or any Act continuing or amending the same, and after demand in writing, the same be not paid, the mortgagee may, without prejudice to any other mode of recovery, apply for the appointment of a receiver to two justices, who are hereby empowered, after hearing the parties, to appoint, in writing under their hands and seals, some person to collect and receive the whole or a competent part of the monies or rates liable to the payment of the principal or interest in respect of which the application is made, until such principal or interest, or both, as the case may be, together with the costs of the application and the costs of collection, are fully paid; and upon such appointment being made all such monies or rates, or such competent part thereof as aforesaid, shall be paid to the person appointed, and when so paid shall be so much money received by or to the use of the mortgagee or mortgagees, and shall be rateably apportioned between or among them, but subject and without prejudice to such rights of priority (k), if any, as shall then be subsisting between the mortgagees or any of them (1): Provided always, that no mortgagee shall be prejudiced, either directly or indirectly, by any loss which may be occasioned by the misapplication or non-application of any monies or rates received by any receiver appointed otherwise than upon the application or with the express consent of such mortgagee, or by any act, deed, neglect, or default on the part of such receiver, but such loss shall be wholly borne by the mortgagee or mortgagees

be necessary to resort to a mandamus. See a declaration in an action against a local board of health, claiming a writ of mandamus commanding them to make and levy a rate for the payment of a debt; Ward v. Lowndes, 28 L. J. (N. S.) Q. B. 265.

(k) This can only apply to securities granted by former commissioners, &c., as there can be no priority among mortgagees under this Act. See sect. 183.

(1) This proviso was not contained in the section of the 11 & 12 Vict. c. 112, from which it is borrowed. These words were first inserted in one of the mortgages granted by the metropolitan commissioners of sewers.

upon whose application or with whose express consent such receiver was appointed: Provided also, that no such application shall be entertained unless the sum or sums due and owing to the applicant amount to one thousand pounds, or unless a joint application be made by two or more mortgagees to whom there may be due, after such lapse of time, and demand, as last aforesaid, monies collectively amounting to that sum.

mortgages.

transfers.

CLXXXIX. Any mortgagee or other person entitled Transfer of to any mortgage under this Act may transfer his estate and interest therein to any other person by deed duly stamped, truly stating its date, the names and descriptions of the parties thereto, and the consideration for the transfer; and such transfer may be according to the form contained in the schedule (F.) to this Act annexed, or to the like effect; and there shall be kept at the office of Register of every board and vestry making any mortgages under this Act a register of the transfers of such mortgages; and within thirty days after the date of any such deed of transfer, if executed within the United Kingdom, or within thirty days after its arrival in the United Kingdom if executed elsewhere, the same shall be produced to the clerk of the board or vestry making the mortgage; and such clerk shall, upon payment of the sum of 5s., cause an entry to be made in such register of its date, and of the names and description of the parties thereto, as stated in the transfer; and upon any transfer being so registered, the transferee, his executors, administrators, or assigns, shall be entitled to the full benefit of the original mortgage, and the principal and interest secured thereby; and every such transferee may in like manner transfer his estate and interest in any such mortgage; and no person, except the person to whom the same has been last transferred, his executors, administrators, or assigns, shall be entitled to release or discharge any such mortgage, or any money secured thereby.

CXC. For the purpose of providing a fund for paying Sinking fund

to be formed

mortgages.

for paying off off mortgages granted under this Act, the board or vestry granting such mortgage shall once in every year set aside, out of the monies or rates charged thereby, such sum as they think proper, being not less than 21. per centum on the amount of the principal monies secured thereby; and the sum so from time to time set aside, and all other monies applied by the board or vestry in augmentation of the said fund, shall be applied, in the manner hereinafter directed, in payment, so far as the same will extend, of the principal money secured by such mortgages, or the same shall be invested in the public funds, or on government or real security, in the name of the board or vestry; and the dividends and interest of the monies so invested, when and as the same become due, shall from time to time be received and invested in like manner, in order that the said monies so set aside and invested may accumulate at compound interest; and when such accumulated fund amounts to a sum which, in the opinion of the board or vestry, can be conveniently applied for that purpose, the stocks, funds, or securities whereon the same is invested shall be sold, or otherwise converted into money, and the monies arising from any such sale and conversion shall be applied in the manner hereinafter directed, in payment, so far as the same will extend, of the said principal monies, and so from time to time until the whole of the said principal monies are discharged.

Mode of pay. ing off mortgages (a).

CXCI. When and as often as the board or vestry are enabled and think it expedient to pay off one or more of the said mortgages, they shall cause the several numbers of such mortgages to be written upon distinct slips of paper of an equal size, and all such slips shall be rolled or folded up in a similar form, and put in a box, and the clerk of the said board or vestry shall, at a meeting of

(a) This mode of paying off mortgages by ballot seems in consistent with the provision contained in s. 186, ante, as to repayment of securities at times fixed by the deed, and where no time is fixed after twelve months from its date, on giving six months' notice.

the board or vestry, draw separately out of the said box one of the said slips, and thereupon the mortgage corresponding with the number so drawn shall be paid off by the board or vestry; and after every such ballot the board or vestry shall cause a notice, signed by the clerk, to be given to the person entitled to the money to be paid off, and such notice shall express the principal sum proposed to be paid off, and that the same will be paid, together with the interest due thereon, at a place to be specified in such notice, at the expiration of six months from the date of giving such notice; and at the expiration of such period the interest of the principal money to be paid off shall cease, unless such principal money and interest be not paid, on demand, pursuant to such notice; but such principal money, and the interest thereof to the end of the said six months, shall nevertheless be payable, on demand.

Audit of Accounts.

trict boards,

lanced up to

each year.

CXCII. The metropolitan board of works, every dis- Accounts of metropolitan trict board, and the vestry of every parish mentioned in board, diseither of the schedules (A.) and (B.) to this Act, shall, and vestries in the month of April in every year, cause their accounts to be bato be balanced up to the twenty-fifth day of March the end of next preceding, and shall cause a full statement and account to be drawn out of the amount of all contracts entered into and of all monies received and expended by them during the preceding year, under the several distinct heads of receipt and expenditure, and also of all arrears of rates and other monies then owing to such respective board or vestry, and of all mortgages and other debts and liabilities then owing by such board or vestry: Provided always, that where by reason of the time established by or under any local Act for making and collecting rates in any parish the time hereby fixed for making up the accounts is inconvenient, it shall be lawful for the metropolitan board of works to order that the time of making and collecting such rates, and the

Auditor of accounts of

state, and

period for which any such rate may be made, shall be altered as to the said board may appear convenient..

CXCIII. One of Her Majesty's principal secretaries metropolitan of state shall, in the month of April in every year, by board to be order under his hand, appoint some fit person to be the appointed by secretary of auditor of the accounts of the said metropolitan board remunerated for the preceding year; and every such auditor shall be paid by such board not exceeding five guineas for every day he is fully employed on such audit, and all expenses he is put to in the auditing of such accounts; provided always, that such payment shall not exceed fifty guineas (b).

by the board.

Auditors to

be elected

the district

boards.

CXCIV. Every district board shall, in the month of annually by April in every year, elect by ballot from among the persons acting as auditors for the parishes in the district three persons, not being members of such board, to be auditors for the current year of the accounts of such board; and in case of the death of any such auditor, the board by whom he was elected shall forthwith elect in a similar manner some other such person as aforesaid in his place, and the powers hereby given to the said auditors may be exercised by any two of them.

As to the audit of accounts.

CXCV. The auditor of the accounts of the said metropolitan board, and the auditors of the accounts of every district board and every such vestry as aforesaid, shall, in the month of May, on such day or days as shall be fixed by him or them for the audit of such respective accounts, attend at the office or principal office of the metropolitan board of works, or of such district board or vestry (as the case may require), for the purpose of auditing their accounts; and such respective

(b) So much of this section as relates to the payment of the auditor is repealed by the 25 & 26 Vict. c. 102, s. 114, post, which directs that he shall be paid five guineas per day and his expenses, but so that such payments shall not exceed one hundred guineas.