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CANAL (CARRIERS) ACT 1847 - SECT 2

Borrowing by canal companies adopting recited Act.

2. It shall be lawful to the proprietors, trustees, and undertakers of any
canal, river, or navigation who shall have in the manner provided by the said
recited Act adopted the powers and provisions of the same to borrow on
mortgage or bond, in the manner or as nearly as may be in the manner
prescribed by the Companies Clauses Consolidation Act, 1845, ... any sum or
sums of money not exceeding in all at any one time one tenth part of the
paid-up capital stock of such proprietors, trustees, or undertakers
respectively, and to apply the monies so raised to the purposes of the said
recited Act, or any of such purposes: Provided always, that the monies so
borrowed, shall not be applied to any other purposes whatsoever: Provided
also, that the monies so to be borrowed, together with any monies otherwise
borrowed by any such proprietors, trustees, or undertakers as aforesaid, shall
not in all exceed one third part of the paid-up capital of such proprietors,
trustees, or undertakers respectively; and that no mortgage or bond to be
granted for any monies borrowed in virtue of this Act shall prejudice or
affect any security previously granted for any monies borrowed by virtue of
any other Act or Acts of Parliament relating to any such canal, river, or
navigation.


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