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Commissioners to grant Certificates to Lenders for Principal and Interest.
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C. And be it enacted, That it shall and may be lawful for the said Commissioners from Time to Time to grant a Security by Deed, in the Form of a Certificate under the Hands and Seals of the said Commissioners, to every Person who shall so advance any Sum of Money as aforesaid, setting forth the Sum for which the several Certificates collectively are to be issued, the Amount of the Sum for which each such Certificate is issued, the Date of such Advance, and the Rate of Interest payable for the same, and the Periods at which the said Principal Money shall be paid off, in One Payment, or by Instalments, and a general Description of the Land or River for the Drainage or Improvement of which or of the Reservoir for the Construction of which such Sum shall have been borrowed, and that every such Certificate shall be duly stamped as a Mortgage, and made in the following Words, or as near thereto as the Circumstances of the Case will admit:
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‘BY virtue of an Act passed in the Sixth Year of the Reign of Her Majesty, Queen Victoria [here insert the Title of this Act], we, the undersigned, being the Commissioners for the Execution of an Act passed in the Sixth Year of the Reign of Her Majesty Queen Victoria [here set forth the Title of this Act], in consideration of the Sum of Pounds of lawful Money of Great Britain to us lent and paid by do hereby certify that the Monies to become payable to us, under our Award, for the Drainage, Improvement, or Construction of [here describe the Land, River, or Reservoir,] are hereby charged with the Repayment of the said Sum of Pounds, being the whole [or Part, as the Case may be,] of the Sum of Pounds required to be borrowed for the Purpose aforesaid [here insert the Period when the Money is payable, in One Payment, or by Instalments, as the Case may be], together with Interest thereon [or, if the Money be payable by Instalments, with Interest on such Part of the said Principal Money as shall remain unpaid from Time to Time], at and after the Rate of Pounds per Centum per Annum, until the whole thereof shall be repaid, which Sum so lent and advanced by the said was taken up and borrowed by us for the Purposes of the said Act. In witness whereof we have hereunto set our Hands and Seals the Day of’.
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And the Monies mentioned in each such Certificate, with the Interest thereon shall be repayable and paid by the said Commissioners out of the Monies which shall come to their Hands under their Award as aforesaid, and all Persons to whom such Certificates shall be given shall be equally entitled (one with the other) to the Monies accruing by and under the same Charges, according and in proportion to the Sums by them respectively lent and advanced as aforesaid, without any Preference by reason of the Priority of the Date of such Certificate, or upon any other Account whatsoever: Provided always, that nothing herein contained shall be deemed, construed, and taken to extend to make the said Commissioners or any of them who shall sign or execute any such Certificate, personally, or their respective Lands or Tenements, Goods and Chattels, liable to the Repayment of any of the Monies to be borrowed or secured in pursuance of this Act.
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