(Water &c.) Order Confirmation. Order referred to as "the prescribed period ") mentioned A.D. 1927. in the third column thereof (namely) : (2) (a) In addition to the moneys which the Corporation are by the foregoing provisions of this section 30 authorised to borrow they may borrow :-- 35 40 (i) Such sums of money for the purposes of the (ii) Such sums of money for the purposes of the sanction. (b) Any money borrowed under this subsection shall be repaid within such period and by such method as the A.D. 1927. Charge of moneys borrowed. Power to use one form of mortgage for all pur poses. (Water &c.) Order Confirmation. (c) The Secretary of State shall have and may exercise in relation to any such sanction as aforesaid all the powers of section 93 of the Local Government (Scotland) Act 1889 and such sanction shall be subject to such conditions (if any) as the Secretary of State may 5 consider proper. 65. All moneys owing or to be owing or borrowed or to be borrowed and all stock issued or to be issued by the Corporation together with the interest dividends annuities and all other annual sums for the time being 10 payable thereon shall be and the same are hereby by virtue of this Order charged indifferently upon all the funds rates assessments and revenues of the Corporation and shall rank equally one with the other without any priority whatsoever. 15 66.—(1) Where the Corporation have from time to time any statutory borrowing power they may for the purpose of exercising such power grant mortgages in pursuance of the provisions of this section. (2) All mortgages to be granted by the Corporation 20 after the commencement of this Order for moneys borrowed in the exercise of any statutory borrowing power may be in or near to the form contained in the Second Schedule to this Order and such mortgages may be renewed transferred and discharged by minutes 25 of renewal transfer or discharge in or near to the forms in the said schedule contained. (3) The Corporation may issue along with any such mortgage and during the period of any renewal thereof interest warrants in or near to the form in the said 30 schedule contained and signed by the chamberlain for the periodical payment of the interest on the principal sum thereby secured during the period for which such mortgage is intended to subsist and the delivery to the Corporation or to any person on their behalf of any 35 such interest warrant duly stamped (where necessary) as a receipt shall be a valid and sufficient discharge to the Corporation for the interest in respect of which the same was issued. (4) All mortgages granted under this section and 40 any interest thereon shall rank equally without any priority or preference by reason of any precedence in the date of any statutory borrowing power or in the date of the mortgages or on any other ground whatsoever (Water &c.) Order Confirmation. and shall also rank equally with all other securities A.D. 1927. granted by the Corporation and any interest thereon at any time after the date of the first grant of a mortgage under this section. 5 (5) The repayment of all moneys borrowed and the payment of interest thereon secured by mortgages granted under this section shall be and the same are by virtue of this Order charged indifferently upon all the funds rates assessments and revenues of the Cor10 poration. (6) There shall be kept at the office of the town clerk a register of the mortgages granted under this section and within fourteen days after the date of any such mortgage an entry shall be made in the register 15 of the number and date thereof and of the names and descriptions of the parties thereto as stated in the deed which register may be inspected at any reasonable time by any person interested in every such mortgage without fee or reward. 20 (7) There shall be kept at the office of the town clerk a register of the transfers of mortgages granted under this section and within thirty days after the date of every transfer if executed within the United Kingdom or within thirty days after the arrival of such transfer 25 in the United Kingdom if executed elsewhere the same duly stamped shall be produced to the town clerk who shall on payment of a sum not exceeding five shillings cause an entry to be made in such register of its date and of the names and descriptions of the transferor 30 and transferee and until such entry is made the Corporation shall not be in any manner responsible to the transferee. (8) On the registration of any transfer the transferee his executors or administrators shall be entitled to the 35 full benefit of the original mortgage and the principal and interest secured thereby and any transferee may in like manner transfer his interest in any such mortgage and no person except the last transferee his executors or administrators shall be entitled to release or discharge 40 any such mortgage or any money secured thereby. 67. The Corporation shall pay off all moneys bor- Mode of rerowed by them on mortgage (other than money borrowed payment of borrowed for current expenses) under this Order either by means of a sinking fund formed under the provisions of this money. (Water &c.) Order Confirmation. A.D. 1927. Order or by equal yearly or half yearly instalments of principal or of principal and interest combined or partly by one of those methods and partly by another or others of them. Water reserve fund. Use of moneys 68. The Corporation may provide out of the yearly 5 water assessment and rates rents charges and other revenues of the water undertaking a reserve fund for that undertaking by setting aside such a sum annually as they may from time to time think fit and investing the same and the resulting income thereof in any 10 securities in which they are authorised to invest sums paid into any sinking fund which reserve fund shall not at any time exceed in the whole the sum of ten thousand pounds and shall be applicable as and when the Corporation may determine from time to time for the renewal of 15 the works plant mains pipes and apparatus or any extraordinary claim or demand at any time arising against the Corporation in respect of the water undertaking. 69. The Corporation may use for the purpose of any statutory borrowing power possessed by them any 20 forming part moneys forming part of any sinking fund loans fund of sinking redemption fund reserve fund or insurance fund of the Corporation (in this section respectively referred to as "the lending fund ") and not for the time being required subject to the following conditions :- and other funds. 25 (a) The moneys so used shall be repaid to the (b) Interest shall be paid to the lending fund on any 5 (Water &c.) Order Confirmation. interest on a loan raised under the statutory A.D. 1927. borrowing power: (c) The statutory borrowing power for the purpose of which the moneys are so used shall be 70.-(1) Notwithstanding anything contained in any EstablishAct or Order as from the fifteenth day of May one ment of 10 thousand nine hundred and twenty-eight or as from loans fund. any succeeding fifteenth day of May the Corporation 66 may if they think fit establish a fund to be called the Ayr Corporation loans fund" (in this Order referred to as "the loans fund ") to which shall be paid as and 15 when they are received 20 25 30 35 (a) All moneys borrowed by the Corporation whether (b) All moneys of a capital nature received by the (c) The appropriate sums provided in each year (d) A sum or sums equal to the nett aggregate (e) Such other sum or sums as may be consistent and there shall also be carried to the credit of the loans 40 fund the unapplied balances of all moneys borrowed or received on capital account or the interest and dividends thereon or for the redemption thereof except of such |