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WHEREAS with a view to secure accommodation for vessels of the Royal Navy in British Possessions abroad it is expedient to authorize loans in aid of the formation there of docks of dimensions greater than would be requisite for commercial or other private purposes only:

Be it therefore enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:

Short Title.

1. This Act may be cited as “The Colonial Docks Loans Act, 1863.”

Interpretation of Terms.

2. In this Act—

The term “the Admiralty” means the Lord High Admiral of the United Kingdom or the Commissioners for executing the office of Lord High Admiral:

The term “Dock” includes basin or other work for the reception of vessels:

The term “Colony” includes any Plantation, Island, or other Possession within Her Majesty’s Dominions, exclusive of the United Kingdom and its immediate Dependencies, and exclusive of India as defined by the Act of Parliament of 1858 “for the better Government of India”:

The term “person” includes any authority, and any body, corporate or unincorporate.

Issue of £300,000 to account of Admiralty.

3. For the purposes of loans under this Act, the Commissioners of Her Majesty’s Treasury may from time to time, by warrant under the hands of any two or more of them, cause to be issued out of the Consolidated Fund of the United Kingdom or the growing produce thereof, to the account of the Admiralty, any sums of money not exceeding in the whole the sum of three hundred thousand pounds.

Admiralty Account at Banks of England.

4. The Governor and Company of the Bank of England shall open in their books an account with the Admiralty under the title of “The Lord High Admiral or Commissioners of the Admiralty for the time being on account of Colonial Docks.”

Sums to be carried thereto.

5. All money from time to time issued under this Act out of the Consolidated Fund shall be carried to the credit of the said account.

Loans for Docks to be out of money issued.

6. Out of the money for the time being standing to the credit of the said account, the Admiralty may from time to time, if and as it seems fit, with the previous approval in each instance of the Commissioners of Her Majesty’s Treasury, lend such sums of money as may be required to any person forming or enlarging any dock in any Colony, and being willing to make the same of dimensions sufficient to meet the requirements of Her Majesty’s Naval Service, on such terms and conditions as may be agreed on between the Admiralty and the borrower, subject nevertheless and according to the following provisions:

(1.) The money lent shall not exceed the sum of twenty thousand pounds, nor shall it exceed the estimated cost of increasing the dimensions of the dock beyond those required for commercial or other private purposes:

(2.) The amount agreed to be lent shall be made payable by instalments as the works connected with the formation or enlargement of the dock progress:

(3.) The money lent shall bear interest at not less than four pounds per centum per annum.

(4.) All and every part of the money lent shall be made payable by instalments within a period not exceeding twenty-one years from the respective dates of the payments on account of the loan:

(5.) The borrower shall give security to the satisfaction of the Admiralty and of the Commissioners of Her Majesty’s Treasury, by mortgage of the dock where practicable, or otherwise, for payment of interest and repayment of principal.

Loan not restricted as to powers of borrower.

7. By virtue of this Act, any loan may be made, and any security may be given, by way of mortgage or otherwise, on any dues, rates, tolls, revenues, or property of the borrower, notwithstanding the absence of any power in the borrower so to borrow or give security except by virtue of this Act, and notwithstanding any limitation of the amount authorized to be raised under any borrowing power.

Priority of mortgages under this Act.

8. Every mortgage or other security in respect of a loan under this Act shall have priority to all other securities and charges whatever on or affecting the dues, rates, tolls, revenues, or property comprised in such mortgage or other security, except to a security securing money actually lent before the date of the agreement for the loan under this act.

Style of Admiralty in Deeds, &c.

9. In any agreement, deed or instrument, made or executed under this Act, the Admiralty may be styled “The Lord High Admiral of the United Kingdom of Great Britain and Ireland.”