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Commissioners may make advances for draining lands, &c. in certain cases.
Contracts to be entered into for completion of works.
Advances shall be made repayable within three years after completion of works.
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32. Provided further, that it shall and may be lawful for the commissioners for the execution of this Act to make advances in aid of the drainage, embankment, reclaiming, or other improvement of land, on the credit of mortgages, assignments, or other assurances of the estate and interest, freehold or leasehold, in such land which is to be the subject of such drainage, embankment, reclamation, or other improvement: Provided always, that it shall be made out to the satisfaction of such commissioners by competent evidence, accompanied by the certificate of a skilful engineer or surveyor, approved of by the said commissioners, that such drainage, embankment, reclamation, or other improvement, when completed, will increase the value of such land in the proportion of at least ten per centum on the sum proposed to be expended thereon; and that a contract, with two good and sufficient sureties, to be approved of by the said commissioners, shall be previously made and entered into for the full and complete execution of such drainage, embankment, reclaiming, or other improvement, at and for a sum not exceeding the amount of the advance sought therefor, within a period to be fixed by the said commissioners, not exceeding seven years from the date of such advance; and that in all such cases the whole amount of such advance shall be made repayable within three years next after the period so fixed for the completion of such drainage, embankment, reclaiming, or other improvement, with interest thereon in the meanwhile at a rate not less than five pounds per centum per annum, payable half-yearly, as the said commissioners shall fix and appoint.
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