Public Works Loans Act, 1889

PUBLIC WORKS LOANS ACT 1889

CHAPTER LXXI

An Act to grant Money for the purpose of certain Local Loans, and for other purposes relating to Local Loans.[1] [30th August 1889.]

[Ss. 1, 2 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Reduction of rate of interest on drainage and land improvement charges. 10 & 11 Vict. c. 42. 26 & 27 Vict. c. 88.

3. [Preamble recites the Landed Property Improvement (Ireland) Act, 1847, and the Drainage and Improvement of Lands (Ireland) Act, 1863, and the Acts amending and extending the same]:—

Where under the recited Acts, or any of them, except the Acts mentioned in the Second Schedule to this Act, any drainage loan or land improvement loan has been sanctioned by the Treasury on or before the last day of December one thousand eight hundred and eighty-one, any rentcharge created either before or after the passing of this Act for repayment to the said Commissioners of the loan or of any loan granted as an addition thereto shall, as to any instalment to become due on or after the first gale day next after the passing of this Act, be reduced in the case of any rentcharge created for a term of twenty-two years, to five per cent., and in the case of any other rentcharge to four per cent. on the amount of the loan, and shall be payable for such term as the said Commissioners may by order declare to be necessary for the repayment with interest at three and one eighth per cent. per annum of so much of the loan as has not accrued due for payment on the said day, and the order shall . . . . be made and notified by post or otherwise in manner directed by the said Commissioners to the person by or through whom the rentcharge should be paid.

Provided that where on the said day there are unpaid arrears of instalments of the rentcharge in excess of the instalment due on that day, this section shall not apply to that rentcharge, except on such terms with respect to repayment of arrears as the Treasury may require.

An order of the said Commissioners under this section shall be deemed, according as the case requires, to form part of the original order or award charging the land with repayment of the amount advanced.

[S. 4 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Effect of rentcharges created under 10 & 11 Vict. c. 32, &c.

5. Where under the Landed Property Improvement (Ireland) Act, 1847, and the Acts amending and extending the same, money has been or is hereafter advanced to the owner of any particular estate in land and a rentcharge has been or is created for the repayment of the money so advanced, then on the cesser or determination of that particular estate the rentcharge so created shall, notwithstanding anything in the said Acts, be a charge on the fee simple and inheritance of the land in priority to all charges except quit-rents, rentcharges in lieu of tithes, and any charges prior in date and created under any Act for the improvement or drainage of lands.

Rentcharge under preceding section not to exceed improved value of land.

6. The rentcharge charged under the next preceding section of this Act on the fee simple shall not exceed the improved value of the land at the time of the cesser or determination of the particular estate, resulting from the outlay of the money advanced on loan, such improved value in the case of dispute to be ascertained by the Commissioner of Valuation in Ireland in accordance with rules to be made by him.

Effect of certificate by Irish Land Commission.

7. A certificate purporting to be under the common seal of the Irish Land Commission shall be evidence that any sum stated therein to be due to that Commission in respect of any property vested in the Commission from any person named in the certificate is so due, and that any sum stated therein to be due to that Commission and to be charged on any property named therein is so charged.

Provision for redemption of annuities payable in respect of branch railways to dockyards.

8. [Preamble recites agreements mentioned in Third Schedule, as to payment of annuities to certain railway companies in respect of the construction of certain branch railways to dockyards]:—

(1) The Commissioners for the Reduction of the National Debt may, out of any funds for the time being in their hands on account of savings banks, lend to the Admiralty, and the Admiralty may borrow from those Commissioners such money as may be required for redemption of the said annuities or any of them, on such terms as to interest, sinking fund, and period of repayment as may be agreed on between those Commissioners and the Admiralty with the approval of the Treasury.

(2) The sums so advanced by those Commissioners shall be repaid out of the moneys provided by Parliament for naval services, and if and so far as those moneys are insufficient, shall be charged on and payable out of the Consolidated Fund or the growing produce thereof.

Short title.

9. [Sub-s. (1) rep. 8 Edw. 7. c. 49 (S.L.R.).]

(2) This Act may be cited as the Public Works Loans Act, 1889.

SCHEDULES.

[First Sched. rep. 8 Edw. 7. c. 49 (S.L.R.).]

SECOND SCHEDULE.

Sect. 3.

Acts authorising Creation of Rentcharges to which Provisions for Reduction of Interest are not to apply.

Session and Chapter.

Short Title.

29 & 30 Vict. c. 49.

The Drainage Maintenance Act, 1866.

38 & 39 Vict. c. 82.

The National School Teachers’ Residences (Ireland) Act, 1875.

40 & 41 Vict. c. 27.

The Public Works Loans (Ireland) Act, 1877.

42 & 43 Vict. c. 25.

The Dispensary Houses (Ireland) Act, 1879.

42 & 43 Vict. c. 74.

The National School Teachers’ (Ireland) Act, 1879.

Third Schedule.

Sect. 8.

Agreements with Railway Companies as to Branch Railways to Dockyards.

Agreement between Cornwall Railway Company and Admiralty, dated 15th December 1865.

Ditto between Pembroke and Tenby Railway Company and Admiralty, dated 31st March 1870.

Ditto between Great Western Railway Company and London and South-Western Railway Company and Admiralty, dated 29th May 1874.

Ditto between London, Chatham, and Dover Railway Company and Admiralty, dated 29th July 1874.

[1 Short title, “The Public Works Loans Act, 1889.” See s. 9 (2).]