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Commissioners may lend Money out of the Perpetuity Purchase Fund for building Glebe Houses.
Instalments payable on Foot of Loan to be allowed in Valuation of Rectory, &e. for the Purpose of Tax.
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XXX. It shall be lawful for the said Ecclesiastical Commissioners for Ireland, out of the Funds and Monies from Time to Time in their Hands arising from the Sale of Perpetuities in any Lands, Tenements, and Hereditaments belonging or formerly belonging to any Archbishop, Bishop, or any other Ecclesiastical Corporation Sole, in case they shall think it fit and expedient so to do, to advance, by way of Loan, any Sum or Sums of Money for the Purpose of enabling any Rector, Vicar, or Perpetual Curate of any Parish or District Parish having no suitable House or Place of Residence, to build, improve, or purchase a suitable Residence within such Rectory, Vicarage, or District, or to discharge any Debt previously incurred by such Rector, Vicar, or Perpetual Curate for such Purpose, and secured by Mortgage, under the Act of the Fourteenth and Fifteenth Years of Her Majesty, Chapter Seventy-three, such Money to be secured by Mortgage of the Glebe Lands, Tithes, Rents, Rentcharge, and other Profits and Emoluments of such Rectory, Vicarage, or Perpetual Curacy, according to the Provisions of the last-mentioned Act: Provided always, that no Sum so to be advanced shall in any Case, together with the Sum already charged (if any) on the Benefice, and recoverable against the next Successor, exceed the Amount of Two Years net Income of such Rectory, Vicarage, or Curacy, in estimating which Income the annual Instalment only (if any) payable to the Ecclesiastical Commissioners on Foot of any Loan from the ate Board of First Fruits shall be deducted; and that the Rate of Interest for the Loan of any such Sum shall not be less than Four Pounds Sterling per Centum per Annum; and the Instalments or annual Sum payable to the said Commissioners, or other Mortgagee under the said Act, by such Rector, Vicar, or Perpetual Curate, and his Successors, on Foot of such Loan, shall be allowed by the said Ecclesiastical Commissioners in the Valuation of such Rectory, Vicarage, or Curacy, for the Purposes of the Tax payable under the Provisions of the Act of the Third and Fourth Years of King William the Fourth, Chapter Thirty-seven.
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