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Commissioners may accept substituted in lieu of existing securities.
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52. Provided always, that it shall be lawful for the commissioners for the execution of this Act, and they are hereby authorized and empowered, to accept and receive from any body or bodies politic or corporate, or company or companies of proprietors or trustees of any works, or other person or persons whomsoever, to whom any loan or advance shall have been or shall be made under the authority of this Act, and also of and from his, her, or their surety or sureties, such substituted security or securities, real or personal, of like nature and quality, for the whole or any part of any loan or advance made under the provisions of this Act, in lieu and instead of any existing security or securities, real or personal, which may have been taken for such loan or advance, as they the said commissioners shall in their discretion think fit, having regard to the particular circumstances of the case in which application for such change of security may be made, and subject in respect of such substituted security to all such and the like restraints, terms, conditions, and regulations, as herein-before provided with respect to the nature and quality of the original securities to be taken and required in each case respectively.
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