|
|
Power to make advances of money to railway companies in Ireland.
|
4. The Commissioners may, out of the money for the time being at their disposal under this Act, from time to time lend to any railway company in Ireland, and any such railway company may from time to time borrow from the Commissioners, such sums as may be agreed upon, subject and according to the following provisions :
|
|
| |
2. The interest made payable on each loan shall be at such rate as the Treasury shall from time to time direct, but not less than four pounds per cent, per annum, nor less than the rate of interest payable on the principal money in discharge whereof the loan is applied: Provided, that under special circumstances the Treasury may by warrant direct interest to be payable at a rate lower than such last-mentioned rate, but in such case a copy of each warrant shall be laid before Parliament :
|
|
| |
3. The repayment of every loan, with the interest thereon, … shall be secured by a debenture or other security issued under the Acts of Parliament regulating the company to which the loan is made; and such payment may be further secured in any mode to be agreed on between the company and the Commissioners, but it shall not be obligatory on the Commissioners to require any other security besides the debenture :
|
