Act No. 2 of 1924
HOTEL (1924) |
An Act to
provide hotel accommodation in the Eastern District of New Providence. | 2 of 1924
8 of 1927
26 of 1928 |
[Commencement 24th
April, 1924] |
1. This Act
may be cited as the Hotel (1924) Act. | Short title. |
2. (1) It
shall be lawful for the Governor in Council to loan a sum, not exceeding one
hundred and fifty thousand pounds, for the erection of a fireproof hotel
consisting of approximately 200 guest rooms and other necessary accommodation
on the site known as "Waterloo" in the Eastern District of New
Providence, or on any other suitable site in New Providence. | Governor in Council
authorised to loan £ 150,000 for erection of hotel. |
(2) The said sum
of one hundred and fifty thousand pounds shall be loaned on terms and
conditions similar as far as possible to those contained in the Agreement dated
the twenty-fourth day of November, 1922, and set out in the Schedule to the
Hotel and Steamship Service Act 1923, [i]*
save that the rate of interest to be paid on the sum loaned shall be at the
rate
of four pounds per centum per annum and no interest shall commence to accrue
until the first day of January, 1931. |
3. The said
sum of one hundred and fifty thousand pounds or such part thereof as may be
loaned under the provisions of section 2 of this Act, shall be paid out of the
Treasury by warrant in the usual manner. | Loan payable out of
Treasury. |
4. (1) In
addition to the sum which may be loaned under the foregoing provisions of this
Act it shall be lawful for the Governor in Council to loan a further sum not
exceeding seventy thousand pounds to the same Company and for the same purpose. | Governor in Council may
make further advance not exceeding £70,000. |
(2)
Any further sum so advanced shall be secured by way of mortgage upon the Hotel,
together with all furnitures, fixtures, fittings and other appliances therein
and upon the site upon which the Hotel stands, and shall bear interest at and
after the rate of four pounds per centum per annum from the date on which any
such further advance is made and shall in all other respects be loaned on the
same terms and conditions as was the sum loaned under the authority of the
foregoing provisions of this Act. |