CAB37-17 — Page 102

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48

County Councils.

[40 VIOT.]

A.D. 1886. but if any representative from a borough becomes a member of such committee such borough shall contribute towards the payment of such expenses such sums as may be agreed on between the town council and the county council, or in default of agreement may be fixed by the Local Government Board.

Power of

to

ROHN:

stock and borrow.

Loans.

69. A county council may from time to time issue, upon the ecurity of the county fund, a stock to be called 1 gounty vapital

stock" for both or one of the following purposes:

•

(a.) The conversion into such stock of any debts payable by the 10

council for the time being subsisting upon outstanding securi-

ties, with the consent of the holders of such securities; and

(b.) For the raising of any sums which they are authorised to

borrow.

The nominal amount of stock to be issued for either of the above 15 purposes, and the price at which it may be issued, and the time within which the whole of the stock constituting one issue is to be redeemed shall be fixed by the Local Government Board.

The amount of stock which is to be deemed to constitute a sepa- rate issue shall be declared at the time of the issue being made, and 20 the stock comprised in different issues shall take priority according to the date of each issue.

In the event of the county council making an issue of stock under this section, they shall in every year after such issue raise an equal sum of money of such amount as will, at or before the expira- 25 tion of the period fixed for the redemption of the whole of the stock belonging to such issue, redeem the whole of such stock, and they shall in each year appropriate such sum to the redemption of a corresponding amount of such stock.

If default is made by the county council in raising and appro- 80 priating such annual sum as aforesaid, the Local Government Board may order any sum in respect of the raising or appropriation of which default has been made to be raised and applied according to law;

and their order may be enforced by mandamus.

A county council may themselves keep a register of the county 85 capital stock issued by them, or they may enter into such arrange- ments with the governor and company of the Bank of England or with any other bank or company as they may think expedient in relation to the keeping a rogister of such stock and to the transfer

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