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Commissioners may take mortgage of tolls, &c. as sole security where works are carried on under the authority of Parliament, and where no dividend or profit is payable thereout.
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34. Provided always, that it shall and may be lawful for the commissioners for the execution of this Act, in cases where any public work from which no dividend or profit shall issue or be payable to any person or persons shall be carried on under the management and direction of any corporation or commissioners, or trustees or directors, acting under the authority of Parliament, to make advances upon the credit of any rates, rents, receipts, tolls, or profits, which are or shall be levied, paid, and applied under the authority or control of such corporation or commissioners or trustees or directors last-mentioned; and in such cases to take and require, as the security for such advances, such mortgages, assignments, or other assurances, as in cases of other advances made under the provisions herein contained on the credit of rates, rents, tolls, receipts, or profits arising out of public works: Provided always, that such advances shall be repaid by like instalments within the said period of twenty-five years, the first whereof to be made within five years from the date of such advance as aforesaid, with interest on the principal from time to time remaining unpaid at a rate not less than four pounds per centum per annum, in like manner as is herein-before provided in respect of advances made in other cases on the credit of rates, rents, tolls, receipts or profits.
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