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Bodies corporate and trustees, &c. acting under authority of Parliament, &c., may mortgage their estates, funds, tolls, &c. to commissioners only, as security for advances to be made to them, &c., notwithstanding the provisions of any Acts.
Commissioners may make advances on such security on the same conditions on which other advances may be made.
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41. [Recital.] It shall and may be lawful for any body or bodies politic, or corporate, commissioners, trustees, company, directors, proprietors, or other party or persons, acting under authority of Parliament, charter, or deeds of settlement, to mortgage and assign to the commissioners for the execution of this Act only, in trust, any estate, moveable chattels, funds, tolls, rates, and other accruing profits whatever, of or to which such body or bodies politic or corporate, commissioners, trustees, company, proprietors, or other party or persons may be or become seised, possessed, or entitled, for the purpose of securing the repayment of any advance, with interest thereon, which the said commissioners for the execution of this Act shall have made or shall think fit to make to the said body or bodies politic or corporate, commissioners, trustees, company, proprietors, or other party or persons respectively, any Act or Acts of Parliament relating to such body or bodies politic or corporate, companies, commissioners, or trustees, or to any such works respectively, or any other Act or Acts in force, to the contrary notwithstanding, and notwithstanding such body corporate or politic, commissioners, trustees, company, proprietors, or other parties or persons may not or have not, otherwise than by this Act, right, power, or authority to make or execute any mortgage or assignment in trust as aforesaid, or in any manner to encumber or charge, forestall or anticipate, the profits of any lands, tolls, rates, or other funds; and all mortgages and assignments in trust to such commissioners for the execution of this Act, for the purpose aforesaid, shall be good, valid, and effectual in law; and such commissioners are hereby authorized, with the consent of the Treasury, to make advances on the security of such estates, moveable chattels, funds, tolls, rates, and accruing profits as aforesaid, subject always to the limitations and conditions herein-before specified, and reserving the like power of suspending any advances which may have been agreed upon, and also the like power and authority to visit and inspect, by themselves or their agents, all works in aid of which any such advance may have been made, and to call for and require all papers, accounts, and contracts thereunto belonging, and generally to do all such acts as they are herein-before required and authorized to do in the case of other advances made under the provisions of this Act; and all and every body or bodies politic or corporate, commissioners, trustees, company, proprietors, or other parties or persons, applying for or receiving such advances, shall deliver in the like plans, specifications, maps, and estimates, and shall permit the inspection of such works, papers, contracts, and accounts there-unto belonging, and deliver in accounts of the progress of the works, and do and acquiesce in all such other acts and things, in such and the like manner as any other person or persons applying for or receiving any advances from the commissioners for the execution of this Act are herein-before authorized and required to do and acquiesce.
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