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Corporation may borrow Money on Credit of Rates.
Proviso.
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XII. ‘And whereas the said Corporation may find it necessary, in order to enable them the more effectually to carry into Execution the purposes of the said recited Acts and of this present Act, to borrow a Sum or Sums of Money upon the Credit of the Taxes, Payments, Rates, Duties and Revenues arising under the said recited Acts and this present Act;’ Be it therefore enacted, That it shall and may be lawful to and for the said Corporation to take up and borrow upon the Credit of all or any of the said Taxes, Payments, Rates, Duties and Revenues in the said former Acts or in this Act contained, by and with the Consent and Approbation of the Lord Lieutenant or other Chief Governor or Governors of Ireland, and of the Lord High Treasurer of Ireland, or Commissioners for executing the Office of Lord High Treasurer of Ireland, or any Three of them, any Sum or Sums of Money which the said Corporation shall think necessary, at any Rate of Interest not exceeding Five Pounds per Centum per Annum, and for that Purpose to issue Debentures of One hundred Pounds each under their Common Seal for the Sum or Sums of Money so to be borrowed, in such Manner and Form as the said Corporation by any Bye-Laws to be entered into by them pursuant to the Directions of the said recited Acts, or any of them, shall appoint; and the said Debentures and the Sums therein respectively contained, together with the Interest thereof, and the Sinking Fund applicable to the Reduction thereof in manner hereinafter mentioned, shall be actual Charges and Liens upon the said Taxes, Payments, Rates, Duties and Revenues, or so much thereof as shall be specified in such Debentures respectively: Provided always, that the Money so to be borrowed at any time after the passing of this Act, shall not exceed in the whole the Sum of Fifty thousand Pounds; any thing in the said recited Acts or this Act to the contrary notwithstanding.
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