpose, and it appears to the Board and to the Treasury expedient that the repayment of the money to be borrowed shall be spread over a series of years, then from time to time during the year ending the thirty-first day of December one thousand eight hundred and eighty-two the Board may lend to the corporation, commissioners, burial board, or other public body, and they may borrow from the Board, such money as the Board think fit, and as the corporation, commissioners, burial board, or other public body are authorised and desire to borrow. 18 & 19 Vict. c. 120. The aggregate amount lent by the Board under this section shall not exceed one hundred thousand pounds. The Board, in order to raise money for purposes of this section, may from time to time create consolidated stock. Money lent by the Board under this section shall, notwithstanding anything in any other Act, be repaid to them with interest within such time after the borrowing as the Board and the borrowers with the approval of the Treasury agree, not exceeding in case of a loan for purposes of improvements effected by the widening of streets or bridges, or for the purpose of purchase of land in fee simple, sixty years, and for any other purpose thirty years. In case of a loan required to be for not exceeding thirty years, the Board shall from time to time carry to the consolidated loans fund such sums as the Treasury approve, as being in their opinion sufficient to redeem within the period for which the loan is made, not exceeding thirty years from the date of the creation of the stock for purposes of this section, an amount of consolidated stock equal to that so created. Nothing in this section shall apply to the case of a vestry or district board constituted under the Metropolis Management Act, 1855, a board of guardians, the managers of the Metropolitan Board to apply Asylum District, or the School Board for London. Power to consolidated loans fund to make loans to local authorities, &c. in metropolis. 20. Where the Board are authorised by this Act, or the Metropolitan Board of Works (Money) Act, 1880, to make a loan to a vestry or district board constituted under the Metropolis Management Act, 1855, or to a board of guardians of a union or parish wholly or for the greater part in the metropolis as defined by the Metropolis Management Act, 1855, or to the managers of the Metro politan Asylum District, or to the School Board for London, or to any corporation, body of commissioners, burial board, or other public body, and are empowered, in order to raise money for any such loan, to create consolidated stock, and the loan is repayable within thirty years from the date of the loan, the Board, instead of raising money for any such loan by the creation of consolidated stock, may use for any such loan any moneys for the time being forming part of the consolidated loans fund, and not required for the payment of the dividends on consolidated stock. 21. The Board may, as part of their general expenses, pay all costs, charges, and expenses incurred by them preliminary to, in, and incidental to their opposition to the East London Waterworks Company Act, 1881, in Parliament. bills. 22. Notwithstanding anything in this Act or in any other Act Board may relating to the Board contained, the Board, with the consent of the raise money by Treasury, may from time to time, as they think fit, raise any part of the moneys which they are by this Act authorised to raise, not exceeding in the whole the sum of five hundred thousand pounds, by the issue of bills under this Act. 23. A bill under this Act (in this Act referred to as a "Metro- Form and politan bill") shall be a bill in form prescribed by a regulation made length of currency and in pursuance of this Act for the payment of the principal sum interest on named therein, in the manner and at the date therein mentioned, Metropolitan so that the date be not less than three nor more than twelve months from the date of the bill. Interest shall be payable in respect of a Metropolitan bill at such rate and in such manner as the Board, with the consent of the Treasury, may direct. bills. proceeds of on consolidated 24. All moneys raised by the issue of any Metropolitan bills shall Payment and be paid to the Board, and shall be expended by them for the applications of purposes for which the same are by this Act authorised to be Metropolitan raised respectively. The principal money and interest expressed bills and in any Metropolitan bill to be payable shall be charged on the charge of bills consolidated rate, and shall be payable out of the said rate, or, as rate. regards principal, out of moneys raised by the creation of consolidated stock under this Act, for the purpose for which such principal money has been expended, and, as regards interest, out of the consolidated loans fund. 25. With respect to the issue of Metropolitan bills the following Mode of issue of Metropolitan provisions shall have effect: (1.) Metropolitan bills shall be issued under the authority of a warrant sealed by the Board and countersigned on behalf of the Treasury: (2.) Each Metropolitan bill shall be for the amount directed by the Board: (3.) Each Metropolitan bill shall be sealed by the Board, the sealing being attested by the clerk in his own name. bills. 26. The Board may from time to time, with the consent of the Regulations to Treasury, make, and when made rescind, alter, and add to, regu- be made by the lations for carrying into effect the provisions of this Act with issue, cancelrespect to Metropolitan bills, and in particular lation, &c. of bills. (1) For regulating (subject to the provisions of this Act) the Metropolitan preparation, form, mode of issue, mode of payment, and cancellation of Metropolitan bills: Power to dated stock partially suspended while Metropolitan (2.) For regulating the issue of a new Metropolitan bill in lieu of one defaced, lost, or destroyed: (3.) For preventing, by the use of counterfoils or of a special description of paper or otherwise, fraud in relation to the Metropolitan bills: (4.) For the proper discharge to be given upon the payment of a Metropolitan bill. Every regulation purporting to be made in pursuance of this section shall be deemed to be within the powers of this Act, and shall have effect as if it were enacted in this Act. 27. For the purpose of paying off the principal money of any create consoli- Metropolitan bills the Board may raise any sum which they are by this Act empowered to raise by the creation of consolidated stock for the purposes for which such principal money has been expended, not exceeding the amount of such principal money; but, save as aforesaid, the powers given to the Board by this Act to raise moneys for any purposes by the creation of consolidated stock shall be suspended to the amounts and for the periods to and for which moneys are for the time being authorised by the Treasury to be raised for such purposes respectively by the issue of Metropolitan bills. bills authorised to be raised. Application of certain provisions of 24 & 25 Vict. c. 98. to Me 28. Sections eight, nine, ten, and eleven of the Act of the twentyfourth and twenty-fifth years of the reign of Her present Majesty, chapter ninety-eight, intituled " An Act to consolidate and amend "the Statute Law of England and Ireland relating to indictable tropolitan bills."offences by forgery" (which sections relate to the forgery of and other frauds relating to Exchequer bills), shall apply to the Metropolitan bills, and shall have effect as if "Exchequer bill" in those sections included "Metropolitan bill." Arrangement 32 & 33 Vict. c. 102. s. 38. 29. The Board may enter into such arrangements with any bank approved by the Treasury for carrying into effect the provisions of this Act with respect to the issue of the Metropolitan bills, and to the payment of the principal sum named therein, and to all matters relating thereto, and for the proper remuneration of such bank with reference thereto, as they may think proper and as may be approved by the Treasury. 30. The limitation on the borrowing power of the Board connot to extend tained in section thirty-eight of the Metropolitan Board of Works (Loans) Act, 1869, shall not extend to moneys raised by the Board for purposes mentioned in this Act. to money raised under this Act. Repayments to be carried to consolidated loans fund. Limit to exer cise by Board of borrowing powers. 31. All sums received by the Board in respect of interest on or principal of any loan made by them under this Act shall be carried to the consolidated loans fund. 32. During the year ending the thirty-first day of December one thousand eight hundred and eighty-two the Board shall not (except for such temporary period, not exceeding six months, as the Treasury may from time to time sanction) raise otherwise than in conformity with and to the extent mentioned in this Act any money under any powers of borrowing conferred upon the Board either by this Act or any other Act whatsoever: Provided always, that the limitations contained in this section and in section twentyseven of the Act of 1880 shall not extend to limit or control the raising of moneys under the authority of section thirty-four of the Metropolitan Board of Works (Loans) Act, 1869, or of section eight of the Metropolitan Board of Works (Loans) Act, 1875, for the purposes in the said sections respectively mentioned. Board to be printed. 33. From and after the passing of this Act the Board shall cause Minutes of copies of the minutes of all proceedings of the Board, with the proceedings of names of the members who attend each meeting, to be from time to time printed, and to be filed and kept under their direction at the principal office of the Board, and a copy of such minutes so printed and filed shall be signed by the members present, or any two of them, and all matters contained in any such copy so printed and filed, purporting to be so signed as aforesaid, shall be received as evidence without proof of any meeting of the Board having been duly convened or held, or of the presence at any such meeting of the persons named in any such printed copy as being present thereat, or of such persons being members of the Board, or of the signature of any person by whom any such copy purports to be signed, all which matters shall be presumed until the contrary be proved; and the copies of the minutes so printed, filed, and signed as aforesaid shall be in substitution for the entries of the proceedings of the Board, after the passing of this Act, required to be made, and for the books containing the same required to be kept under the direction of the Board by section sixty of the Metropolis Management Act, 1855, and all the provisions of the said Act referring or relating to such books as aforesaid shall, as to the minutes of proceedings of the Board after the passing of this Act, refer and relate to the said copies of the minutes so printed, filed, and signed as aforesaid, as though they were the books by the said section sixty required to be kept. 38 & 39 Vict. c, 34. Section fifteen of the Metropolitan Board of Works (Loans) c. 65. s. 15. Act, 1875, shall be read as if the words one hundred and fifty amended as to pounds were substituted for the words one hundred guineas. salary of auditor. 4 Fire Brigade (amount, already sanctioned, £30,000) 10,000 0 0 Thames Embankments, Queen Victoria Street, Northumber- 3,000 0 0 The Obelisk on the Victoria Embankment 2,000 0 0 6 Main Drainage 100,000 0 0 UP TO 31ST DEC. 1882. { Metropolitan Commons Supplemental Act, 1881, and purchase Hackney Commons, should the Various Powers Bill become 34,200 0 0 12,000 0 0 8 Metropolitan Bridges Bill, should it become law 760,000 0 0 |