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Commissioners to take mortgages of free-hold or lease-hold property as security for repayment of advances.
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29. In cases of applications for the loan or advance of money under the provisions of this Act the said commissioners for the execution of this Act shall require and take security for repayment thereof, with interest, by mortgages, assignments, surrenders, or other competent assurance, upon the freehold or lease-hold estate or estates of the body corporate or politic, company or companies, commissioners or trustees, or party or persons applying for such loan or advance, or of such party or person as may be willing to give the same, either as principal or surety.
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