600. The origin of the improvement companies.

The Private Money Drainage Act 18491 enabled landowners to charge by way of terminable rentcharge, upon the inheritance of the lands improved, money borrowed from other persons or advanced by themselves for the drainage of their lands2. Almost simultaneously several companies were incorporated by private Acts of Parliament for the purpose of executing improvements of land and making advances to landowners for the expenses of improvements on the security of terminable rentcharges arising out of the lands so improved. In 1864 the law relating to the improvement of land was amended and consolidated by the

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