715865-1865-GOVERNMENT-NOTIFICATION-NO-194 — Page 3

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THE HONGKONG GOVERNMENT GAZETTE, 23RD DECEMBER, 1865. 507

or give Security, except by virtue of this Act, and notwithstanding any Limitation of the Amount authorized to be raised under any Borrowing Power.

under this Act.

8. Every Mortgage or other Security in respect of a Loan under this Act shall Priority of Mortgages have Priority to all other Securities and Charges whatever on or affecting the Dues, Rates, Tolls, Revenues, or Property comprised in such Mortgage or other Security, except to a Security or Charge of prior Date and Execution, securing Money actually lent before the Date of the Agreement for the Loan under this Act.

9. In any Agreement, Deed, or Instrument made or executed under this Act, the Style of Admiralty in Admiralty may be styled "The Lord High Admiral of the United Kingdom, or the Deeds, &c. "Commissioners for executing the Office of Lord High Admiral," without any Name being expressed.

Two Commissioners.

10. Any such Agreement, Deed, or Instrument signed or executed by Two of the Signatures, &c. of Commissioners of the Admiralty shall be as valid and effectual as if signed or executed by the Commissioners for the Time being.

&c.

11. All the Estate, Interest, Rights, and Powers of the Admiralty under any Mortgaged Property Mortgage or other Security in respect of a Loan under this Act shall by virtue of this to vest in Admiralty, Act go to and vest in the Lord High Admiral or Commissioners of the Admiralty for the Time being in succession.

and Repayment of Principal.

12. All Interest from Time to Time payable, and all Principal Money from Time Payment of Interest to Time repayable, in respect of any Loan under this Act, shall be paid, under the Direction of the Admiralty, to the Cashiers of the Governor and Company of the Bank of England, and when so paid shall be carried to the Credit of the Account kept by them with Her Majesty's Exchequer.

13. Any Money for the Time being standing to the Credit of the Account opened Transfer back to with the Admiralty may from Time to Time, under the Direction of the Commissioners Consolidated Fund. of Her Majesty's Treasury, be transferred by the Governor and Company of the Bank

of England to the Account kept by them with Her Majesty's Exchequer, and when so transferred shall be carried to and made Part of the Consolidated Fund of the United Kingdom.

to be laid before

14. Every Agreement for a Loan under this Act shall be laid before both Houses Agreements for Loans of Parliament within Thirty Days after the making thereof, if Parliament is then sitting,

57 Farliament. and if not then within Thirty Days after the next meeting of Parliament.

confirmed.

15. Any Agreement made before the passing of this Act by the Admiralty, and Agreements before approved by the Commissioners of Her Majesty's Treasury, for a Loan for such a paving of this Act Purpose as aforesaid, is hereby confirmed; and any Money may be lent, and all Interest agreed for shall be paid, and all Instalments of Principal Money agreed for shall be repaid, as nearly as may be in all respects as if the Agreement were made under this Act.

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