Public Works Loans Act 1875
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Change 1
23 Powers in relation to rate where default made.
Where a local loan made by the Treasury is secured by the mortgage of a rate (whether with or without any other security), and the Treasury might, if such loan were secured upon a mortgage of property, take possession of such property, the Treasury may, without prejudice to any other remedy, by notice in writing served at the office or last known place of address of the mortgagor, or where from any cause the same cannot be so served by notice in writing published in the prescribed manner, declare their intention to exercise the powers conferred by this Act, and thereupon the Treasury shall have and may exercise the same power as the mortgagor of making and levying the rate mortgaged, and for that purpose the Treasury or the Public Works Loans Secretary with their concurrence may appoint an officer who, subject to the direction of the Treasury, shall have and may exercise the same powers, authorities, and duties as if he had been appointed by the mortgagor. The Treasury, in making an estimate of the rate to be levied for the purpose of paying any sum due, may add such sum as they think sufficient for defraying and may defray thereout all costs, charges, and expenses, including remuneration to any officer or other person employed, incurred by the Treasury in the execution of their powers under this section or otherwise by reason of the default in payment. Any balance remaining in the hands of the Treasury shall be paid by them to the mortgagor. The Treasury may, by a like notice, declare their intention to relinquish the powers conferred by this section, and that either absolutely or with reservations and conditions, and thereupon all such powers shall revest in the mortgagor, subject to the said reservations and conditions.
23 Powers in relation to rate where default made.
Where a local loan made by the Treasury is secured by the mortgage of a rate (whether with or without any other security), and the Treasury might, if such loan were secured upon a mortgage of property, take possession of such property, the Treasury may, without prejudice to any other remedy, by notice in writing served at the office or last known place of address of the mortgagor, or where from any cause the same cannot be so served by notice in writing published in the prescribed manner, declare their intention to exercise the powers conferred by this Act, and thereupon the Treasury shall have and may exercise the same power as the mortgagor of making and levying the rate mortgaged, and for that purpose the Treasury or the Public Works Loans Secretary with their concurrence may appoint an officer who, subject to the direction of the Treasury, shall have and may exercise the same powers, authorities, and duties as if he had been appointed by the mortgagor. The Treasury, in making an estimate of the rate to be levied for the purpose of paying any sum due, may add such sum as they think sufficient for defraying and may defray thereout all costs, charges, and expenses, including remuneration to any officer or other person employed, incurred by the Treasury in the execution of their powers under this section or otherwise by reason of the default in payment. Any balance remaining in the hands of the Treasury shall be paid by them to the mortgagor. The Treasury may, by a like notice, declare their intention to relinquish the powers conferred by this section, and that either absolutely or with reservations and conditions, and thereupon all such powers shall revest in the mortgagor, subject to the said reservations and conditions.
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