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LANDS CLAUSES CONSOLIDATION ACTS AMENDMENT ACT 1860 - SECT 5

If lands are purchased by way of rentcharge, the borrowing powers of the promoters shall be reduced proportionally.

5. In case the promoters of the undertaking shall be empowered, by any Act or
Acts relating thereto, to be passed after the passing of this Act, to borrow
money to an amount not exceeding a prescribed sum, then in the event of the
promoters of the undertaking agreeing at any time after the passing of
this Act with any person, under the powers of this Act and of ... the Act
hereinbefore mentioned... for the purchase of any lands in consideration of
the payment of a rentcharge, ... the powers of the promoters of the
undertaking for borrowing money shall be reduced by an amount equal to twenty
years purchase of any rentcharge, ..., so for the time being payable.

S.6 rep. by 1882 c.50 s.5 sch.1 Pt.II; 1972 c.9 (NI) s.149 sch.9

© 1860 Crown Copyright

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