Note.

Sect. 114.

Investment

of proceeds

of sale or exchange authorized by Treasury.

Power for Treasury to authorize application

of certain

investments

the Bank of England under the powers of the Lands Clauses Consolidation Acts. The Treasury were applied to for their consent to the appropriation of the compensation money in paying off certain mortgage debts on the estate. They refused their consent on the ground that the application should be made to the High Court. The application was made to the Court, and the money ordered to be paid by the bank to the corporation, and applied in discharge of such debts. See also Re Derby Municipal Estates, L. R. 3 C. P. D. 289.

115.—(1.) Where the Treasury approve of the sale or exchange of any corporate land or of any interest therein, their approval may be subject to such conditions as they think fit in relation to the investment for the benefit of the corporation of the money arising from the sale or exchange.

(2.) If the Treasury direct the money to be invested in Government annuities, the foregoing provisions of this Part respecting the mode of investing, payment of dividends, and transfer of annuities shall be applicable, but not so as to make any accumulation necessary.

(3.) If the Treasury consent to the application of the money or of any part thereof for the benefit of the inhabitants of the borough, they may, as a condition of their consent, require the like provision to be made as they are authorized to require in the case of their approval of payment to a municipal corporation or the treasurer.

116. The Treasury may at any time approve of the application of any annuities arising from investments under either of the two last preceding sections, or of the money to arise from the sale thereof, or any part thereof for benefit of respectively, for the benefit of the inhabitants of the borough. borough; and, as a condition of their approval may require the like provision to be made as they are authorized to require in the case of their approval of payment to a municipal corporation or the treasurer, and so from time to time, and the provisions of this Part shall be applicable accordingly; but it shall not be imperative on the Treasury to impose the condition aforesaid where by reason of the application of the annuities or money to improvement of the property of the corporation or for the

permanent benefit of the borough, or otherwise, under the Sect. 116. special circumstances of the case, the Treasury in their discretion think fit to dispense with the condition.

Misappropriation.

117. If any person authorized to receive money to Penalty for arise from the sale of any annuities or securities purchased misappropriation of or transferred under the foregoing provisions of this Part, moneys. or under any Act repealed by this Act, or any dividends thereon, or any other such money as aforesaid, appropriates the same otherwise than as directed by this Act, or by the Treasury in pursuance thereof, he shall be guilty of a misdemeanour, and shall be subject in respect thereof to the provisions of the Larceny Act, 1861, 24 & 25 Vict. applicable to a person guilty of a misdemeanour under c. 96, s. 75. section seventy-five of that Act, or to the provisions of any enactment for the time being substituted for that section.

Corporate Stock.

Transfer of

and other dealings with

stock.

118.-(1.) Any stocks, funds, or public securities (in this section referred to as stock) standing in the books of the Bank of England or of any other public company or corporate society in the name of a municipal corporation, under any style or title of incorporation, and the dividends and interest thereof and all bonuses and accretions thereto, belonging to the municipal corporation, without being subject to any trust for charitable purposes, may be transferred by and paid to such persons as the council appoint by an instrument under the corporate seal, signed and sealed also by the clerk to the trustees of the municipal charities, who shall on request sign and seal it (a).

(2.) Any stock and money so standing belonging to the trustees of the municipal charities solely on charitable trusts may be transferred by and paid to persons appointed under the hands and seals of the greater part of the trustees, the appointment being attested under the hand

Sect. 118. and seal of their clerk, and being also sealed with the corporate seal, which seal the mayor shall on request cause to be affixed thereto.

(3.) The dividends and interest of any stock and money so standing, belonging partly to the municipal corporation but subject to charitable trusts, may be paid to persons authorized to have the same paid to them by an instrument in writing under the corporate seal, and appointed under the hands and seals of the greater part of the trustees, the appointment being attested under the hand and seal of their clerk.

(4.) In every case the receipt of the persons authorized to give a receipt to the company or society by an instrument under the corporate seal, and signed and sealed by the clerk to the trustees of the municipal charities, shall be an effectual discharge to the company or society.

(5.) So much of the money so paid as is held on charitable trusts shall be paid over to the trustees of the municipal charities, and so much as the municipal corporation is entitled to beneficially shall go to the borough fund.

(6.) But the company or society shall not be bound to see to the application of that money, or to the validity of the appointment of the clerk to the trustees of the municipal charities, or to the execution of any instrument by any of them, or to inquire whether or not the stock or money is charged with or held on any charitable trust.

(7.) Every person authorized to so receive any money shall account to the council and to the trustees of the municipal charities for all money received by him, and on his failure so to account a court of summary jurisdiction may, on complaint either of the council or of the trustees, by summary order require him to do so.

(a) Testator recently by his will bequeathed certain personal estate to the corporation of N. The estate was administered under the direction of the court, and a portion of the fund paid into the Bank of England in the names of the Mayor, &c., of N. The Bank of England refused to allow the corporation to transfer the stock without the signature of the clerk to the trustees of municipal charities. The clerk to the trustees knew nothing of the business, and a

considerable delay was the consequence. There appears to be no sufficient reason for requiring the consent of the clerk.

Borough Bridges.

Note

Sect. 118.

119.—(1.) Every bridge which is either wholly or in Maintenance part in a borough and which the borough and not the of borough bridges. county wherein the borough is situate is legally bound to maintain or repair (a) shall, as to the whole of the bridge if it is wholly in the borough, or as to such part only as is in the borough, be maintained, altered, widened, repaired, improved, or rebuilt under the sole management and control of the council.

(2.) For that purpose the council shall have all the powers which the justices of a county have with respect to a county bridge (b), but the notices required in the case of a county bridge shall not be required in the case of a borough bridge.

(3.) All expenses incurred for the purposes of this sec tion shall be paid out of the borough fund or borough rate, or out of money borrowed on the security thereof.

(4.) The council, with the consent of the Treasury, may from time to time borrow on that security such sums as they deem requisite for any of those purposes, and may mortgage the borough fund and borough rate for the purpose of securing the repayment, with interest, of any money so borrowed (c).

(a) See Archbold's Pleading and Evidence in Criminal Cases, 19th Ed., p. 984.

(b) See Archbold's Quarter Sessions, 3rd Ed., p. 87.

See sect. 112.

Loans for Municipal Buildings.

borrow for

120. The council of a borough may borrow money Power to from the Public Works Loan Commissioners for the pur- buildings. pose of building, enlarging, repairing, improving, and fitting up any building which they are by this Act authorized to build, and may levy a rate or an increase of the borough rate for the purpose of paying the principal and

Sect. 120. interest of the loan, and may mortgage the rate or borough rate to the Commissioners in accordance with the Public 38 & 39 Vict. Works Loans Act, 1875, (a) or any amendment thereof, in such manner and form as the Commissioners direct. (a) See this statute in the Appendix.

c. 89, s. 40.

Obligations

and powers

in respect of

advowsons, &c.

Advowsons and similar Rights.

121.-(1.) Notwithstanding any sale by a municipal corporation of any advowson, or of any right of nomination or presentation to a benefice, ecclesiastical preferment, or office of priest, curate, preacher, or minister, whether the sale is made before or after the commencement of this Act, the corporation and its property shall continue liable to the same obligation (if any) of providing for and maintaining or contributing to the maintenance of any priest, curate, preacher, or minister, as if the sale had not been made; and that liability may be enforced by the same means, at the instance of the Crown or otherwise, as if this Act had not been passed, and the advowson or right had remained vested in the corporation.

(2.) Where a municipal corporation holds land subject to an obligation to provide a priest, curate, preacher, or minister, nothing in this Act shall preclude the corporation from augmenting or endowing his office, either by assigning to him and his successors in office a competent portion of the land, or by charging thereon an annual stipend, either in money or in kind, for his and their use and benefit, except that no such augmentation or endowment shall be valid without the approval of the Treasury.

(3.) Where a municipal corporation sells a right of nomination to an ecclesiastical preferment, not being a benefice or perpetual curacy, that preferment shall, from and after the sale, be a benefice presentative, and the holder thereof and his successors shall be a body corporate, having perpetual succession and capable of taking and holding in perpetuity all property granted to or purchased for them by the Governors of the Bounty of Queen Anne, or by other persons contributing with those governors as benefactors.