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Where commissioners take possession of any mortgaged property, all the rights and powers of the mortgagors relating thereto shall be vested in their secretary;
and upon any sale may be transferred by him to the purchasers.
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46. [Recital.] In all cases whatsoever in which mortgages, conveyances, assignments, or other assurances shall be made to the said commissioners or their secretary for the time being by any corporate bodies, company or companies of proprietors, commissioners, directors, or trustees, or party or persons interested in and carrying on any work, whether by virtue of any charter or deed of settlement, or under the authority of Parliament or otherwise, and which mortgages, assignments, or assurances shall be made as a security for any loan or advance under this Act, all estate, right, title, interest, privileges, powers, and authorities, of what nature or kind soever, over or in respect of the works mortgaged, which at the time of making such mortgages, assignments, or assurances were or thereafter may be vested in and exercised by the said corporate bodies, companies of proprietors, trustees, or commissioners, directors, party or persons respectively, shall, under and by force of the said mortgages, assignments, or assurances, become vested in the secretary to the said commissioners from and for such period as the said commissioners shall, by virtue of the provisions herein-before made, take and hold possession of the property which may be so mortgaged, assigned, or assured to them or the said secretary in manner aforesaid; and upon any sale or sales thereof which may be made by the said commissioners under the authority of this Act it shall and may be lawful for the said commissioners to direct their said secretary, or his successor for the time being, to convey, assign, assure, and make over any interest, property, or effects whatsoever, upon which all or any part of any loan or advance shall be secured under the provisions of this Act, to any body or bodies politic or corporate, or company or companies of proprietors, trustees, directors, or other person or persons whomsoever, who shall become the purchasers thereof or any part thereof; and upon such conveyance and appointment being so made in manner aforesaid, and in case of any reconveyance, the body or bodies politic or corporate, or company or companies of proprietors, trustees, directors, or other party or persons, to whom the same shall be made as the purchaser or purchasers thereof or any part thereof, or as otherwise entitled to a conveyance or reconveyance of the same or any part thereof, shall, from the date of such conveyance, reconveyance, assurance, or assignment, become seised and possessed and entitled to and invested with all the estate, right, title, interest, and privileges, and fully authorized and empowered to exercise and put in force all rights, powers, privileges, and authorities whatsoever, theretofore vested in or which might have been exercised by the said corporate bodies, companies of proprietors, commissioners, trustees, directors, party, or persons interested in and carrying on the said works in respect thereof at the time of the execution of such mortgages, assurances, or assignments to the commissioners or their secretary for the time being for the purpose aforesaid, any law, statute, or usage to the contrary in anywise notwithstanding.
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