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In order to pay off loans under this Act, parties may borrow from other persons on security of an assignment of the mortgages made to the commissioners.
Assignees shall be entitled to same priority and powers as the commissioners.
Loans may be paid off at any time.
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50. Provided always, that in all cases of loans advanced under the provisions of this Act it shall be lawful for any parties or persons, bodies politic or corporate, or company or companies of proprietors, who may be desirous of discharging and paying off the amount of the principal money and the interest due to the said commissioners or to their secretary for the time being on any loan or loans advanced under this Act, and he or they are hereby empowered, to borrow such sum or sums of money as may be required for such purpose of any person or persons willing to advance the same, on the security of an assignment of the mortgage or other security given to the said commissioners or their secretary for the time being for the loan or loans which may be proposed to be paid off as aforesaid, and which assignment the said commissioners are hereby authorized and empowered to direct their said secretary to make, upon such terms and conditions as the said commissioners shall, under the circumstances of any such case, deem expedient; and the parties or persons, bodies politic or corporate, or company or companies of proprietors, to whom such assignment shall be made, shall, under or by virtue thereof, be and become in all respects entitled to such and the like priority, powers, privileges, and advantages as the said commissioners were entitled to on the security so assigned, until the principal and interest remaining due and secured thereby shall be fully paid and discharged, any Act, law, or usage to the contrary thereof in anywise notwithstanding; and provided further, that nothing herein contained shall extend or be construed to extend to prevent the repayment of the whole or any part of the principal or interest of any loan or advance at any time whatsoever.
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