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Power to Drainage Boards to grant Debentures to Lenders for Principal and Interest.
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34. In all Cases of Monies to be contributed or borrowed cud taken up at Interest by Drainage Boards under the Provisions of this Act, it shall and may be lawful for the Drainage Boards from Time to Time to grant a Security in the Form of Debenture for such Monies, under their Common Seals, to every Person who shall advance any Sum of Money for the Purposes of this Act, every such Debenture being numbered in the Order of its Execution by the Drainage Boards, and setting forth the Amount of the Sum for which each such Debenture is issued, and the Rate of Interest payable for the same, and the Period to expire before the same shall upon Notice become payable, with a Reference to the Land for the Drainage or Improvement of which or other Work for the Construction of which such Sum shall have been so borrowed or taken up, and the District within which the same or any of them may be situate; and that every such Debenture shall be made in the following Words, or as near thereto as the Circumstances of the Case will admit:
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‘BY virtue of an Act passed in the Twenty-sixth Year of the Reign of Her Majesty Queen Victoria, intituled “The Drainage and Improvement of Lands Act (Ireland), 1863,” the Drainage Board of the District, in consideration of the Sum of Sterling to them lent and paid by, doth hereby certify, and it is hereby witnessed, that the Monies to become payable to the said Drainage Board under their final Award, for and in respect of the Drainage, Improvement, and other Works in the District of in the County of particularly mentioned, described, and referred to in the Maps, Plans, Schedules, and Estimates deposited with the Commissioners of Public Works in Ireland, pursuant to the said Act, are hereby charged with the Repayment of said Sum of, such Repayment to be made to the said or other the Person entitled thereto in One Payment, at such Time after the Expiration of Years from the Date hereof as may be appointed by the said Drainage Board, pursuant to Notice to be given for that Purpose, with Interest at and after the Rate of per Centum per Annum, such Interest to commence and to be computed from the Day of the Date hereof, and be payable half-yearly, on each First Day of January and First Day of July, until the Principal Sum shall be repaid or be repayable, pursuant to Notice, as aforesaid, which Sum so lent and advanced by the said was taken up and borrowed by the said Drainage Board for the Purposes of said Act.
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And the Monies mentioned in each such Debenture, with the Interest thereon, shall be charged upon and repayable and paid by the said Drainage Board out of the Monies which shall come to their Hands under the final Award to be made in respect of the Lands or District for or in respect of which such Monies shall have been borrowed; and any such Debenture may be transferred by any Instrument of Transfer or Assignment endorsed thereon; and all Persons to whom such Securities shall be so given, or other Person entitled thereto by Endorsement thereon as aforesaid, shall be entitled to the Monies accruing and payable under such final Award, according to and in the Order of the Number of each such Debenture as aforesaid: Provided also, that nothing herein contained shall be deemed, construed, or taken to extend to make the Members of Drainage Boards or any of them personally, or their respective Lands or Tenements, Goods and Chattels, liable to the Repayment of any of the Monies to be borrowed or secured in pursuance of this Act, save in so far as they are or may be liable under and by virtue of the Award to be made as herein-after provided. Every such Debenture as aforesaid, and every Assignment or Transfer thereof, shall be chargeable with the same Stamp Duty as a Bond for the like Amount and the Assignment or Transfer thereof are by the Laws in force subject or liable to respectively.
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