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26 & 27 VICT. Cap. 118.

amount of every new share or portion of new stock to be so offered would if so apportioned be at least the sum prescribed in the special Act, and if no sum is prescribed then at least ten pounds.

XVIII. Offer to be made by letter.-The offer of new shares or new stock shall be made by letter under the hand of the treasurer or secretary of the company given to every such shareholder or stockholder as aforesaid, or sent by post addressed to him according to his address in the shareholders' or stockholders' address book, or left for him at his usual or then last known place of abode in England, Scotland, or Ireland (as the case may require); and every such offer made by letter sent by post shall be considered as made on the day on which the letter in due course of delivery ought to be delivered at the place to which it is addressed.

XIX. New shares or stock to vest on acceptance.-The new shares or portions of new stock so offered shall vest in and belong to the shareholders or stockholders who accept the same or their nominees.

Power to enlarge

XX. As to disposal of new shares or stock to others. time for accepting new shares or stock. If any shareholder or stockholder fails for the time prescribed in the special Act, and if no time is prescribed, then for one month, after the offer to him of new shares or new stock, to signify his acceptance of the same or any part thereof, then and in every such case at the expiration of that period he shall be deemed to have declined the offer of such new shares or new stock or such part thereof as aforesaid, and the same may be disposed of by the company as hereinafter provided: provided, that where a shareholder or stockholder, from absence abroad or other cause satisfactory to the directors of the company, omits to signify within the time aforesaid his acceptance of the new shares or new stock offered to him, the directors, if they think proper, may permit him to accept the same notwithstanding that such time has elapsed.

XXI. General power to dispose of unappropriated new shares and stock. -Subject to the foregoing provisions, the company may from time to time dispose of new shares and new stock at such times, to such persons, on such terms and conditions, and in such manner, as the directors think advantageous to the company, [but so that not less than the full nominal amount of any share or portion of stock be payable or paid in respect thereof.1]

1 The section was amended as to the portion within brackets by 30 & 31 Vict. c. 126, secs. 27-29. See also 32 & 33 Vict. c.48, sec. 5. The words within [] brackets are repealed by 38 & 39 Vict. c. 66.

PART III.-DEBENTURE STOCK.

XXII. Regulations as to creation and issue of debenture stock. Where any company, incorporated either before or after the passing of this Act for the purpose of carrying on any undertaking, is authorised by any special Act hereafter passed, and incorporating this part of this Act, to create and issue debenture stock,—then and in every such case the company, with the sanction of such proportion of the votes of the shareholders and stockholders entitled to vote in that behalf at meetings of the company, present (personally or by proxy) at a meeting of the company specially convened for the purpose, as is prescribed in the special Act, and if no proportion is prescribed, then of threefifths of such votes, may from time to time raise all or any part of the money which for the time being they have raised, or are authorised to raise, on mortgage or bond, by the creation and issue, at such times, in such amounts and manner, on such terms, subject to such conditions, and with such rights and privileges, as the company thinks fit, of stock to be called debenture

stock, instead of and to the same amount as the whole or any part of the money which may for the time being be owing by the company on mortgage or bond, or which they may from time to time have power to raise on mortgage or bond, and may attach to the stock so created such fixed and perpetual preferential interest [not exceeding the rate prescribed in the special Act, and if no rate is prescribed, then not exceeding the rate of four pounds per centum per annum,1] payable half-yearly or otherwise, and commencing at once, or at any future time or times, when and as the debenture stock is issued, or otherwise, as the company thinks fit.

1 Amended as to the portion within brackets by 30 & 31 Vict. c. 126, sec. 24. As to companies other than railway companies, see 32 & 33 Vict. c. 48, sec. 2. Words within [] brackets repealed by 38 & 39 Vict. c. 66.

XXIII. Debenture stock to be a prior charge.-Debenture stock, with the interest thereon, shall be a charge upon the undertaking of the company, prior to all shares or stock of the company,1 and shall be transmissible and transferable in the same manner and according to the same regulations and provisions as other stock of the company, and shall in all other respects have the incidents of personal estate.

1 See further as to priority of debenture stock, 30 & 31 Vict. c. 126, sec. 22; and as to interest, in re Cornwall Minerals R.C. (1897), 66 L.J. Ch. 561.

XXIV. Interest on debenture stock to be a primary charge.-The interest on debenture stock shall have priority of payment over all dividends or interest on any shares or stock of the company, whether ordinary or preference or guaranteed, and shall rank next to the interest payable on the mortgages or bonds for the time being of the company legally granted before the creation of such stock; but the holders of debenture stock shall not, as among themselves, be entitled to any preference or priority.1

1 Mersey Rly. Co. (No. 1), L.R. (1895), 2 Ch. 287.

XXV. Payment of arrears may be enforced by appointment of receiver or judicial factor.-If within thirty days after the interest on any such debenture stock is payable the same is not paid, any one or more of the holders of the debenture stock holding, individually or collectively, the sum in nominal amount thereof prescribed in the special Act, and if no sum is prescribed, then a sum equal to one-tenth of the aggregate amount which the company is for the time being authorised to raise by mortgage, by bond, and by debenture stock, or the sum of ten thousand pounds, whichever of the two last-mentioned sums is the smaller sum, may (without prejudice to the right to sue in any court of competent jurisdiction for the interest in arrear) require the appointment in England or Ireland of a receiver, and in Scotland of a judicial factor.1

1 See Law of Rlys. p. 821.

XXVI. Mode of appointing receiver or judicial factor.-Every such application for a receiver shall be made to two justices, and every such application for a judicial factor shall be made to the Court of Session; and on any such application the justices or court (as the case may be), by order in writing, after hearing the parties, may appoint some person to receive the whole or a competent part of the tolls or sums liable to the payment of the interest, until all the arrears of interest then due on the debenture stock, with all costs, including the charges of receiving the tolls or sums, are fully paid; and upon such appointment being made all such tolls or sums shall be paid to and received by the person so appointed; and all money so received shall be

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26 & 27 VICT. Cap. 118.

deemed so much money received by or to the use of the several persons interested in the same, according to their several priorities. The receiver or judicial factor shall distribute rateably and without priority, among all the proprietors of debenture stock to whom interest is in arrear, the money which so comes to his hands, after applying a sufficient part thereof in or towards satisfaction of the interest on the mortgages and bonds of the company. As soon as the full amount of interest and costs has been so received, the power of the receiver or judicial factor shall cease, and he shall be bound to account to the company for his acts or intromissions or the sums received by him, and to pay over to the company any balance that may be in his hands.

XXVII. Arrears may be recovered by action or suit.-If the interest on debenture stock is in arrear for thirty days next after any of the respective days whereon the same is payable, the holder for the time being thereof may (without prejudice to his power to apply for the appointment of a receiver or judicial factor) recover the arrears with costs by action or suit against the company in any court of competent jurisdiction.

XXVIII. Debenture stock to be registered. The company shall cause entries of the debenture stock from time to time created to be made in a register to be kept for that purpose, wherein they shall enter the names and addresses of the several persons and corporations from time to time entitled to the debenture stock, with the respective amounts of the stock to which they are respectively entitled; and the register shall be accessible for inspection and perusal at all reasonable times to every mortgagee, bondholder, debenture stockholder, shareholder, and stockholder of the company, without the payment of any fee or charge.1

1 Holland v. Dickson (1888), 37 Ch.D. 669; Mutter v. Eastern and Midlands R. C. (1888), 38 Ch.D. 92.

XXIX. Company to deliver certificate to holders of debenture stock.-The company shall deliver to every holder of debenture stock a certificate stating the amount of debenture stock held by him; and all regulations or provisions for the time being applicable to certificates of shares in the capital of the company shall apply, mutatis mutandis, to certificates of debenture stock.

XXX. Mortgages not affected by this Act.-Nothing herein or in the special Act authorising the issue of debenture stock contained shall in any way affect any mortgage or bond at any time legally granted by the company before the creation of such stock, or any power of the company to raise money on mortgage or bond, but the holders of all such mortgages and bonds shall, during the continuance thereof respectively, be entitled to the same priorities, rights, and privileges in all respects as they would have been entitled to if the special Act authorising the issue of debenture stock had not been passed.1

1 See Burry Port and Gwendraeth Valley R. C. (1885), 54 L.J. Ch. 710.

XXXI. Holders of debenture stock not to vote.-Debenture stock shall not entitle the holders thereof to be present or vote at any meeting of the company, or confer any qualification, but shall, in all respects not otherwise by or under this Act or the special Act provided for, be considered as entitling the holders to the rights and powers of mortgagees of the undertaking other than the right to require repayment of the principal money paid up in respect of the debenture stock.

XXXII. Application of money raised.-Money raised by debenture stock shall be applied exclusively either in paying off money due by the company on mortgage or bond, or else for the purposes to which the same money would be

applicable if it were raised on mortgage or bond instead of on debenture stock.

XXXIII. Separate accounts of debenture stock. - Separate and distinct accounts shall be kept by the company, showing how much money has been received for or on account of debenture stock, and how much money borrowed or owing on mortgage or bond, or which they have power so to borrow, has been paid off by debenture stock, or raised thereby, instead of being borrowed on mortgage or bond.1

1 See as to accounts of loan capital, 29 & 30 Vict. c. 108, secs. 3-12.

XXXIV. Borrowing powers extinguished to extent of debenture stock.-The powers of borrowing and re-borrowing by the company shall, to the extent of the money raised by the issue of debenture stock, be extinguished.

XXXV. Application of Part III. to mortgage preference stock, and funded debt. The provisions of this part of this Act shall be deemed to apply to mortgage preference stock, and to funded debt, as the case may require, in all respects as if mortgage preference stock or funded debt were mentioned throughout this part of this Act wherever debenture stock is mentioned therein.

PART IV. CHANGE OF NAME.

XXXVI. Continuance of powers. -Where by any special Act hereafter passed and incorporating this part of this Act the name of any company incorporated either before or after the passing of this Act for the purpose of carrying on any undertaking is changed, then and in every such case from the passing of the special Act the company by their new name shall have and may exercise the powers then vested in the company by their original name; and all Acts relating to the company by their original name shall be read and interpreted as if throughout those Acts, wherever the original name of the company or any reference to the company by their original name occurs, the new name of the company or a reference to the company by their new name were substituted.

XXXVII. Actions, etc., not to abate.-No action, suit, bill, process, writ, indictment, information, or other proceeding, whether civil or criminal, which at or immediately before the passing of the special Act is commenced and is then pending, either at the suit or instance of the company, by their original name, against any other corporation or any person, or at the suit or instance of any other corporation or any person against the company, by their original name,―shall abate, determine, or be otherwise impeached or affected for or by reason of the change of the name of the company; nor shall any notice, tender, requisition, warrant, summons, pleading, civil or criminal writ or other process, record, deed, contract, agreement, writing, or instrument then or thereafter to be made, issued, written, or commenced, be deemed to be vacated, discharged, invalidated, prejudiced, or affected by reason of the company or their undertaking being therein respectively called by the original name of the company or undertaking; and it shall not be necessary in any bill, suit, indictment, information, proceeding, notice, tender, requisition, warrant, summons, pleading, civil or criminal writ, or other process, or in any record, deed, contract, agreement, writing, or other instrument or matter, to aver that the company had been called or known for any period by the original name of the company, or that their undertaking had been called or known within that period by the original name of the undertaking, and that by the special Act effecting the change the names of the company and their undertaking

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were changed, and that after the passing of that special Act the company had been called or known by their new name and their undertaking by its new name; but it shall be deemed true, lawful, and sufficient therein to aver the style and describe the company by their new name, and their undertaking by its new name, in the same manner as if the company had been originally incorporated, called, or known by their new name, and as if their undertaking had been originally called or known by its new name.

XXXVIII. General saving of rights.-Notwithstanding the change of the name of the company, everything before the passing of the special Act effecting the change done, suffered, or confirmed under or by virtue of any other Act shall be as valid as if the special Act effecting the change were not passed; and the change of name and last-mentioned special Act respectively shall accordingly be subject and without prejudice to everything so done, suffered, or confirmed before the passing of the last-mentioned special Act, and to all rights, liabilities, claims, and demands, then present or future, which, if the change of name had not happened and such last-mentioned special Act had not been passed, would be incident to or consequent on anything so done, suffered, or confirmed.

XXXIX. Contracts, etc., preserved.-Notwithstanding the change of the name of the company, all deeds, instruments, purchases, sales, securities, and contracts before the passing of the special Act effecting the change made under any other Act, or with reference to the purposes thereof, shall be as effectual to all intents in favour of, against, and with respect to the company as if the name of the company had remained unchanged.

27 & 28 VICT. Cap. 114.

THE IMPROVEMENT OF LAND ACT, 1864.1-27 & 28 VICT.

I.1

CAP. 114.

1 So cited (Short Titles Act, 1896).

THE IMPROVEMENT OF LAND ACT, 1864.-[29th July 1864.]

1 Repealed by 56 Vict. c. 14.

COMMISSIONERS, LANDOWNERS, ETC.

And with regard to the commissioners for the execution of this Act, and other general matters, be it enacted as follows:

II. Interpretation of "the commissioners."-By "the commissioners" shall herein be meant, as regards lands in Great Britain, the Inclosure Commissioners for England and Wales.

III. Provisions of 9 & 10 Vict. c. 101, etc., to extend and be applicable to proceedings of commissioners.-All the provisions of the Act of the ninth and tenth years of the reign of her present Majesty, intituled "An Act to authorise the Advance of Public Money to a limited Amount to promote the Improvement of Land in Great Britain and Ireland by Works of Drainage," and of any and every other Act for the time being in force relating to any of

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