Page images
PDF
EPUB

pay interest

Argand, No. 1, with a six-inch by one-and-three-quarter-inch glass chimney, and A.D. 1878. if at any time the gas flame tails over the top of the glass a six-inch by twoinch chimney shall be used, and any gas examiner appointed under “ The

Gasworks Clauses Act, 1871,” for the purposes of this Order, may from time to 5 time, subject to the terms of his appointment, at such testing place or else

where, as and when he thinks fit, test the pressure at which the gas is supplied, and for that purpose may open any street, road, passage, or place vested in or under the control of any local or road authority.

Miscellaneous. 10

21. No penalty shall be incurred by the Undertakers for insufficiency of No penalty in pressure, defect of illuminating power, or for excess of impurity in the gas unavoidable supplied by them in any case in respect of which it is proved that such canse. insufficiency, defect, or excess was caused by an unavoidable cause or accident.

22. Where any money is deposited by any person by way of security with Undertakers to 15 the Undertakers for the payment to them of all moneys which may become due

on deposit. to them by such person in respect of any supply of gas or of the purchase or hire of any meter, the Undertakers shall pay interest at the rate of five pounds per centum per annum on every sum of ten shillings deposited by way of

such security for every six months during which the same remains in their hands. 20 23. Section one hundred and forty of the Companies Clauses Consolidation 8 Vict.c. 16.

Act, 1845, shall be and is hereby incorporated with this Order ; provided that. corporated. for the purpose of such incorporation, the expression “the Company” in the said section shall be construed to mean the Undertakers.

24. Nothing in this Order contained shall alter, vary, or affect any contract Saving of 25 or agreement duly made or any liability incurred before the passing of the Act contracts.

confirming this Order with respect to the gasworks of or the supply of gas by the Undertakers.

25. All the costs, charges, and expenses of and incidental to the applying for, Costs of Order. preparing, obtaining, and confirming this Order, and otherwise in relation 30 thereto, shall be paid by the Undertakers.

SCHEDULE.

GAS LANDS.
All that piece or parcel of land the site of the existing gasworks situate near

Aberdovey, in the parish of Towyn, in the county of Merioneth, bounded on 35 the north and south by lands the property of Edward Morgan, on the west by

the Cambrian Railway, and on the east by the turnpike road leading from Aberdovey to Towyn, and containing one acre one rood and fourteen perches or thereabouts.

All that piece or parcel of land the site of the existing gasworks, situate at 40 Towyn, in the parish of Towyn, in the county of Merioneth, bounded on the

north and west by land the property of John Silvester, on the south by a i rivate road leading from a parish road to the gasworks, and on the east by land reserved for a private road, and containing two roods or thereabouts.

[blocks in formation]

Short title.

Construction of Order.

Incorporation of Acts.

Order empowering the Elland-cum-Greetland Gas Company to con

struct additional Gasworks and to raise Additional Capital. 1. This Order may be cited as “ The Elland Gas Order, 1878.”

2. “The Elland Gas Act, 1861," (in this Order referred to as “the Act 5 of 1861,") and this Order shall be construed together, except so far as such construction would be inconsistent with or repugnant to the provisions of this Order.

3. So far as the same relate to the powers conferred by this Order, the provisions of “The Companies Clauses Consolidation Act, 1845," with respect 10 to the several matters following ; (that is to say,)

The distribution of the capital of the Company into shares;
The transfer or transmission of shares;
The consolidation of the shares into stock ;
The general meetings of the Company, and the exercise of the right of voting 15

by the shareholders;
The making of dividends ;
The borrowing of money by the Company on mortgage or bond;
The giving of notices; and

The provisions for affording access to the special Act by all parties interested; 20
and Part 1 (relating to cancellation and surrender of shares), and Part 2 (relating
to additional capital), and Part 3 (relating to debenture stock) of “The Com-
panies Clauses Act, 1863,” “ The Companies Clauses Act, 1869," “ The Lands
Clauses Arts” (except the provisions thereof with respect to the purchase and
taking of lands otherwise than by agreement, and with respect to the entry 25
upon lands by the promoters of the undertaking), and " The Gasworks Clauses
Act, 1847" (except sections thirty-one to thirty-four, both inclusive), and
“ The Gasworks Clauses Act, 1871,” are, except where expressly varied by this
Order, incorporated with and form part of this Order; and the provisions of
“ The Gasworks Clauses Act, 1871,” shall apply as well to the mains, pipes, 30
and works of the Undertakers laid down or constructed before the passing
of the Act confirming this Order, and situate within the limits of supply as
defined by this Order, as to any mains, pipes, or works which may be laid
down or constructed under the authority of this Order.

4. The several words and expressions to which by the Acts in whole or 35 in part incorporated with this Order, and by “ The Gas and Water Works Facilities Act, 1870,” meanings are assigned, have in this Order the same respective meanings.

For the purpose of such incorporation, the term “special Act” in the said
Acts shall be construed to mean this Order.

40 5. The limits within which this Order shall be in force and have effect (in this Order referred to as “the limits of supply”) shall be the limits of the Act of 1861, as defined by section four of the said Act.

6. The Elland-cum-Greetland Gas Company, incorporated by the Act of 1861, shall be the Undertakers for the purposes of this Order, and are in this 45 Order referred to as “the Undertakers."

Interpretation.

Limits of
Order

Undertakers.

Additional Capital.

A.D. 1878. 7. In addition to the capital already authorised to be raised by the Under- Additional

capital. takers, they may from time to time –

1. Raise any further sums not exceeding in the whole twenty thousand 5 pounds by the issue of new ordinary or preference shares, but the

Undertakers shall not issue any share under the authority of this Order
of less nominal value than ten pounds, nor shall any such share vest
in the person or corporation accepting the same, unless and until

the full nominal amount of such share, together with any premium 10 obtained upon the sale thereof, has been paid in respect thereof:

Provided that it shall not be lawful for the Undertakers to create and
issue under the powers of this Order any greater nominal amount of
capital than is sufficient to produce, including any premiums which may

be obtained on the sale thereof, the sum of twenty thousand 15 pounds;

2. Borrow on mortgage forthwith on the passing of the Act confirming this

Order, in respect of the existing capital authorised by the Act of 1861,
the further sum of eight thousand seven hundred and seventy-seven

pounds.
20 3. Borrow on mortgage, in respect of the additional capital of twenty

thousand pounds by this Order authorised to be raised by ordinary or
preference shares, any sums not exceeding in the whole five thousand
pounds ; and the Undertakers may, as each sum of five thousand

pounds of such additional capital has been issued and accepted and 25

the amount of each such sum has been paid up, borrow on mortgage,
in respect of each such sum of five thousand pounds, any sum or
sums not exceeding in the whole one thousand two hundred and fifty
pounds ; but in no case shall any part of the said respective sums of

one thousand two hundred and fifty pounds be borrowed until the 30 Undertakers have proved to the justice who is to certify under the

fortieth section of the Companies Clauses Consolidation Act, 1845,
before he so certifies, that the whole of such capital in respect of
which such borrowing powers are sought to be exercised has been

issued, accepted, and paid up, and that such capital was issued 35

bonâ fide and is held by the persons or corporations to whom the
same was issued, or their executors, administrators, successors, or
assigns; and upon production to such justice of the books of the
Undertakers, and of such other evidence as he may think sufficient, he

shall grant a certificate that the proof aforesaid has been given, which 40

shall be sufficient evidence thereof. 8. The proprietors of any shares or stock forming part of the additional Votes of capital raised under the authority of this Order shall be entitled to such number proprietors. of votes in respect thereof as the nominal amount represented by such shares

or stock would bave entitled them to if the same had been original shares 45 or stock of the Undertakers; and the proprietors of such new shares or stock

shall, except as in this Order specially provided, be entitled to the same dividends, and the same rights and privileges in all respects, and be subject

A.D. 1878. to the same obligations and liabilities, as the proprietors of the original shares

or stock of the Undertakers. New shares to 9. The Undertakers shall, when any shares created under the powers of be offered by auction or

this Order are to be issued, and before offering the same to the holder of tender. any other shares or stock of the Undertakers, and whether the ordinary 5

shares or ordinary stock of the Undertakers are or is at a premium or not,
offer the same for sale by public auction or by tender, in such manner, at
such times, and subject to such conditions of sale as the Undertakers may
from time to time determine: Provitied that at any such sale no single lot
shall comprise more than one hundred pounds nominal value of shares, and 10
that the reserved price put upon such shares shall not be less than the nominal
amount thereof, and notice of the amount of such reserved price shall be sent
by the Undertakers in a sealed letter to the Board of Trade not less than
twenty-four hours before the day of auction or the last day for the reception
of tenders, as the case may be, and such letter may be opened after such 15
day of auction or last day for the reception of tenders, and not sooner, and
provided that no priority of tender shall be allowed to any holder of shares or
stock of the Undertakers.

Purchase money of sharos sold by auction to be paid within three months.

10. It shall be one of the conditions of any sale of shares under this Order that the whole nominal amount of each share, together with any premium given 20 by any purchaser at such sale in respect thereof, shall be paid to the Undertakers within three months after such sale.

As to notice to 11. The intention to sell any shares by auction or by tender under the
be given as to
sale, &c. of provisions of this Order shall be communicated by the Undertakers in writing
shares. to the clerk of the local authority of the district in which the principal office 25

of the Undertakers is situate, and to the secretary of the Committee of the
London Stock Exchange, at least twenty-eight days before the day of auction
or the last day for the reception of tenders, as the case may be, and notice
of such intention shall be duly advertised by the Undertakers once in each
of two consecutive wecks in one or more newspapers circulating within the 30

limits of supply. Shares not sold 12. When any shares have been offered for sale by auction or by tender by tender to be under the provisions of this Order, and not sold, the same shall be offered, at offered to the reserved price put upon the same respectively for the purpose of sale by shareholders.

auction or tender, to the holders of the ordinary shares or ordinary stock 35
of the Undertakers, in manner provided by “ The Companies Clauses Act,
1863:" Provided always, that any shares so offered, and not accepted within
the time prescribed by the said Act, shall again be offered for sale by public
auction or by tender, in the manner and subject to the provisions of this

Order with respect to the sale of shares created under the powers of this Order. 40 Application 13. Any sum of money which arises from the issue of any shares under of premium

the provisions of this Order by way of premium, after deducting therefrom the arising on shares. expenses of anii incident to such issue, shall not be considered as profits of the

Undertakers, but shall be expended in extending or improving the works of
the Undertakers, or in paying off money borrowed or owing on mortgage by 45

debenture stock.

the Undertakers, and shall not be considered as part of the capital of the A.D. 1878. Undertakers entitled to dividend.

14. The Undertakers may create and issue debenture stock instead of and Power to create to the same amount as the whole or any part of the money borrowed or 5 authorised to be borrowed on mortgage by this Order.

15. Every mortgage granted by the Undertakers under the authority of the Priority of Act of 1861 shall have priority over all mortgages and debenture stock granted existing mort

gages. and issued under this Order. 16. Except as by this Order expressly provided, the Undertakers shall not limits of divi

denů. 10 in any year make out of their profits any larger dividends on the original

capital authorised by the Act of 1861 and on the additional capital by this Order authorised, than ten pounds in respect of every one hundred pounds actually paid up of such original capital, and six pounds in respect of every

one hundred pounds actually paid up of such additional capital as may be 15 issued as ordinary capital, or five pounds in respect of every one hundred pouncis

actually paid of such additional capital as may be issued as preference capital, and such dividends, or such dividends as reduced or increased in accordance with the provisions of this Order, are in this Order referred to as “the

prescribed rates." 20 17. No higher rate of interest than five pounds per centum per annum Limit of interest shall be paid by the Undertakers without the consent of the Board of Trade

borrowed. in respect of any moneys borrowed by the Undertakers after the passing of the Act confirming this Order.

18. In case in any year the net revenues of the Undertakers applicable Dividends on 27 to dividend are insufficient to pay the full amount of the prescribed rates classes of on each class of ordinary shares or stock in the original capital and additional shares to be

paid rateably. capital of the Undertakers, a rateable deduction shall be made in the dividend of each class.

on money's

19. If the clear profits of the undertaking of the Undertakers in any year if profits 30 amount to a larger sum than is sufficient to pay the prescribed rates, exceed the

amount limited, the excess beyond the sum necessary for that purpose may from time to excess may time to the extent of one per centum per annum upon the paid-up capital and formean of the Undertakers be invested in Government or other securities, and the insurance fund.

dividends and interest arising from such securities shall also be invested in the 35 same or like securities, in order that the same may accumulate at compound

interest until the fund so formed amounts to a sum equal to one twentieth of the paid-up capital of the Undertakers, which sum shall form an insurance fund to meet any extraordinary claim, demand, or charge which may at any time

arise against or fall upon the Undertakers from accident, strikes, or other 40 circumstances which, in the opinion of a justice, due care and management could

not have prevented; and if such fund be at any time reduced, it may thereafter be again made up to the said sum, and so from time to time as often as such reduction shall happen: Provided that when and so often as the said fund

reaches one twentieth part of the paid-up capital the interest thereon shall be 45 carried to the credit of the fund available for dividend : Provided also, that resort may from time to time be ha'l to the insurance fund to meet any extra

« EelmineJätka »