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Commissioners may take deposits or transfers of the shares, stock, &c. of public companies, as chief or collateral security for advances.
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5. It shall be lawful for the said commissioners for the execution of the said Act, in the place of such real or other security or securities as they are by the said Act empowered and directed to take and require, or as collateral thereto, to accept and take, as security for any loan or advance to be made under the provisions of the said Act or this Act, deposits or transfers of the shares, stock, bonds, or debentures of such public companies as shall be approved by the Treasury, in like manner as by the said Act such commissioners are empowered to accept and take deposits or transfers of bank or government stock, Exchequer bills, or India bonds; and all such deposits or transfers of the shares, stock, bonds, or debentures of such public companies so assigned, transferred, or deposited, shall, in default of payment of such loan, with interest due thereon, in the manner directed and appointed by the said commissioners for the execution of the said Act, become and be absolutely vested in the said commissioners or their secretary, as the case may be, and shall and may be sold and disposed of, or the monies due or payable by virtue thereof shall and may be sued for in due course of law, in the name of their secretary for the time being, for the use of the said commissioners.
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