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Treasury in their discretion think fit to dispense with the Purchase or
Money. [The effect of section 5 of 23 & 24 Vict. c. 16 (1860) is preserved in this clause).
priation, 117.-If any person authorized to receive money to arise from Penalty for the sale of any annuities or securities purchased or transferred priation of under the foregoing provisions of this Part, or under any Act repealed by this Act, or any dividends thereon, or any other such money as aforesaid, appropriates the same otherwise than as directed by this Act, or by the Treasury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,* applicable to a person guilty of a misdemeanour under section Beventy-five of that Act, or to the provisions of any enactment for the time being substituted for that section.
[The effect of section 7 of 23 & 24 Vict. c. 16 (1860), and section 3 of 39 & 40 Vict. c. 20+ (1876) is preserved in this clause). Corporate Stuck.t
Stock. 118. -(1.) Any stocks, funds, or public securities (in this Transfer of section referred to as stock) standing in the books of the Bank dealings win of England or of any other public company or society in the stock. 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.
(2.) Any stock and money so standing belonging to the trustees of the municipal charities solely on charitable trusts
* The 24 & 25 Vict. c. 96, s. 75—“ being convicted thereof shall be liable at the discre. tion of the Court to be kept in penal servitude for any term not exceeding seven years, and not less than three years-or to be imprisoned for any term not exceeding two years, with or without hard labonr, and with or without solitary confinement."
† The Statute Law Revision (Substituted Enactments) Act. The section named is alone repealed by this Act by reason of its reproduction in this clause.
Several of the larger municipal corporations, namely Birmingham, Blackburn, Blackpool, Bradford, Bristol, Croydon, Dewsbury, Exeter, Hudderstield, Hull, Leeds, Leicester, Liverpool, Longton, Manchest-r, Middlesborough, Newcastle-on-Tyne, No tingham, Portsmouth, Reading, Rotherham, Stockton, Swansea, and Wolverhamptop have now (1888) consolidated their debts by the issue of stock at an uniform rate of interest. Sections 53 and 55 of 43 & 44 Vict. c. 20 (1880) contain regulations for the payment of a composition for stamp duties on corporation stock.
may be transferred by and paid to persons appointed under the bands and seals of the greater part of the trustees, the appointment being attested under the hand 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.
[The effect of sections 45, 46, 47 and 48 of 7 Will. 4 and I Vict. c. 78 (1837) is preserved in this clause).
Borough Bridges. Maintenance of borough bridges.
119.-(1.) Every bridge which is either wholly or in part in a borough and which the borough and not the county wherein the borough is situate is legally bound to maintain or repair 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, Borough altered, widened, repaired, improved, or rebuilt under the sole Bridges. management and control of the council.
* See hereon the Local Government Act, 1888, particularly section 6 and sections
81 to 39.
(2.) For that purpose the council shall have all the powers which the justices of a county have with respect to a county bridge, but the notices required in the case of a county bridge shall not be required in the case of a borough bridge.
(3.) All experses incurred for the purposes of this section 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.
(The effect of 13 & 14 Vict. c. 64 is preserved in this clause, but the requirement contained in that Act, that the sum to be borrowed must exceed £150 is taken away, the machinery of borrowing is adapted to the modern practice, and the forın of mortgage (see Form P, Part IV. of the Eighth Schedule) is simplified).
Loans for Municipal Buildings.
Municipal 120.-The council of a borough may borrow* money from the power to
Buildings. Public Works Loan Commissioners for the purpose of building, buildinge. 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 interest of the loan, and may mortgage the rate or borough rate to the Commissioners in accordance with the Public Works Loans Act, 1875, or any amendment thereof, in such manner and form as the Commissioners direct.
(Section 40 of the Act (38 & 39 Vict. c. 89) cited in this clause is that which sets out the procedure. It is as follows:-“The justices for any county, or any riding, division, parts, or liberty of a county, in general or quarter sessions, assembled, may (if they resolve by a majority of not less than five justices so to do) borrow money from the Loan Commissioners for the purpose of building, rebuilding, enlarging, repairing, improving, and fitting up any police station and justices' room, and offices connected therewith, or any of such purposes, and may levy a rate or any increase of a county rate for the purpose of paying the principal and interest of such loan, and may mortgage such rate or the county rate to the Loan Commissioners in accordance with this Act. The council of any borough may borrow money from the Loan Commissioners for the purpose of building, rebuilding, enlarging, repairing, improving, and fitting up any police station and justices' room, and offices connected therewith,
• See the Analytical Table of Borrowing Powers at page 104 ante.
or any of such purposes, and may levy a rate or an increase of the borough rate for the purpose of paying the principal and interest of such loan, and may mortgage such rate or the borough rate to the Loan Commissioners in accordance with this Act. The said justices and council respectively shall have power to give the mortgage in such manner and form as the Loan Commissioners may direct'].
Advousons and similar Rights.
Adrousons and similar Rights. Obligations and powers in respect of advowsons, &c.
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 auginenting 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 nominution 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.
[The effect of section 139 of the Act of 1835, and sections 2, 3 and 4 of 1 & 2 Vict. c. 31 (1835), is preserved in this clause. The case of Hine v. Reynolds (2 Scott's New Rep. 394 ; S. C. Man. & G 71) defined the power of nomination and the right of presentation under these statutes. This clause is, however, clearly drafted in accordance with the spirit of the decision cited).
122.-(1.) Where at the passing of the Municipal Corpora- Advowsons tions Act, 1835, a body corporate, or any particular class, Rights:
. number, or description of members thereof, or the governing Regulations body thereof, were in their corporate capacity, and not as as to sale of trustees of a charity, seised or possessed of any manor or land petronase whereto any advowson, or right of nomination or presentation municipal to any benefice or ecclesiastical preferment was appendant or appurtenant, or of any advowson in gross, or of any right of nomination or presentation to a benefice, ecclesiastical preferment, or office of priest, curate, preacher, or minister, the ad vowson or rigbt, if not sold before the commencement of this Act, shall be sold at such time and in such manner as the Ecclesiastical Commissioners for England direct, so that the best price be obtained for the same.
(2.) Upon any such sale the council shall, with the consent in writing of those Commissioners, signed by any three or more of them, convey, under the corporate seal, the advowson or right to the purchaser, or as be directs, and the advowson or right shall vest accordingly.
(3.) The proceeds of sale shall be paid to the treasurer and invested in Government securities, and the income thereof shall go to the borough fund; or those proceeds, or any part thereof, may be applied towards the liquidation of any debt contracted by the body corporate before the passing of the Municipal Corporations Act, 1835.
(4.) Any vacancy arising before the sale shall be supplied by the presentation or nomination of the bishop or ordinary of the diocese in which the benefice or preferment is situate.
[The effect of section 139 of the Act of 1835, section 26 of 6 & 7 Will. 4, c. 77 (1836), section 3 of 6 & 7 Will. 4, c. 104 (1836), and section 1 of 1 & 2 Vict. c. 31 (1838), is preserved in this clause. See also the note to preceding clause). Special Rates.
Special Rates. 123.-Where before the passing of the Municipal Corpora- Power to tions Act, 1835, a rate might be levied in a borough for the rates for purpose of watching conjointly with any other purpose, nothing purposes. in this Act shall prevent the levying and collecting of such a rate for that other purpose solely, or affect the powers given in any Act anterior to the Municipal Corporations Act, 1835, as far as they relate to that other purpose; but where the amount of that rate might not before the passing of the Municipal Corporations Act, 1835, exceed a given rate in the pound on the value of property rateable thereto, the rate to be levied for