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For regulating Payment of Instalments by Successors of Incumbents removed before Receipt of the whole Sum granted.
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XXVII. And Whereas Doubts have been entertained as to the Time at which the Successor of any Incumbent, to whom any Money has been or shall be granted by way of Loan by the said Trustees and Commissioners of the First Fruits, first becomes bound to repay any Instalment of such Loan, in Cases where such Incumbent shall die or be removed before he has received the whole Amount of such Sum so granted by way of Loan;’ For Explanation thereof, be it enacted, That every Person who shall be a Successor of any such Incumbent shall be bound and obliged to repay to the said Trustees and Commissioners an Instalment, at the Rate of Four Pounds per Cent. for the Sum which shall have been actually so advanced to such Incumbent on account of such Loan (although the whole Amount of such Loan may not have been received by such Incumbent), on the First Day of July next after such Person shall have become a Successor chargeable by virtue of the hereinbefore recited Act of the Forty third Year of the Reign of His late Majesty King George the Third; and that no Instalment not actually paid of any such Loan shall be discharged, or be deemed or taken as discharged, by reason of the Default or Neglect of any Incumbent in respect of the Nonpayment of any Instalment which may have become due and payable during his Incumbency, it being the true Intent and Meaning of this present Act, that Instalments of every such Loan shall continue to be paid, until the whole Amount of such Loan shall be actually paid to the said Trustees and Commissioners.
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