S.I. No. 56/1949:

HARBOUR AUTHORITY (MORTGAGE) REGULATIONS, 1949.

HARBOUR AUTHORITY (MORTGAGE) REGULATIONS, 1949.

I, DANIEL MORRISSEY, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 126 of the Harbours Act, 1946 (No. 9 of 1946), hereby make the following regulations :--

1. These regulations may be cited as the Harbour Authority (Mortgage) Regulations, 1949.

2. In these regulations--

" mortgage " means a mortgage made under the Act ;

" the register " means the register of mortgages ;

" the Act " means the Harbours Act, 1946 (No. 9 of 1946).

3. A mortgage shall be by deed, state the date, consideration and the time and place of payment, be sealed with the common seal of the harbour authority and be in the form set out in Part I of the Schedule hereto or to the like effect.

4. (1) Where a harbour authority is authorised under the Act to borrow a specified sum by way of mortgage and such sum is borrowed partly from one mortgagee and partly from another or others, the mortgagees shall be entitled one with another to the several proportions of the rates or other property comprised in the mortgages, according to the respective sums mentioned in the mortgages to be advanced by the mortgagees, and to be repaid the sums so advanced, with interest, without any preference one above another by reason of the priority of advancing such sums or of the respective dates of the mortgages.

(2) Notwithstanding anything in paragraph (1) of this Article, a mortgage to secure a loan from the Local Loans Fund shall rank prior to any other mortgage subsequently executed by the harbour authority.

5. (1) A register of mortgages shall be kept by the harbour authority in the form set out in Part II of the Schedule hereto.

(2) Within fourteen days after the date of a mortgage the harbour authority shall cause to be recorded in the register the date and number of the mortgage and the names and descriptions of the parties thereto, and the other particulars specified in the form.

(3) The register may be inspected without charge at all reasonable times by any person interested in a mortgage.

6. (1) A person for the time being entitled to the interest of the mortgagee under a mortgage may transfer his right and interest therein to any other person.

(2) A transfer shall be by deed duly stamped and shall state the consideration.

(3) A transfer shall be in the form set out in Part III of the Schedule hereto or to the like effect.

(4) Within thirty days after the date of a transfer, if executed within the State, or, otherwise within thirty days after its arrival in the State, the transfer shall be produced to the chief executive officer of the harbour authority and he shall cause an entry of the transfer to be made in the register.

(5) A fee of five shillings shall be charged for each entry.

7. (1) After the entry of the transfer of a mortgage, the transferee, his executors, administrators or assigns, shall be entitled to the full benefit of the mortgage and the principal and interest thereby secured.

(2) No person except the person for the time being entitled to the interest of the mortgagee under a mortgage, his executors or administrators, may make void, release or discharge the mortgage or any money thereby secured.

8. Subject to section 119 of the act, interest on money borrowed on the security of a mortgage shall, unless otherwise provided by the mortgage, be paid half-yearly to the parties entitled.

9. (1) The period for the repayment of principal and, in the case of an instalment or annuity mortgage, the amounts of the instalments or annuities and the dates for payment, shall be stated in the mortgage deed.

(2) On the expiration of the period for the repayment of principal, or for the payment of an instalment or annuity, the principal, together with the arrears of interest thereon, or the instalment or annuity, as the case may be, shall on demand be paid to the party entitled to receive it and, if no other place of payment is provided for by the deed, be payable at the office of the harbour authority.

10. (1) (a) A mortgage deed may provide that the harbour authority may pay off the mortgage at any time.

(b) A mortgage to secure a loan from the Local Loans Fund may be paid off only in accordance with the terms of the mortgage, the provisions of the Local Loans Fund Act, 1935 (No. 16 of 1935), and the regulations thereunder.

(2) Whenever the harbour authority are enabled to pay off one or more of the mortgages of a particular class and are not able to pay off the whole of the class,--

(a) they shall decide the order in which they shall be paid off by lot among the class ;

(b) they shall cause a notice, signed by their chief executive officer, to be given to the persons entitled to the money to be paid off ;

(c) the notice shall state the principal proposed to be paid off, and that it will be paid, together with the interest due thereon, at the expiration of six months from the date of giving the notice.

(3) Where a harbour authority have given to any person a notice under paragraph (2) of this Article, they may, with such person's consent, pay the principal money specified in the notice, together with the interest due thereon, before the expiration of the six months referred to in the said paragraph (2).

11. (1) A mortgagee shall have power, at any time after the security constituted by his mortgage becomes enforceable, by writing under his hand or, in the case of a body corporate under its seal to appoint a receiver of the income, funds, or property of the harbour authority charged by his mortgage.

(2) The mortgagee shall not exercise the power of appointing a receiver conferred by this Article, unless and until--

(a) thirty days have elapsed after the principal money secured by the mortgage or some instalment of the principal money or of the principal money and interest or some interest secured by the mortgage has become payable, and

(b) notice requiring payment of such principal money, instalment or interest has been served upon the harbour authority after the lapse of such thirty days, and

(c) default has been made in payment thereof for three months after such service.

(3) The receiver shall be entitled to retain out of any money received by him, for his remuneration and in satisfaction of all costs, charges and expenses incurred by him as receiver, a commission at such rate, not exceeding five per centum on the gross amount of all money received, as is specified in his appointment, and if no rate is so specified, then at the rate of five per centum on that gross amount.

(4) The receiver shall be the agent of the harbour authority who shall be solely responsible for the receiver's acts and default.

(5) All the funds, revenue and income of the harbour authority charged by the mortgage shall be paid to the receiver and the revenue and income of the harbour authority shall be applied by him for the following purposes and in the order following :--

(a) in the payment of the working and establishment expenses (including expenses in respect of any pensions and gratuities payable by the harbour authority) and of expenses properly chargeable to revenue of management, maintenance, cleaning and repair,

(b) in satisfaction of the receiver's commission,

(c) in keeping down all annual sums or other payments and the interest on all principal sums having priority to the mortgage in right whereof he is receiver,

(d) in the payment of arrears of principal and interest due to the mortgagee under the mortgage in right whereof he is receiver and to the mortgagees under other mortgages ranking therewith, in proportion to the several proportions of such funds, revenue and income comprised in the mortgages.

(6) Such of the funds of the harbour authority as are received by him shall also be applied by the receiver to the purposes mentioned at (b), (c) and (d) of paragraph (5) of this Article in so far as the same are applicable thereto.

(7) The receipt of the receiver shall be a good discharge to a person paying to the receiver any rates or other income over which the receiver has been appointed and such person shall not be concerned to enquire whether any case has happened to authorise the receiver to act.

(8) As soon as may be after the harbour authority have been notified of the appointment of a receiver over their income, funds, or property, they shall cause a note of such appointment to be entered in the register stating the date of the appointment of such receiver, his name and address, and the mortgage in respect of which he is so appointed.

12. The books of account of the harbour authority shall be open to the inspection of the mortgagees at all reasonable times, with liberty to take extracts therefrom free of charge.

SCHEDULE.

PART 1.

FORM OF MORTGAGE.

Whereas the Minister for Industry and Commerce by virtue of the powers conferred on him by Part VII of the Harbours Act, 1946 (No. 9 of 1946), has consented by letter dated    to the borrowing of £       by (title of harbour authority) and has directed that the said sum shall be charged by way of mortgage on (describe rates or other property to be mortgaged).

Now we     (harbour authority) in consideration of the sum of £    paid to us by         being the whole (or part) of the aforementioned sum to be borrowed hereby assign the rates and other income accruing from (describe the rates or other property proposed to be mortgaged) subject to Article 4 of the Harbour Authority (Mortgage) Regulations, 1949, to hold to the said            from this day until the said sum of £      with interest at   per cent. per annum is fully paid the principal sum to be repaid at the end of       years from the date hereof. (In the case of an instalment or annuity mortgage, substitute " the principal sum with interest to be repaid by   annual instalments of £     each, of which the first shall be repaid on the   day of      19  , and subsequent instalments on successive anniversaries of that date " or such other appropriate words as the case may require.)

GIVEN under our Common Seal, this

____________ day of _______________

The Minister for Industry and Commerce hereby consents to the above mortgage.

GIVEN under the Official Seal of the Minister,

this ________ day of __________, _____.

PART II.

FORM OF REGISTER.

PART III.

FORM OF TRANSFER OF MORTGAGE.

I,            , of               , in consideration of the sum of                paid to me by           of           hereby transfer to the said                    , his executors, administrators and assigns, a certain mortgage, number           ; made by         to             , bearing date the     day of        , 19      , for securing the sum of        and interest (or, if such transfer be by endorsement, the within Security) and all my right, estate and interest in and to the money thereby secured and the rates or other income thereby assigned.

In witness whereof I have hereunto set my hand and Seal this    day of  19 .

GIVEN under my Official Seal, this 8th day of March, 1949.

DANIEL MORRISSEY,

Minister for Industry and Commerce.