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Application of moneys recovered or received in respect of any mortgage under last preceding section.
11 & 12 Vict. c. 68.
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7. The moneys recovered or received by the Commissioners in respect of any mortgage which shall take effect under the last preceding section shall be applied as follows :
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1. In payment of all costs, charges, and expenses incurred in executing or putting in force any powers or rights conferred by the mortgage, or in realizing the property mortgaged, or in the recovery, application or distribution of the money received or secured thereunder, or otherwise in reference thereto :
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2. In payment of the amounts due under all debentures or other securities duly issued and registered by the company before the mortgage took effect, in the same order and priority, and with the same benefit of special security (if any) duly given, in the same manner, in all respects, in which such amounts would be payable out of the assets of the company in case no mortgage had been effected under the last preceding section :
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3. The surplus may be paid to the company, or may be paid by the secretary of the Commissioners into the Bank of Ireland, to the credit of the Accountant General of the Court of Chancery in Ireland, “The Account of the Surplus Capital of the Company (naming the company),” pursuant to the provisions of the [1]
Act of the eleventh and twelfth years of Her Majesty, chapter sixty-eight, intituled “An Act for extending to Ireland an Act passed in the last session of Parliament, intituled ‘An Act for better securing trust funds, and for the relief of trustees’ ”; and for the purpose of any such payment into Court the secretary of the Commissioners shall be deemed a trustee of such surplus within the meaning of the said Act :
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4. Such orders as shall seem fit shall from time to time be made by the Court of Chancery in Ireland, under the said last-mentioned Act, for payment and distribution of such surplus or any part thereof to the company, or to or among any companies or persons entitled to such surplus or any part thereof.
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[1 11 & 12 Vict. c. 68. is rep., 56 & 57 Vict. c. 53, s. 51. See now that Act.] |
