Merchant Shipping Act 1894
Mortgage of General Lighthouse Fund for lighthouse expenditure
662.—(1) The Board of Trade may mortgage the Mercantile Marine Fund and any dues, rates, fees, or other payments payable thereto, or any part thereof, for the purpose of the construction and repair of lighthouses or other extraordinary expenses connected with the services of lighthouses, buoys, and beacons.
(2) Any mortgage under this section shall be made in such form and executed in such manner as the Board of Trade may direct.
(3) A person lending money on a mortgage under this section shall not be bound to inquire as to the purpose for which the money is raised or the manner in which it applied.
Annotations:
Modifications (not altering text):
C156
Reference to Mercantile Marine Fund construed as a reference to the General Lighthouse Fund (1.04.1899) by Merchant Shipping (Mercantile Marine Fund) Act 1898 (61 & 62 Geo. 5) c. 44, s. 1(1)(b), (c), commenced as per s. 9(3).
Abolition of Mercantile Marine Fund and constitution of General Lighthouse Fund.
1. (1) ...
(b) All expenses charged on and payable out of the Mercantile Marine Fund, except the expenses relating to lighthouses, buoys, and beacons mentioned in paragraph (i) of section six hundred and seventy-seven of the same Act, and except also any expenses incurred by a general lighthouse authority under section five hundred and thirty-one of the same Act, shall, so far as they are not paid by any private person, be paid out of moneys provided by Parliament:
(c) The said excepted sums shall be accounted for and paid to, and the said excepted expenses shall be charged on and payable out of, a fund which shall be called the General Lighthouse Fund, and references in Part XI. and in sections five hundred and thirty-one and six hundred and seventy-nine of the Merchant Shipping Act, 1894, to the Mercantile Marine Fund shall be construed as references to the General Lighthouse Fund.
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C157
Application of section extended (1.04.1899) by Merchant Shipping (Mercantile Marine Fund) Act 1898 (61 & 62 Vict.) c. 44, s. 2(4), commenced as per s. 9(3).
Transfer of certain light dues and charges to General Lighthouse Fund.
2.— ...
(4) Sections six hundred and sixty-one, six hundred and sixty-two, and six hundred and sixty-three of the Merchant Shipping Act, 1894 (which relate to the advance and borrowing of money for the purpose of the construction and repair of lighthouses), shall apply in the case of colonial lights as they apply in the case of other lighthouses, buoys, or beacons.
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