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49

A.D. 1886.

[49 VICT.]

County Councils.

and management thereof, and for the proper remuneration of th bank or company with reference thereto.

A county council may, with the sanction of the Commissioners of Her Majesty's Treasury, compound for the stamp duty on the 5 transfers of any county capital stock in manner provided by the

fifty-third section of the Inland Revenue Act, 1880.

Any expenses incurred by the county council in entering into arrangements with any bank or company for keeping their register of stock and in compounding for stamp duty shall be deemed to be 10 capital expenses, and the sums necessary for defraying the same may be raised by the issue of county capital stook in addition to any stock which the county council may be authorised to issue.

Any trustee, tenant-for-life, or other person holding any security for a debt payable by a county council, and having a fiduciary or 15 partial interest in such security and debt, may exchange such security and debt for what he deems to be an equivalent amount of county capital stock, and any county capital stock received in exchange and the income thereof, shall be subject to the same trusts and be applicable to the samo purposes as the security and moneys payable 20 thereon would have been subject to if no exchange had been effected, but any person exchanging the same shall not be liable for any loss that may accrue from such exchange.

Subject to this Act, the provisions of the Local Loans Act, 1875, with the exception of section fourteen, shall apply to county capital 25 stock issued under this Act in the same manner as if such stock were debenture stock issued under the authority of the said Local Loans Act, and were a security under that Act.

The county council may, if they think it expedient to do so, raise any money they may be authorised to borrow on the security of the 30 county fund as one loan or several loans by debentures or annuity certificates under the said Local Loans Act, 1875, instead of by the issue of capital stock.

Every loan so raised by the county council on debentures or annuity certificates shall be discharged within a period not exceeding 33 the period prescribed by the Local Government Board, and such dis- charge may, if the county council see fit, and the Local Government Board assent, be effected by means of a sinking fund.

Where any money borrowed by a county council is borrowed for purposes to which a special fund is applicable, the special fund shall 40 indemnify the county fund against all charges in respect of the loan.

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23.

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