(Water &c.) Order Confirmation. A.D. 1927. moneys as have been borrowed from the Public Works Loan Commissioners and of all sums provided by the Corporation as aforesaid before the fifteenth day of May as from which the loans fund shall be established. (2) The Corporation may also if they think fit 5 carry to the credit of the loans fund all moneys from time to time standing in any reserve renewal depreciation superannuation or other funds of the Corporation for use in accordance with the provisions of subsection (3) of this section. (3) The moneys of the loans fund shall be used or applied by the Corporation— (a) In the exercise of any statutory borrowing 10 power by transfer of the required amount (b) In the redemption of stock or any other securities (c) In the payment of dividends and interest on the stock bonds or other securities issued in the exercise of the statutory borrowing powers of the Corporation and remaining outstanding; or (d) In the payment of the expenses of managing the loans fund and other expenses incidental thereto; 20 25 and any moneys of the loans fund not used or applied (4) All moneys borrowed or received and used or 5 (Water &c.) Order Confirmation. (5) Save as in this Order expressly provided all the A.D. 1927. obligations of the Corporation to the holders of annuities or other securities of the Corporation shall continue in force. (6) The powers conferred by this section shall not be put into operation by the Corporation except in accordance with a scheme to be approved by the Secretary of State and such scheme may make provision for any matters incidental to the establishment and 10 administration of the loans fund. (7) The accounts of the Corporation for or relating to the loans fund shall be subject to the same audit and certification as all other accounts of the Corporation under the provisions of the Town Councils (Scotland) 15 Acts 1900 to 1923 and any Acts amending or extending the same. 71. (1) The Corporation shall from time to time Raising of in order to raise the amounts of the several contributions contribuout of the several revenues of the Corporation for payment tions to 20 into the loans fund do all such acts exercise all such loans fund. powers collect all such money and impose assess and levy all such rates and assessments as they lawfully can or ought to do exercise collect impose assess and levy for the purposes of or in relation to their respective 25 statutory borrowing powers. (2) If there is a deficiency on the revenue of the Corporation in respect of any required contribution the Corporation shall advance the amount of the deficiency out of the loans fund. 30 (3) The amount so advanced shall be a debt due from the revenue of the Corporation on which the deficiency existed to the loans fund and interest shall be payable thereon at a rate to be determined upon by the Corporation until repayment and the same debt and 35 interest thereon shall as soon as in the judgment of the Corporation may be be raised and paid out of the revenue of the Corporation on which the deficiency existed. 72.—(1) If at any time it shall appear to the Cor- Loans fund poration that the amount of any deficiency in respect guarantee 40 ot any contribution from any of the revenues of the rate. Corporation to the loans fund as hereinbefore provided (Water &c.) Order Confirmation. A.D. 1927. should be paid into the loans fund out of moneys to be raised by means of the guarantee rate hereinafter mentioned and the Corporation at a meeting specially called with notice of the object resolve so to pay the amount of any such deficiency the Corporation may and they are 5 hereby empowered to impose assess and levy upon and from all lands and heritages situated within the burgh such rate as they may consider necessary for the purpose of paying the amount of any such deficiency which rate shall be called the "Loans fund guarantee rate" and 10 the sums so imposed assessed and levied shall be carried to and form part of the loans fund and be applied as herein provided with respect to contributions to the said fund. tions. (2) The loans fund guarantee rate shall be imposed 15 and assessed one-half on the owners and one-half on the occupiers of all lands and heritages within the burgh and shall be levied recovered and collected in the same manner and along with and subject to the same provisions and exemptions as are provided with respect to the 20 public health general assessment leviable by the Corporation within the burgh. Saving for 73. (1) Notwithstanding anything contained in this existing Order the accounts of the Corporation shall be so kept rating limits as to show under a separate heading or division in relation 25 and exemp- to the respective funds assessments and accounts of the Corporation the amounts of all revenues and expenditure (including moneys paid into or out of the loans fund) and the Corporation shall not impose assess or levy any rate for the purpose of any fund assessment or account 30 which taking one year with another shall be in excess of any limit which may now be prescribed as the maximum amount of the rate for such fund assessment or account. Evidence of transfer or transmission of securities. (2) Nothing in this Order shall limit prejudice or 35 affect any exemption to which any company body or person is now entitled from or in respect of any rate imposed assessed or levied by the Corporation for any purpose. 74. It shall not be obligatory on the Corporation to 40 receive or register any transfer assignation certificate of death burial bankruptcy or marriage probate confirmation letters of administration or other document (Water &c.) Order Confirmation. evidencing a transmission of any authorised security A.D. 1927. except upon the production to and temporary deposit with the town clerk of the security or the certificate thereof for the purpose of the endorsement thereon of a 5 memorandum of such transmission or the issue of a new security or certificate thereof and in case of the issue of a new security or certificate for the purpose of cancellation of the security or certificate so deposited. 75. If any money is payable to a mortgagee or Receipt in 10 stockholder being a pupil minor idiot or lunatic the case of perreceipt of the guardian or trustee of his estate or of his sons not sui tutor or curator or curator bonis shall be a sufficient juris. discharge to the Corporation. 76. Where more persons than one are registered as Interest on 15 joint holders of any mortgage of the Corporation any securities one of them may give an effectual receipt for any interest held jointly. thereon unless notice to the contrary has been given to the town clerk by any other of them. 77. Notwithstanding anything contained in this Form of 20 Order the Corporation shall show in their accounts relating accounts. to any undertaking or purpose all items (including payments in respect of loans applicable thereto) which ought 25 to be entered therein in order to show the financial position of the undertaking or purpose. 78. In all cases in which the Corporation keep Apportionseparate accounts for separate purposes they shall so ment of far as reasonably practicable apportion between those items. accounts or carry to either or any of them any receipts credits payments and liabilities which from time to 30 time it appears to them ought to be so apportioned or carried. ments to 79. Notwithstanding anything contained in any Rate of Acts or Orders or regulations governing the same the accumularate of accumulation of the annual payments to every tion of 35 accumulating sinking fund formed by the Corporation annual payfor any purpose shall in respect of any moneys to be sinking fund borrowed by the Corporation after the commencement for repayof this Order be three pounds ten shillings per centum ment of per annum or such other rate as the Secretary of State loans. 40 may from time to time approve. A.D. 1927. Return to State with respect to repayment of debt. (Water &c.) Order Confirmation. 80. (1) The chamberlain shall if and when he is requested by the Secretary of State so to do transmit to the Secretary of State a return showing the provision made for the repayment of any loans raised by the Corporation under the authority of the Acts of 1873 to 5 1922 and this Order. (2) The return shall show such particulars and shall be made up to such date and in such form as the Secretary of State may require and shall if so required by him be verified by statutory declaration of the chamberlain and 10 be transmitted within one month after the making of the request and in the event of his failing to make such return the chamberlain shall for each offence be liable to a penalty not exceeding twenty pounds to be recovered by the Secretary of State as a debt to the Crown is 15 recoverable and notwithstanding the recovery of such penalty the making of the return shall be enforceable by decree of either division of the Inner House of the Court of Session pronounced in a summary application presented for that purpose. 20 (3) If it appears to the Secretary of State by such a return as aforesaid or otherwise that the Corporation have failed to pay any instalment or annual payment required to be paid or to appropriate any sum required to be appropriated or to set apart any sum required 25 to be set apart for any sinking fund (whether such instalment or annual payment or sum is required by any Act or Order or by the Secretary of State in virtue thereof to be paid appropriated or set apart) or have applied any portion of any sinking fund to any purposes 30 other than those authorised the Secretary of State may by order direct that the sum in such order mentioned not exceeding the amount in respect of which default has been made shall be paid or applied in the manner and by the date in such order mentioned and the 35 Corporation shall notify the Secretary of State as soon as the order is complied with and any such order shall be enforceable by decree of either division of the Inner House of the Court of Session pronounced in a summary application presented for that purpose. (4) The provisions of this section shall extend and apply to any annual returns required to be made to the Secretary of State with regard to the repayment of debt by any provisions of the Acts of 1873 to 1922 not 40 |