Public Works Loans Act 1875
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Change 1
25 Sale and mortgage by the Treasury of mortgaged premises.
Where the Treasury have power under this Act to sell or mortgage, they shall have power to sell or mortgage either together or in parcels, by public auction or private contract, and subject to such conditions as to title or evidence of title or otherwise as the Treasury may think proper. They may also buy in at any auction and rescind any contract for sale or mortgage, and resell or remortgage, without being responsible for any loss occasioned thereby. Where a sale cannot be made in the ordinary way for a sum equal to the amount remaining due under the mortgage, the Treasury may, if they think fit, sell in such a manner and subject to such conditions, stipulations, and agreements as they may think expedient for the purpose of ensuring the completion or carrying on of the work comprised in such mortgage by the purchaser thereof, with a view to the public good or general benefit, or for any other purpose, notwithstanding such conditions, stipulations, and agreements may be prejudicial to the sale, or may not be beneficial to the persons interested in the equity of redemption in the property. The Treasury may for the purpose of any sale or mortgage execute all such agreements, conveyances, and instruments as they may think fit.
25 Sale and mortgage by the Treasury of mortgaged premises.
Where the Treasury have power under this Act to sell or mortgage, they shall have power to sell or mortgage either together or in parcels, by public auction or private contract, and subject to such conditions as to title or evidence of title or otherwise as the Treasury may think proper. They may also buy in at any auction and rescind any contract for sale or mortgage, and resell or remortgage, without being responsible for any loss occasioned thereby. Where a sale cannot be made in the ordinary way for a sum equal to the amount remaining due under the mortgage, the Treasury may, if they think fit, sell in such a manner and subject to such conditions, stipulations, and agreements as they may think expedient for the purpose of ensuring the completion or carrying on of the work comprised in such mortgage by the purchaser thereof, with a view to the public good or general benefit, or for any other purpose, notwithstanding such conditions, stipulations, and agreements may be prejudicial to the sale, or may not be beneficial to the persons interested in the equity of redemption in the property. The Treasury may for the purpose of any sale or mortgage execute all such agreements, conveyances, and instruments as they may think fit.
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