Merchant Shipping Act 1894
Advances by Public Works Loan Commissioners.
663.—(1) The Public Works Loan Commissioners may, for the purpose of the construction and repair of lighthouses or other extraordinary expenses connected with the service of lighthouses, buoys, and beacons, advance money upon mortgage of the Mercantile Marine Fund, and the several dues, rates, fees, and payments to be carried thereto under this Act, or any of them, or any part thereof, without requiring any further security than that mortgage.
(2) Notwithstanding anything in this Act, every mortgage so made to the Public Works Loan Commissioners shall be made in accordance with the Acts regulating loans by the Public Works Loan Commissioners.
(3) An advance by the Public Works Loan Commissioners shall not prevent any lawful reduction of any dues, rates, fees, or other payments payable to the Mercantile Marine Fund if that reduction is assented to by the Public Works Loan Commissioners.
Annotations:
Modifications (not altering text):
C158
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.
...
C159
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.
...
Editorial Notes:
E387
Loans under section on the security of the Mercantile Marine Fund or of the several dues, rates, fees, and payments to be carried to that fund, or of any part thereof, stated to be subject to the provisions relating loans on the security of a local rate as provided (6.08.1897) by Public Works Loans Act 1897 (60 & 61 Vict.) c. 51, s. 11(b), commenced on enactment.