Metropolis Management Act 1855

CLXXXI Provision for Payment of Liabilities of Metropolitan Commissioners of Sewers.

Notwithstanding the Determination or Expiration of the said Act of the Eleventh and Twelfth Years of Her Majesty, Chapter One hundred and twelve, all Mortgages, Annuities, Securities, and other Debts and Liabilities which at or immediately before such Determination or Expiration may be a Charge on or payable out of all or any of the Rates authorized to be levied thereunder shall continue in full Force, and be a Charge on the Districts or Parts in which such Rates would have been authorized to be levied in case such Act had continued in force, and all Persons who may be entitled to any such Mortgages, Annuities, or Debts shall have Priority in respect of all Monies advanced before the passing of this Act over any Monies advanced to the Metropolitan Board of Works under this Act, and shall have the like Priority among themselves as they are now entitled to under the said Act of the Eleventh and Twelfth Years of Her Majesty, Chapter One hundred and twelve, or any Act continuing or amending the same; and the Sums from Time to Time becoming payable under or required for Payment of the said Mortgages, Annuities, Securities, Debts, and Liabilities shall be raised by the Metropolitan Board of Works in such Districts or Parts in like Manner as the Expenses of such Board in the Execution of this Act; and in case any such District or Part be wholly or in part without the Limits of the Metropolis, as defined by this Act, the said Metropolitan Board shall from Time to Time issue Precepts under their Seal to the Overseers of the Parish or Parishes in which any Part without such Limits is comprised, requiring Payment to the Treasurer of the said Board or into any Bank in such Precepts respectively mentioned, within such respective Times as may be therein limited, of such Sums as it may he necessary to raise in such Part for the Purposes aforesaid; and the Provisions herein contained respecting the levying and Payment of Money by Overseers in pursuance of any Order of a Vestry or District Board shall be applicable, mutatis mutandis, to and for the levying, and Payment of Money by Overseers in pursuance of any such Precept as aforesaid of the said Metropolitan Board ; and the said Board shall once in every Year set aside such Sum as they think proper, not being less than Two Pounds per Centum on the Amount of all Principal Monies (exclusive of Annuities) becoming payable by them under this Enactment, for the Purpose of paying off all such Principal Monies; and the Sums so from Time to Time set aside, and all Monies applied in augmentation thereof, and the Proceeds thereof respectively, shall be applied and dealt with, for the Purpose of paying off such Principal Monies as aforesaid, in manner by this Act provided with respect to Sums set aside for the Purpose of providing a Fund for paying off Mortgages granted under this Act, and the Sums to be so set aside shall be raised by such Board in manner aforesaid.