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Remission of balance of loan advanced under 29 & 30 Vict. c. 28 to the late R. L. Cosh.
2 Edw. 7. c. 22.
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4. Whereas the Public Works Loan Commissioners advanced in the years eighteen hundred and eighty-seven and eighteen hundred and eighty-eight, under the provisions of the Labouring Classes Dwelling Houses Act, 1866, sums amounting to twelve thousand pounds to Richard Lawrence Cosh for the erection of labourers’ dwellings on a site in Brook Street, Radcliffe, in the parish of St. Dunstan, Stepney, held on a long lease from the Coopers’ Company, the loan being made repayable in forty years by equal instalments of principal with interest at four per cent. per annum:
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And whereas the interest and instalments of principal due in respect of the loan having fallen into arrear, the Public Works Loan Commissioners, on the tenth day of November eighteen hundred and eighty-eight, entered into possession of the dwellings, and, the weekly rents proving insufficient after payment of expenses of management, maintenance, and repairs to meet their claim for interest and principal, with the consent of the Treasury on the third day of June eighteen hundred and ninety-two, sold the property for eight thousand seven hundred and fifty pounds:
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And whereas by section two of the Public Works Loans Act, 1902, the sum of three thousand one hundred and one pounds five shillings, being the difference between the outstanding balance of the loan (amounting to eleven thousand eight hundred and fifty-one pounds five shillings) and the sum so realised by the sale, was written off from the assets of the local loans fund, but remained a personal liability of the said Richard Lawrence Cosh:
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And whereas the said Richard Lawrence Cosh has recently died leaving no available estate to meet the debt, which is therefore irrecoverable:
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Therefore the said principal debt, so far as not repaid, together with all claims for interest thereon, is hereby extinguished, and the amount of the said debt and of any arrears of interest therein shall be deemed a free grant from Parliament.
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