32. Where the board before the passing of this Act have granted Section 32. any security for the purposes of any of the Acts mentioned in the first schedule to this Act, they may enter into an arrangement with Conversion the holder of such security for the conversion thereof into such amount of existing of consolidated stock as may be arranged between them. Such securities into consoliarrangement shall be made according to such regulations and on such dated stock. terms as may be approved by the Treasury.

Consent of trustees, incapacitated persons, &c.,

to conver

33. Any person who holds any security granted by the board before the passing of this Act for the purposes of any of the Acts mentioned in the first schedule to this Act, and who is one of the persons enabled by the Lands Clauses Consolidation Act, 1845, to sell land under that Act, may consent to any arrangement approved by the Treasury under this Act, for the conversion of such security sion. into consolidated stock, and to the payment of such security before the time limited for the payment thereof, and accept money for such consent in the same manner as if such person was the absolute owner in his own right of such security, and such person is hereby indemnified for so doing.

34. For the purpose of raising money, or (b) to pay off any security granted before the passing of this Act by the board for the purposes of any of the Acts mentioned in the first schedule to this Act, and for the purpose of the conversion of any such security, the board may create (c) consolidated stock under the provisions of this Act in like manner and with the like sanction as they may create the same for the purpose of raising money for the purposes of the said Acts, and the money raised by such stock shall be applied in such payment, and all stock created under the provisions of this section shall be deemed to be created and the money raised thereby to have been borrowed for the purposes of the Acts for the purpose of which the original security was granted.

Creation of stock for paying off money borrowed, &c.

35. Where any security granted before the passing of this Act is Sinking paid off out of the Consolidated Loans Fund, or by means of money fund of raised by the creation of stock under this Act, or is converted into existing stock, and there is any sinking fund which has been formed for the securities. payment of such security, either alone or jointly with other securities, the board shall carry to the Consolidated Loans Fund such sinking fund, or such proportion thereof as may be the proportion which such security bears to the total of the securities for which such fund is the sinking fund.

36. The board may create consolidated stock for the purpose of raising, in addition to the loans authorized by the Acts mentioned in the first schedule to this Act, such further sums as the Treasury may sanction for the following purposes; namely,

(b) By the Metropolitan Board of Works (Loans) Act, 1871, section 9, the word "or" in this line shall be deemed to be omitted.

(e) By the Metropolitan Board of Works (Loans) Act, 1871, section 8, the board are authorized to exercise this power by substituting consolidated stock for main drainage securities, &c., although the securities may have been paid off. And by section 9, consolidated stock for the purpose of this enactment shall be purchased or redeemed and cancelled within 60 years.

(d) The Metropolitan Board of Works (Money) Act, 1877, by section 15, empowers the board to raise money to the amount stated, by the issue of bills, to be called metropolitan bills. And see note to section 3, ante, as to

Additional borrowing powers of board (d).

Section 36.

(1.) For the purpose of completing the works authorized by the Main Drainage Acts, and for covering in and otherwise completing and making efficient the main sewers transferred to and vested in the board by the Metropolis Management Act, 1855:

conditions to be observed by the board in bills for raising moneys to be submitted to parliament.

The provisions relative to metropolis bills in the last-named Act, are the following:

Section 15. Notwithstanding anything in this Act or in any other Act relating to the board contained, the board, with the consent of the Treasury, may from time to time, as they think fit, raise any part of the moneys which they are by this Act authorized to raise, not exceeding, &c., by the issue of bills under this Act.

Section 16. A bill under this Act (in this Act referred to as a "metropolitan bill") shall be a bill in form prescribed by a regulation made in pursuance of this Act for the payment of the principal sum raised therein, in the manner and at the date therein mentioned, so that the date be not less than three nor more than twelve months from the date of the bill. Interest shall be payable in respect of a metropolitan bill at such rate and in such manner as the board, with the consent of the Treasury, may direct.

Section 17. All moneys raised by the issue of any metropolitan bills, shall be paid to the board, and shall be expended by them for the purposes for which the same are by this Act authorized to be raised respectively. The principal money and interest expressed in any metropolitan bill to be payable, shall be charged on the consolidated rate, and shall be payable out of the said rate, or as regards principal, out of moneys raised by the creation of consolidated stock under this Act for the purpose for which such principal money has been expended, and as regards interest, out of the consolidated loans fund.

Section 18. With respect to the issue of metropolitan bills, the following provisions shall have effect :

(1.) Metropolitan bills shall be issued under the authority of a warrant
sealed by the board and countersigned on behalf of the Treasury.
(2.) Each Metropolitan bill shall be for the amount directed by the
board.

(3.) Each metropolitan bill shall be sealed by the board, the sealing
being attested by the clerk in his own name.

Section 19. The board may from time to time, with the consent of the Treasury, make, and when made, rescind, alter, and add to, regulations for carrying into effect the provisions of this Act with respect to metropolitan bills, and in particular,—

(1.) For regulating (subject to the provisions of this Act) the preparation, form, mode of issue, mode of payment, and cancellation of metropolitan bills:

(2.) For regulating the issue of a new metropolitan bill in lieu of one defaced, lost, or destroyed:

(3.) For preventing by the use of counterfoils or of a special description of paper or otherwise, fraud in relation to the metropolitan bills:

(4.) For the proper discharge to be given upon the payment of a metropolitan bill:

Every regulation purporting to be made in pursuance of this section shall be deemed to be within the powers of this Act, and shall have effect as if it were enacted in this Act.

Section 20. For the purpose of paying off the principal money of any metropolitan bills, the board may raise any sum which they are by this Act empowered to raise, by the creation of consolidated stock for the purposes for which such principal money has been expended, not exceeding the amount of such principal money, but, save as aforesaid, the powers given to

(2.) For the purpose of completing the works authorized by the Embankment Acts:

(3.) For the purpose of providing station houses, fire engines, fire escapes, and permanent plant for the purpose of the Fire Brigade Act:

and all the provisions of this Act shall apply in like manner as if such sums were loans authorized by the Main Drainage Acts, the Embankment Acts, and the Fire Brigade Act respectively, and all the provisions of those Acts relating to the execution of works respectively authorized by them shall continue in force and extend to the works executed by means of the money raised in pursuance of this section, and all stock created under this section shall be deemed to be created for the purposes of the above-mentioned Acts respectively.

37. Where the managers of the metropolitan asylum district require to borrow money under "The Metropolitan Poor Act, 1867," and the Acts amending the same, such managers may borrow and the board may lend on the security authorized by those Acts such sums as the managers may have been authorized by the poor law board, in pursuance of those Acts, to borrow, not exceeding in the whole five hundred thousand pounds.

the board by this Act to raise moneys for any purposes by the creation of consolidated stock, shall be suspended to the amounts and for the periods to and for which moneys are for the time being authorized by the Treasury to be raised for such purposes respectively by the issue of metropolitan bills.

Section 21. Sections eight, nine, ten, and eleven of the Act of the twentyfourth and twenty-fifth years of the reign of Her present Majesty, chapter ninety-eight, intituled "An Act to consolidate and amend the Statute Law of England and Ireland relating to indictable offences by forgery" (which sections relate to the forgery of and other frauds relating to exchequer bills), shall apply to the metropolitan bills, and shall have effect as if "exchequer bill" in those sections included" metropolitan bill."

Section 22. The board may enter into such arrangements with any bank approved by the Treasury for carrying into effect the provisions of this Act with respect to the issue of metropolitan bills, and to the payment of the principal sum named therein, and to all matters relating thereto, and for the proper remuneration of such bank with reference thereto, as they may think proper and may be approved by the Treasury.

(a) The board of works were empowered to lend further amounts to the manager of the metropolitan asylum district by the Acts of 1871, 1875, 1876, 1877, and 1878.

By the Metropolitan Board of Works (Loans) Act, 1875, section 14, the metropolitan board required from bodies to which they are authorized to lend money, returns embodying information respecting their financial condition and other matters.

By the Metropolitan Board of Works (Loans) Act, 1871, section 10, the board are empowered to lend to vestries and district boards, any sum borrowed by them under the Metropolis Local Management Acts for any work which appears to the board and the Treasury to be a permanent work, and this section is to apply mutatis mutandis to every such loan. By the Metropolitan Board of Works (Loans) Act, 1875, section 4, no money shall, after the passing of that Act, be lent by the metropolitan board to any vestry or district board under this section.

The last-named Act by section 4, authorizes the metropolitan board to lend to vestries and district boards, up to the 31st December, 1876, money for the purpose of any work, with power to the board and the

Section 36.

Loans by board to managers of metropolitan asylum district (a).

Section 37.

For the purpose of raising the money so lent to the managers, the board may create consolidated stock under the provisions of this Act, in like manner and with the like sanction as they may create the same for the purpose of raising money for the purposes of the Acts mentioned in the first schedule to this Aet, and all the provisions of this Act shall apply as if such money were raised and stock were created for the purposes of the last-mentioned Acts, with this exception, that the money required in pursuance of this section may be borrowed by the board in addition to the sum limited by this

Act.

All sums received by the board from the said managers in respect of interest on or the principal of such loan shall be carried to the Metropolitan Consolidated Loans Fund.

Notwithstanding anything in the Metropolitan Poor Act, 1867, and the Acts amending the same, the amounts so lent by the board shall be repaid to them by the said managers, with interest, within such period not exceeding sixty years as may be agreed upon between the board and the said managers, subject to the approval of the Treasury.

The board may lend and the managers may borrow money in pursuance of this section for the purpose of repaying any loan due at the passing of this Act from the said managers.

The board and the said managers may execute all such deeds and documents and do all such acts as may be necessary or expedient for carrying this section into effect.

Treasury to spread the repayment over a series of years. It limits the aggregate amount to be lent by the board under this section, and makes provision as to time for repayment and other matters, and enacts that no money shall be lent to vestries or district boards under section 10 of Metropolitan Board of Works (Loans) Act, 1871.

The 5th section of the Metropolitan Board of Works (Loans) Act, 1875, authorizes the metropolitan board, up to 31st December, 1876, to lend to the guardians of a union or parish wholly or for the most part in the metropolis, and the 6th section enables the board up to the same date to lend to any corporate body, commissioners, burial board, or other public body, having powers to levy, directly or indirectly, rates in respect of lands in the metropolis, or to make charges on rates or take dues or impositions in the nature of rates in the metropolis. Provisions are made limiting the aggregate amount to be lent under that section, and relative to the period of repayment and other things.

The Metropolitan Board of Works (Loans) Act, 1876, section 7, empowers the board to lend to vestries and district boards, money required for paying off loans and other purposes up to 31st December, 1877, and limits the amount. Section 8 contains corresponding provisions with respect to boards of guardians, and section 9 with respect to corporations, commissioners, &c. The Metropolitan Board of Works (Money) Act, 1878, extends the amount which maybe lent by the board up to 31st December, 1879, to the manager of the metropolitan asylum district.

The Metropolitan Board of Works (Money) Act, 1878, authorizes the board to raise further sums of money for the purposes therein mentioned, and limits the amount to be lent by them to vestries and district boards and other bodies therein mentioned, up to 31st December, 1879. See further provisions of the Act of 1877, referred to in note to section 36, ante.

The 5th section of the Elementary Education Act, 1870, empowers the board to lend to the school board of London the sums they are authorized to borrow for the erection of schools, with the approval of the education department; and this provision is extended by the Elementary Education Amendment Act, 1872, to sums required for the erection of offices.

Limit of

borrowing

powers.

38. The board shall not after the passing of this Act borrow Section 38. exclusively of any amount borrowed for the purposes of a loan to the managers of the metropolitan asylum district an amount which, together with the amount actually owing by them at the passing of this Act, after deducting the market value at the date of the passing of this Act of all sinking funds created in pursuance of any of the Acts mentioned in the first schedule to this Act, and remaining at that date in the hands of the board, exceeds in the whole ten million pounds sterling actually received by them; provided that this shall not prevent the board from raising any money under the provisions of this Act for the purpose of paying off securities granted before the passing of this Act, and all moneys so raised shall be duly applied by the board accordingly.

39. The dividends on all consolidated stock shall be paid on such Payment of days as may be from time to time fixed by the board with the dividends. approval of the treasury.

of a receiver in certain

cases (a).

40. Any person or body corporate entitled to any consolidated Appointment stock or to any security granted by the board may, if default be made for a period of not less than two months after demand in writing in the payment of dividend on such stock or of interest on any such security, apply to the court of chancery in a summary way for the appointment of a receiver, and the court of chancery may, if the court think fit, on such application appoint a receiver on such terms and conditions, and with such powers, as the court think fit. Such persons shall have the same power of collecting and receiving and applying all moneys liable to be carried under this Act to the consolidated loans fund, and of assessing and raising the metropolitan consolidated rate for the purpose of obtaining such moneys as the board or any officer thereof may have, and shall apply all such moneys, after payment of expenses and costs, under the direction of the court, for the purposes of and in conformity with this Act. The court may at any time discharge such receiver, and shall have full jurisdiction over such receiver, and the applicant and all persons and bodies interested in the acts of the receiver, in the same manner and to the same extent as if a suit had been duly instituted for the administration of the affairs of the board and a receiver had been appointed in such suit.

The lord chancellor of Great Britain, with the advice and assistance of the lords justices of the court of appeal in chancery, the master of the rolls, and the vice-chancellors, or any two of those judges, may from time to time make general orders for the regulation of the practice of the court of chancery under this section.

41. All sums of money, bills, and drafts which are received by the board under the provisions of this Act shall from time to time, within two days after the same have been received, or within two days after any bill has been accepted, completed, and perfected, if the same is not accepted, completed, and perfected at the time it is received, be paid by the board into the hands of some bank to be appointed by the board with the approval of the treasury, for which the receipt of one of the cashiers or other officers of such bank shall

(a) The 188th section of the Metropolis Management Act, 1855, provides for the appointment of a receiver in case of nonpayment of principal or interest of mortgages under that Act.

Moneys received by the board to be paid into bank to their account.