Brecon and Merthyr Railway Arrangement Act 1868
| Jurisdiction | UK Non-devolved |
| Citation | 1868 c. cxlii |
| Year | 1868 |
ANN0
TRICESIMO
PRIM0
&
TRICESIMO SECUNDO
VICTORIA3
REGINB.
Cap.
cxlii.
An
Act for suspending legal Proceedings wit8h
reference to the
B~eco12
ai2d
Merthyr
EJ@Z
Junction
Railway Company, for converting the
Mortgage and other Debts into Debenture
Stock, for authorizing the Completion
of
certain
Lines
of
Railway, for regulating the Capital
and
future Management of the Company, and
for other Purposes.
[lSth
July
1868.1
4
HEZEAS by The
Brecon
amd
Merthyr Jt6nction
Rail-
22
&
23
Vict.
m7ay Act, 1859,” (in this Act called “the Act
of
1859,”)
‘-
IXviii*
the
Brecon
and
Merthyr
Tydfil
Jtcmtiom
ltailway Com-
pany (in this Act called
‘‘
the Company
”)
was incorporated, and
obtained by that Act, and divers Acts subsequently passed, Powers
to
make
various Railways, which in the first instance’ were treated
as
Two separate Undertakings, but were afterwards by
“
The
Brecon
28
&
29
Vict.
ad
Mert?~yr
Railway (Various Powers) Act,
1865,”
(in
this Act
c.
cclxxxv-
called “the Union Act,”) authorized
to
be united into
One
Under-
taking, and under the Provisions
of
such Act were united accor-
dingly
:
And
whereas under the Provisions
of
“
The
Brecon
and
28
tk
29
Vict,
Jlerthyr
Railway Amalgamation Act, 1865,” the Conipany and the
c.
cccxxiv.
[LocaZ.j
24
n
Hereford,
2182
31”
&
32”
VICTORIB,
Cap.csIii.
Brecon
and
Merthyyr
Railway
Arran-qement
Act,
1868.
Vei*eford,
Zuy,
and
B~ecoiz
Company (hereinafter called
cc
the
Bei*efoi*d
Company
”)
entered into
an
Agreement, dated the Second
Day of
Azigzist
One thousand eight hundred and sixty-five, for the
Transfer of the Undertaking
of
the
Hereford
Company to the Com-
pany upon certain Terms and Conditions
:
And whereas
it
has been
held by the Court of Chancery that the said Agreement cannot be
performed and carried into execution according to the true Intent
and Meaning of the Parties thereto without the Consent in Writing
of the Prefeixnce Shareholders
of
the Company
:
And whereas such
Consent cannot
be
obtained, and
it
is
expedient that the said Agree-
ment should be cancelled, and that the
Zeerefo~d
Company sho~dd
be restored to the same Condition
as
it was
in
at the Time when the
said Agreement was made: And whereas by the Company’s Union
Act all Shares
and
Stock
of
the Company entitled to any Preference
or Priority of Interest
or
Dividend, and created before the Union
(except the
Rzcwzey
Prefeimoe Stock hereinafter mentioned) rank
and have Priority according to the respective Dates
of
the Acts autho-
rizing their Creation, and all Mortgages granted under the Authority
of the Company’s Union Act and the other Acts therein recited are
charged upon the consolidated Undertaking of
the
Company, and
during their Continuance in force have certain relative Priorities
:
And whereas under the Authority
of
the Acts
of
the Company
there have been raised and granted the Preference Stocks, Shares,
and Mortgages respectively set forth in the Schedule
to
this Act
annexed
:
And whereas by
The
R+wnizey
and
Breco~~
uizd
i7fel-thtjY
Railways Act,
1863,”
the Company was empowered
to
purchase,
and did afterwards pumhase, the Undertakings of the
Bwmizey
Rail-
way Company, and the Interest or Dividends
on
Preference Stock
of the
Rzcmizey
Railway Company amounting to the Sum
of
Fifty-
two thousand nine hundred Pounds (herein-after called
‘<
Rzmtzey
Preference Stock
”)
is now charged primarily upon the Receipts
of
such Undertaking, and, secondly,
on
the separate Undertaking of the
Company
as
the same existed in One thousand eight hundred and
sixty-three
:
And whereas by reason of the incomplete State of the
Company’s Works, and the undeveloped Condition of its Traffic, the
Failure of the Contractors, and the Litigation into which the Affairs
of the Company have fallen, the Company have not since the End
of
the Year One thousand eight hundred and sixty-six paid the Interest
on any of thcir Debentures, and are
also
unable
to
pay
the Interest
due upon the Preference Stocks
in
the Capital of the Company,
except upon the
Rzcmizey
Preference Stock, and are also unable
to
discharge the other Debts and Liabilities of the Company, including
a
large
Sum
of Money due
upon
Securities
known
as
Lloyd’s
Bonds
:
And whereas the Sum of Twenty thousand Pounds
or
thereabouts
is now due for the Purchase of Lands taken by the Company for the
Purposes
of
the
Brecon
Undertaking
:
And whereas the Undertaking
of
31"
tk
32"
VICTORIE,
Cupcxlii.
Bt-econ
and
Merthyr Railway Arrangement
Act,
1868.
of tlie Company is now in the Hands of
a
Receiver appointed by the
Court of Chancery in the Suit
of
Bowen
versus the
Brecotz
uncl
JXevthyr
Tyd$l
Jzcnctioio
Railway Company and others
:
And whereas,
in
order
to
avoid the Stoppage
of
Traffic, Monies in the Hands
of
the Receiver have been by, the Direction
of
the Court of Chancery
from Time
to
Time provisionally applied in making necessary Pay-
nients
on
Capital Account
:
And whereas, in order
to
meet certain
pressing Debts and Claims against the Company, a large Proportion
of the Rolling Stock of the Company has been sold subject to
a
Power
of Eedemption, and is now let
to
the Company at a fixed Rent, and is
used by them for the Purposes
of
their Railway: And whereas
it,
fs
desirable that the Rolling Stock
of
the Company should be vested
in
the Company, and be assigned
to
the Persons herein-after mentioned
in trust for the unpaid Debenture I'Iolders and other Creditors of the
Company
:
And whereas, in order to enable the Company
to
keep the
Line open for Traffic, and ultimately
to
meet its Engagements,
it
is
essential that such Provisions be made as herein-after mentioned, and
that during the Period hereinafter defined all Suits, Actions,
and
other Proceedings against the Company and its Property with refe-
rence
to
existing Debts, save
as
herein-after provided, should be
stayed:
And
whereas
it
is expedient that during such limited Period
the ordinary Powers
of
the Company should be in abeyance, and that
the 3Ianagenient
of
the Company should be vested in
a
new Board
as
herein-aft er defined, rrho shall exercise all necessary Powers
of
the Company
:
And whereas
it
is expedient that (subject
to
the
Provisions herein-after contained) the entire Debenture Debt
of
the
Company (exclusive
of
the Debenture Debt now charged on tlie
Hewfovd
Undertaking), and the other Debts and Liabilities of the
Company, including the Debts secured upon
Lloyd's
Bonds, should
be
consolidated into Debenture Stocks
:
And whereas
the
Company
vas
required to make Junctions with the
Tuf Ycde
Railway, but
the same have not been made, and
it
is expedient that the Company
be
authorized
to
make a Junction Line of Railway for effecting that
Object, and for facilitating the Interchange of Traffic over the Lines
of the Company
and
the Lines of the
Tuf
Pule
Railway Company,
and for the Purposes of One
of
such Lines that the Purchase by the
Company
of
the private Railway belonging to or used by
Bob&
ThO77?g9SOlZ
Cmzoslzuy
Esquire be confirmed
:
Ancl whereas the esti-
mated Expense of the said Junction, which is hereinafter called
the
Tcif
Ycde
Mineral Railway Junction, is Four thousand
four
hundred and thirty Pounds
:
And whereas Plans and Sections of the
Railway by this Act authorized showing the Line and Level thereof
respectively, and Plans showing the Lands
to
be taken under the
Powers
of
this Act, and Books
of
Reference
to
the Plans containing
the Kames
of
the Owners or reputed Owners, Lessees or reputed
Lessees,
and
Occupiers
of
the Lands, haw been deposited for
the
Purposes
2184
31”
&
32”
VICTORIAE,
Cup.cxiii.
Brecon
and
Merthyr
Rai1zca.y
Arrangement
Act,
1868.
Purposes of this Act with the Clerk of the Peace for the County
of
Glanzo?-gccn,
and those Plans and Sections and
Books
of Reference
are in this Act referred
to
as
the deposited
Plans,
Sections,
and
Books of Reference
:
And whereas Meetings of Debenture Holders
of the Company convened by Circular addressed to every such
Holder were helci previously to the Introduction into Parliament of
the Bill for this Act, at which Meetings
it
was resolved
to
apply
to
Parliament for Powers with respect
to
the Company similar
to
those
hereinafter contained, and after the Introduction of the said Bill
a
similar Meeting
was
held, and a Committee was unanimously
appointed to watch over the Interests of the Debenture Holders,
and
to
act
on
behalf of the said Holders, and the said Committee
approve of the Provisions hereinafter contained
:
And whereas the
Amount secured by
Lloyd’s
Bonds
amounts to Seventy-two thousand
five hundred and eighty-four Pounds, and Holders
of
such
Bonds
to
the Extent of Sixty-four thousand Pounds
also
approve of the Pro-
visions of this Act
:
And whereas the Objects of this Act cannot be
attained without the Authority of Parliament
:
May
it
therefore
please
Your
Majesty that
it
may be enacted; and be
it
enacted
by
the Queen’s most Excellent Majesty, by and with the Advice and
Consent of the Lords Spiritual and Temporal,
and
Commons, in bhjs
present Parliament assembled, and by the Authority of the same,
as
follows
:
1.
This Act may
for
all Purposes be cited
as
“
Bwcon
mcl
Merthyr
Railway Arrangement Act,
1868.”
short
Title.
y
I)
Vict.
2.
“
The Lands Clauses Consolidation Act, 1S45,”
‘(
The Lands
cc.
18.
k20.3
Clauses Consolidation Acts Amendment Act, lS60,”
‘(
The Railways
23
&
24
Vict
(,.
106.,
Clauses Consolidation Act,
1845,”
and
“
The Railways Clauses
26
tk
27
Vict.
Act, 1863,” Part
I.
relating to the Construction
of
a
Railway, and
Part
111.
as
to working Agreements, and “The Companies Clauses
CO.
92.
&
11s.
incorporated.
Act, 1863,” Part
111.
relating to Debenture Stock, are (except
when expressly varied by this Act) incorporated with and form Part
of this Act.
Interprets-
tion
Of
Terms.
3.
The several Words and Expressions
to
which by the Acts in
whole or
in
part incorporated with this Act Meanings are assigned
have in this Act the same respective Meanings, unless excluded by
the Subject
or
Context; and the Expressions following have the
Meanings following
;
(that is to
say,)
“
The Company
”
means the
Brecon
and Meythyr
17ydJil
Jzcnction
Railway Company
:
The Terms ‘(the
Brecon
Undertaking
”
OF
“
the Undertaking
of
the Company
”
mean the whole Undertaking of the Company,
exclusive
of
the Railway, Works, and Undertaking
of
cc
The
sereford,
Hay, and
Brecon
Railway Company
:”
The
31”
&
32”
VICTORIE,
Cap.cxlii.
2185
Brecon
and
Merthyr
Railway
Arrangement
Act,
1868.
The Word
“
Mortgage
”
includes Mortgages and Bonds and any
The
Word
cc
Shareholders
”
includes all Persons holding Sharcs or
The Words
cc
general Creditor
”
mean any Creditor of the
Corn-
The Expression
“
the
Court
”
means the High Court
of
Chancery.
Debenture Stock
:
Stock otlier than Debenturc Stock
:
pany otlicr than
a
Mortgagcc
or
Holder
of
.Lloyd’s
Bonds
:
4.
Save
as
herein-after provided,
from
and after the passing of
this Act
no
Actions, Suits,
or
other
Proceedings against the Corn-
pany, or affecting the Propcrty
of
the Company, except Proceedings
against the Company
as
Carriers of Goods or Passengers, or in
respect
of
Liabilities contracted after the passing of this Act, shall
lie continued or commcnccd during the Period hercin-after defined
as
and
in this Act called
cc
tlie Suspense Period,” unless with the
Leave
of the Court, and
upon
such Terms
as
the Court may impose
;
provided that the Costs of any Action or Suit or other Proceedings
awinst the Conipany
as
affecting their Property which shall be
discontinued pursuant
to
this Act shall be in the Discrction
of
the Court, and,
if
allowed, shall be added to the Debt.
?
5.
From and after the passing
of
this Act the Functions
of
any
Application
Receiver heretofore appointed on behalf of the Plaintiff in the Case
~~;~~~i;s‘~f
of
Boaom.
against the
Bivcoa
ulad
Xert?y*
Tydjil
~z6factiolz
Railway
Iteceiver
of
Company shall
as
regards all Tolls or Sums
of
Money thereafter
Court
of
accruing absolutely cease, and upon the Application
of
the Board,
or
of
the Plaintiff
in
such Cause, the Court
may
in its Discretion
in the first place provide
out
of any Sums standing
to
the Credit of
such Cause, or in the Hands
of
the Receiver, for
all
such Payments
as
the Court may direct, and may in its Discretion direct the Balance
of all such Sunis
as
aforesaid to be transferred
to
the Company,
or
as
herein-after provided to the
Bereford
Company, and may in its
Discretion discharge the Receiver
on
passing his Accounts.
Chancery.
6.
The Suspense Pcriod shall be a Period of Ten Years from the
Suspense
passing
of
this Act
:
Providcd always, that if at any Time within
the said Period, after the Discharge of all Debts and Liabilities of
the Company, the net Receipts
of
the Conipany applicable
to
the
Payment
of
Interest
on
&tortgages shall be sufficient
to
pay all
Interest then due
upon
the whole Amount
of
the Company’s autho-
rized Mortgages, the Suspense Period shall cease,
defined.
7.
The present Board of Directors shall continue in Office until
a
Suspension
new Board
of
Directors be elected pursuant
to
the Provisions of
oi‘I’ower~of
this Set, and
so
soon as the Directors
of
the Company who are
to
merit
constitute the
new
Board shall have been elected
as
in this Act
Elertioll
of’
new
Board,
[Loml.]
24
x
provided
Man:igc-
218G
do
8t
32”
VICTOIWE,
Cap.cslii.
Brecon and
Merthyr
Railway
Arrangement Act,
1868.
provided the Powers conferred upon the present Board of Directors
and on the Shareholders
of
the Company in General Meeting by the
Company’s Acts and the Acts incorporated therewith shall be in
abeyance, and the Management by the Company shall during the
Suspense Period, and until the Powers
of
the Board constituted
under this Act shall have ceased, be vested in the Board hereby
constituted, subject only
to
such Powers as arc by this Act given to
Shareholders and Xortgagccs rcspectively in General Meeting.
Constitution
of
new
Board.
8.
The new Board shall consist
of
Eight Directors,
Four
being
Nortgage Directors, of whom Three shall represent Mortgagees other
than the Holders of
‘(
C
”
Debenture Stock, ancl the Fourth shall
represent tlie Holders of
“
C
”
Debenture Stock ancl the Holders
of
Lloyd’s
Bonds until their Conversion into sucli
‘(
C
”
Debenture
Stock, and Four being Share Directors
to
rcpresent Preference Stocli-
holders and Shareholders
;
the Chairman of the Board shall be One
of the Share Directors, and such Chairman shall 11e chosen according
to the Provisions
of
(‘
The Companies Clauses Consolidation Act,
1545,”
Section Ninety-three
;
the Chairinan
of
the Board shall have
a
Casting Vote in addition to his own Vote.
Qualificatioll
9.
The Qualification of Three of the
Mortgage
Dhectors
shdl
be
OfMortgage
the Possession in
his
own
Right
of
not
lcss
than One thousand
Pounds
of
“
A
”
or
‘‘
B
”
Debenture Stock, ancl tlie Qualification
of
and
Share
Directors.
the Fourth Mortgage Director shall be the Possession in his
own
Right of not less than One thousand Pounds of
“C
”
Debenture
Stock
or
Lloycl’s
Bonds, and the Qualification of a
Share
Director
shall be the Possession in his own Right of not less than
One
thousand Pounds Preference or Ordinary Stock
of
the Company,
Provision
10.
It
shall be obligatory upon the present Directors of the
for
Election
Company, within Fourteen Days after the passing of this Act,
to
of
Mortgage
Directors.
convene
a
Meeting of the Mortgagees holding Mortgages other
than
(‘
C
”
Debenture Stock or
LZoyd’s
Bonds
to
be held within Six
Weeks after the passing
of
this Act, and at such Meeting the Mort-
gagees present in person
or
by proxy shall clect Three Mortgage
Directors
;
the Chairman of
such
Jteeting shall be the Chairman
of
the Company for the Time being,
or
in his Absence any Mortgagee
to be choscn by the Xeeting.
Eiection
of
Share
D
iiw
tors.
11.
It
shall be obligatory upon the present Directors
of
the
Com-
pany within Fourtecn Dags after the passing
of
this Act
to
conTyne
a Meeting of the Sharcliolclers of the Company
to
be held within
Six Weeks after the passing
of
this Act, and at such, Meeting
the Holders of Ordinary ancl Prefereiicc Stock and Shares of the
Company present in person
or
hy
proxy shall elect Four Share
Direct
01’s.
31"
&L
32'
VICTOHIE,
Cop.cxlii.
2187
Brecon and
Merthyr
Railway
Arrangement
Act,
1868.
Directors, and the Chairnian of such Meeting shall be the present
Chairman
of
the Company,
01%
in his Absence any One of the present
Directors
of
the Company, or in their Absence any Shareholder to
be chosen by the Meeting.
-
~ ~~ ~~
~-
12.
All Preference Stocks
of
the Company shall confer
upon
the
Preference
Holders thereof the same Qualification
hs
to
Rights of viting
as
Ordinary Stock.
vote.
13.
When the Office
of
any Share Director shall be vacated
to
Vacan-
otherwise than by Rotation as hereinafter mentioned, the remain-
Board
ing Share Directors shall supply such TTacancy until the next
by
Rotation.
Fd~zicwy
General Meeting of the Shareholders of the Company,
ancl at such Meeting the Sliareholders present in person or by proxy
may elect some duly qnalified Person
to
be a Share Director of the
Company;
and when the Office
of
any Mortgage Director shall
he
vacated otherwise than by Rotation as herein-after mentioned,
the reiiiaiiiiiig Mortgage Directors shall supply such Vacancy until
the next
Februcwy
General Meeting of the Mortgagees, and
at
such Neeting the Mortgagees present
in
person or by proxy may
elect some duly qualified Person to be
a
Mortgage Director
of
the
Conipany.
other
than
14.
Separate General Meetings of Shareholders and Mortgagees
As
to
Gene-
holding Mortgages other than
"
C
''
Debenture Stock
or
Lloyd's
Bonds respectively shall be called by the Share Directors and the
Shareholders
Mortgage Directors respectively, and held half-yearly in the last
and
Mort-
Week
of
FeB1*zccc7*y
and the last Week in
August
in every Year,
which Meetings shall be called the Ordinary Meetings of Share-
holders and Mortgagees respectively, and all other Meetings shall
be called Extraordinary Meetings.
gagees.
15.
At the
Febmccwy
Ordinary Meeting of the Shareholders
in
As
to
Rota.
tion
of
Di-
rectors,
every Year One Share Director shall retire in rotation, with Liberty
to
offer himself for Re-election, and at the
Pe'ebrlucc7y
Ordinary
Meeting of Xortgagees in erery Year One Mortgage Director shall
retire in rotation, with Liberty to offer himself for Re-election
;
and
the Vacancies
so
occasioned shall be filled
up
at tlie said Meetings
by
the Shareholders and Mortgagees respectively present in person
or
by
proxy, and tlie original Share and Mortgage Directors shall
retire in such Order as they shall respectively themselves deter-
mine, and in default of Agreement by Lot, and after they have all
retired the subsequently elected or re-elected Share or Mortgage
Directors respectively shall retire respcctively in the Order
of
the
Rates
of
their Elections or last Re-elections, as the Case may be.
16.
At
2188
31”
&
32”
VICTORIfi,
Cap.cslii.
Brecon
and
Merthyr
Railwa-y
Arran-qement Act,
1868.
lteports
and
16.
At a11 the Ordinary Bleetings
of
Shareholders
and
hlortgagees
Accounts
to
Le
submitted
respectively IIalf-ycarly Reports and Statements
of
Account to be
to
Half-
prepared by
tlic
Board shall be submitted to the Sliarcholders
and
yearly Meet-
ings.
Mortgagces respectively.
HOW
Meet-
in~s
to
be
convened.
17.
All Meetings
of
Shareholders and Mortgagees respectively
shall be convened by tho like Notice as by
‘‘
The Companics Clauses
Consolidation Act,
1845,”
is required to be given of a General
Meeting.
Chairman
at
18.
At
every Meeting
of
Shareholders the Chairman shall be
One
SIeetingsof
of
tlie Share Directors to be chosen by the Share Directors, or, in
Shareholders
and
Deben-
the Absence of all the Share Directors, any Shareholder
to
be chosen
tureHolders.
by the Meeting; and at every Meeting of the Mortgagees the
Chairman shall be One
of
the Nortgage Directors to be chosen by
the Mortgagees, or, in the Absence of all the Mortgage Directors,
any Mortgagee to be chosen by
tlie
Meeting.
Votes at
Meetings.
19.
At every Meeting of Shareholders every Shareholder shall
have the like Powers
of
voting, whether personally
or
by proxy, and
the Meeting shall be conducted as nearly
as
may be in the like
Manner
as
a Meeting of the Company before the passing
of
this Act,
and at every Meeting
of
Mortgagees every Mortgagee shall have
One Vote
for
every One hundred Pounds
of
Mortgages held by
him,
and shall have the like Powers of giving his Vote
by
proxy or
in
person, and the Meeting shall be conducted as nearly
as
may be as
if
it
were
a
Meeting
of
Shareholders of a Company under
‘‘
The
Companies Clauses Consolidation Act,
1845.”
Lloyd’s
20.
Tlie
Powers
ancl Provisions herein-before contained with
Bondholders
relation
to
the Election of Mortgage Directors, and to Vacancies in
to
elect one
Director.
the Board, and
to
General Meetings
of
Mortgagees, and to thc
Submission of Reports and Accounts
to
Nectings of Mortgagees, and
the convening of Meetings
of
Mortgagees and the Chairman of such
Meetings, and the Votes of Mortgagees at -i\eetings, shall apply only
to
the Threc llortgage Directors representing the Holders
of
the
Xortgages of the Company other than
“
C
”
Debenture Stock
;
but
similar Provisions shall extend to tlie Fourth Nortgage Director
representing the Holders
of
Lloyd’s
Bonds, and thc Holders of the
6‘
C
”
Debenture Stock, with thc following Noclifications
:
There shall be only One Director clccted by the
Lloyd’s
Bond
or
‘6
C”
Debenture Holders; he shall
go
out
of
Office
at
the
Febi*zcar.y
Meeting,
mil
shall be rc-eligible
;
If
he dies, resigns, becomcs disqualified,
or
incapable
of
acting,
his Place shall
be
supplied at the next Ordinary Meeting of
Lloyd’s
Bond
or
‘‘
C
”
Dcbcnture Holders after the Occurrence
of any such
Event.
21.
The
31"
&
32"
VICTORIB,
Capxxlii.
2189
Brecon
and
Merthyr
Railway
Arrangement
Act,
1868.
_____
-.
21.
The Board shall at their Erst Meeting
in
every Year
ForAppoint-
appoint some Person
as
Arbitrator for the ensuing Year, and
if
any
merit
manent
Of
Per-
Arbitrator
so
appointed shall resign, or die,
or
become incapable
of
acting during his Year
of
Office, then the Board shall appoint
some
other Person to act
as
Arbitrator for the remaining Part
of
such
Year;
and
if
any Difference shall
at
any Time arise
in
the Board
between the Mortgage Directors
on
the one hand and the Share
Directors
on
the other touching any Matter wherein the Interests
represented by them respectively arc deenied either by the Share
Directors
or
by the Mortgage Directors
to
be affected, such Difference
shall be €rom Time to Time referred to the said Arbitrator, or
in
default
of
the Appointment of such Arbitrator by the Board then
to an Arbitrator
to
be nominated by the Board
of
Trade, on the
Application of
not
less than Three Members
of
the Board
;
and the
Arbitrator iiiay,
on
Application made
to
him by the Board, atLttend
at any Meeting
of
the Board, and suinma8rily decide any such
Matter
of
Difference, and every Award or Decision
of
such Arbi-
trator shall be final with respect to the Matters submitted to him,
and the said Board
or
the
Board
of
Trade,
as
the Case may be, may
fix
the Remuneration
to
be paid
to
such Arbitrator
:
Provided always,
that
if
any Matter which may have been referrcd to the Arbitrator
shall be left undecided by him at the Expiration of his Year of
Office, the same Matter shall be decided by the said Arbitrator, and
his Decision shall be binding although he may no longer
fill
the said
Office.
22.
The Board shall have the Seal of the Company, with full
Power,
in
the Name
of
the Company, at their Discretion to sue and
do
all
Acts, enter into all Contracts and Agreements, and exercise
all Powcrs which the former Board
of
Directors of the Company in
General Meeting could heretofore have clonc, entered into, or exer-
cised, subject however
to
such Powers
as
are by this Act conferred
upon
the
Shareholders and Mortgagees respectively in General
Xectings
;
and the Directors appointed by
or
in pursuance of this
Act shall not be personally liable
€or
Acts done by them in their
Capacity as Directors,
and
shall be indemnified out of any
of
the
Assets
in tlie Company against
all
Loss
and Damage which
may
accrue
to
them in thcir said Capacity.
23.
"
The Companies Clauses Consolidation Act.,
1845,"
Sections
Ninety-ttvo, Ninety-four, Kinety-fivc, Ninety-six, Ninety-seven,
Sinety-eight, and Ninety-nine, with respect
to
the Proceedings
of
Directors, shall, subject
to
the Provisions
of
this Act, apply to the
Board
of
Directors appointed under the Powers
of
this Act.
24.
The Shareholders at their First Ordinary Meeting after the
passing
of
this Act shall elect
01x3
Auditor, and the Mortgagees at
CLocctl.1
24
1'
their
Referee.
Powers
of
the
Bo:rrd.
AS
to
Power
and
Proceed-
ings
of
Board
of
Directors.
AS
to
Ap-
pointincvlr
of
Audit
oi'b
t,y
3198
31"
&
32"
VICI'ORIE,
Cup.
cxlii.
Brecon
and
Merthyr
Railway
Arran.qement
Act,
1868.
SharehoIders
their First Ordinary Meeting under the Provisions
of
this Act shall
and
Mort-
elect One Auditor, and
it
shall not be necessary for the Auditor
so
gagees.
chosen by the Mortgagees to be either
a
Shareholder
or
Mortgagee
;
the said Auditors shall go out of Office at the Ordinary Meetings of
Shareholders and Mortgagees to be held in the Month
of
Pebruwy
in
the Year One thousand eight hundred and sixty-nine, and thence-
forward during the Suspense Period shall go out
of
Office at the
Ordinary Meeting
of
Mortgagees and of Shareholders respectively
held in
February
in
each Year, but shall be immediately re-eligible
;
if
an
Auditor elected by Shareholders
or
Mortgagees vacates his
Office either by Death, Resignation,
or
otherwise during the current
Year, his Place shall be supplied
at
the next Half-yoarly Meeting
of
Shareholders
or
of
Mortgagees respectively, as the Case may
be;
the Directors shall deliver
to
the Auditors the Half-yearly Accounts
Fourteen Days
at
least before the ensuing Ordinary Meeting of
Shareholders and Mortgagees respectively, and
it
shall be tdie Dutr
of
the Auditors
to
examine and audit such Accounts, and it shall be
lawful for the Auditors to employ such Accountants and othcr
Persons
as
they may think proper at the Expense of the Company,
and the Auditors shall either make
a
Special Report
on
the said
Accounts,
or
simply confirm the same, and such lteport
or
Con-
firmation shall be read, together with the Report of ihe Board, at the
Ordinary Meetings
of
Shareholders and Mortgagees respectively.
Application
25.
The net Proceeds arising from the Sale and Rents
(if
any)
Of
Proceeds
derived from superfluous Lands
on
the
Brecon
Undertaking shall,
of
super-
fluous
~~~~,j~.
after Payment
of
all incidental Expenses, be applied in satisfaction
of the Vendor's
Lien,
and of all
othcr
valid Liens, Charges,
or
Incumbrances
on
the Lands from which
such
Proceeds
and
Rents
(if any) shall have been respectively derived, and
then
in
inanner
described in this Act with respect
to
the Income
of
ihe Compmj-.
Rolling
stock
2nd
per
sonil
lZsia!c
of
Cornp:rliy
~esied
in
new
1So:rril.
26.
All the Rolling Stock, Plant,
and
Personal Esiate belonging
to
the Company at the Time
of
the passing
of
this Act,
ancl
all such
as
may be derived
or
acquired by the Company, are hereby vested
in the Directors
for
the Time being
upon
trust for the Dolders
of
Mortgages
and
of
Lloyd's
Bonds and
for
the general Creditors
of
the Company according
to
their several Rights and Priorities.
Power
to
27.
The
Board
shall create and issue in
thc
Name
of
the Com-
issue
Deben-
pany Debenture Stocks
of
several Classes,
to
be called
''
A,"
''
B,"
and
''
C
''
Debenture Stoclrs respectively,
to
be (until redeemed)
Sure
Stoclrs.
charged
upon
the mliole Undertaking of the Company, and
to
be
subject respectively
to
the Conditions herein-after specified,
but
none of such Debenture Stocks shall operate
as
a
Charge upon
my
superflaous
Lands
conveyed by the Company,
or
shall
pre-
judicially
31”
8~
32”
VICTORIB,
Capxxlii.
2191
Brecon and
Merthyr
Railway
Arrangement
Act,
1868.
judicially affect
any
specific Lien, Charge,
or
Incumbrance
on
any
such Lands.
28.
“
A
”
Debenture Stock shall not exceed
in
Amount the
Sm
AS
to
“A”
of
One hundred thousand Pounds, and shall bear Interest at the
Debenture
Rate
of
Five Pounds
per
(7entzl.m
per
Annum,
and shall rank next
after
the
Rzcmney
Preference Stock over the whole
Brecon
Under-
taking of the Company, and shall be issued at par.
Stock.
29.
The Board shall issue
“
A
”
Debenture Stock in discharge
Provision
for
of
any Interest
now
due
or
accruing due until the Thirty-first
Arrearsof
Interest
on
Day
of
July
One thousand eight hundred and sixty-nine, and
exirting~e-
being unpaid
on
any Debentures other than the Debentures created
benturee.
by irirtue of the Acts
of
the
1Tereford
Company.
30.
And whereas the Company are authorized under the Certi-
“A”
Deben-
ficate
of
the Board of Trade and the Provisions
of
“
The
Brecon
and
ture
Stock
Xerthys*
Railway Act,
1867,’’
Section Twenty, to borrow in different
substitutioll
Sums,
and on the Conditions therein specified, the entire Sum of One
for
so
much
hundred and ninety thousand Pounds
:
Be
it
enacted, that the said
nuthorized
Sum of One hundred thousand Pounds by this Act authorized to be
to
be
bor-
raised by the Creation of
“
A
”
Debenture Stock shall be deemed
to
be
go;:
:;
in substitution
for
and
in
exercise of such Borrowing Powers of the
~~~d~ Certi-
Company
to
the Extent of the
Sum
so
raised; and
it
shall
not be
ficate.
lawful for the Company to raise any additional Capital, whether by
Shares
or
by borrowing, under or by virtue
of
the said Certificate
or t,he said Act.
to
be
in
of
Sum
31.
“B” Debenture Stock shall rank next in Priority after the
Appropria-
‘(
&4
”
Debenture Stock, and shall be divided into Classes, all to bear
tion
of
“B
”
Iuterest at the Rate of Five Pounds
per
Centzcmper
A?z,nzcm,
and
to
be
Stock.
respectively vested in and appropriated
to
the several Persons
who
immediately before the passing
of
this Act were the Holders
of
all
Debentures
of
the Company other than the Debentures created by
the Acts
of
the
Eerefoid
Company in the Proportion and to rank
in the Order herein-after specified
;
(that is to my,)
(1.)
Debenture Stock
in
substitution for all Debentures of the
Company
issued under the Authority of the Company’s Acts
passed in the Year One thousand eight hundred and fifty-
nine
;
(a.)
Debenture Stwli in substitution for all Debentures of
the Company issued under the Authority
of
the Company’s
Acts passed
in
the Year One thousand eight hundred
ailcl
sixty
;
(3.)
Debenture Stock in substitution for all Debentures of
the Company issned under the Authority
of
the Company’s
Acts
Debenture
2
192
31”
&
32”
VICTORIE,
Ccp.cxlii.
Brecon
and
MerthyT Railway Arrangement Act,
1868.
-
__
Acts passed in the Year One thousand eight hundred and
sixty -one
;
(4.)
Debenture Stock
in
substitution for all Debentures issued
under the Authority of the Company’s Acts passed in the
Year
One
thousand eight hundred and sixty-two
;
(5.)
Debenture Stock in substitution for all Debentures issued
under the Authority of the Company’s Acts passed in the
Year One thousand eight hundred and sixty-three
;
(6.)
Debenture Stock in substitution for
all
Debentures issued
under the Authority
of
the Company’s Acts passed in the
Year One thousand eight hundred and sixty-four
;
(7.)
Debenture Stock in substitution for all Debentures issued
under the Authority of the Company’s Acts passed in the
Year
One
thousand eight hundred and sixty-five, other than
the Amalgamation Act
;
(8.)
Debenture Stock in substitution for all Debentures issued
under the Authority of the Board of Trade Certificate,
dated in
February
One
thousand eight hundred and sixty-
six
;
and the same shall be taken and accepted in lieu of such Deben-
tures
respectively
;
provided that One Fifth in Value of such Deben-
ture
Holders do
not
dissent at
a
Meeting which shall be convened
for the Purpose of considering such Conversion by special Notice
stating the Objects
of
the said Meeting, and addressed
to
each
Debenture Holder at
his
last known Place of Abode,
.,c~P
~~h~-
tux
Stock.
Cod
tions
of
issue
to
general
32.
“C”
Debenture Stock shall not exceed the Sum of
One
hundred thousand Pounds, and shall bear Interest
at
the Rate
of
Five Pounds
per
Ce&unz
per
Awzmz,
and shall rank next in Priority
after
cc
B
”
Debenture Stock over the Undertaking of the Company,
such
cc
C
”
Debenture Stock shall be issued at par in exchange for
the
&Lloyd’s
Bonds alrcady granted by the Company, and
any
Interest
now
due
and
unpaid thereon, and also for equal Amounts of existing
general Debts, other than Debts contracted in respect of the
Here-
ford
Undertaking, to any general Creditor who shall demand the
same: Provided that
it
shall be lawful for the Board to statc
Accounts, compromise and ascertain general Debts by Arbitration
or otherwise with the general Creditors, and to issue
‘(
C
”
Debenture
Stock for the Amounts
so
stated, compromised, or ascertained.
As
to
Re-
33.
At
any Time before the Expiration of Thee Years after the
demption
of
passing
of this Act the Directors may redeem the
Lloyd’s
Bonds,
or
‘(
C
.’
Deben-
Lure
Stock.
the
‘‘
C
”
Debenture Stock issued
in
respect thereof, and the follow-
ing
Conditions shall apply to such Redemption
:
(1.)
The
Board shall give One Month’s Notice in Writing
to
the
Eolders
of
such Stock
of
the
Intentlion
to
redeem the
same
within
31"
&
32"
VICTORIB,
Cup.cxEii.
2193
__
Brecon
and
17lerthyr
Railway
Arrangement
Act,
1868.
-~-____-
within
a
Time to be fixed by suuh Notice by Payment
at
the Rate of Seventy-five Pounds for every One hundred
Pounds of such Stock, and the Payment at the same Time
of Five
per
Centzcrn
Interest upon the said
Sum
of
Seventy-
five Pounds from the Time of the Issue of the
Lloyd's
Bonds
to
the Day of Payment
:
(2.)
At the Time specified in such Notice every such Holder
of
''
C
"
Debenture Stock shall be entitled, upon delivering
up
the Certificates for thc same
to
be cancelled, to receive the
said Sum of Seventy-five Pounds
per
Centzcrn
and Interest
in Redemption thereof,
34.
The Board
may
call in the existing Debentures, and sliall
Certificates
from Time to Time issue to the Holders thereof Certificates of
gl:iEzt
Debenture Stock under this Act
;
provided that the Company shall
Debenture
not
be
bound to issue any such Certificate unless and until the
Stocks
to
be
issued
on
Holder deliver to the Board
to
be cancelled
or
prove to their Satis-
Request.
faction the
Loss
of the Debenture
in
respect
of
which the
new
Certificate is to be issued.
35.
Until the Board issue
a
Certificate under this Act the
In
tliemexn-
Debentures sliall be available as Proof
of
the Ownership of the
~~a~~l~~;
Debenture Stock appropriated and vested under the Powers of this
available,
Act.
36.
Subject to the Provisions
of
this Act, the
Sums
(if any) paid
Application
over by the Receiver
of
the Court
to
the
new
Board, and the Rates,
of
Income*
T'olls, Charges, Rents, and Revenue received
or
accruing due up to
the Thirty-first Day
of
JzcZy
One thousand eight hundred and sixty-
nine by the new Board in respect of the
Brecon
Undertaking under
the Provisions of this Act, or otherwise, shall, after Payment
of
any
Arrears
of
Dividcnd
on
the
Bzcmney
Preference Stock, be applied to
the
following Purposes
;
(that is to say,)
1.
In Payment of the Costs, Charges, and Expenses
of
applying
for, obtaining, and passing of this Act,
or
incident thereto
;
and in Payment of the like Costs, Charges, and Expenses
of
and relating
to
the Petition of
James
Thornson
Mackenzie
and others,
of
Fredevick
AdoZphzcs
Fynney
and another, and
of
Henry
Gratorex
Aldridge
respectively
;
and also in Pay-
ment of the taxed Costs awarded
to
George
Thomas
Taylos.
and
CaroZilze
TayZor
in respect of their Opposition to the
Company's Bill of
18G7
;
and also
in
Payment of the Costs
of
and relating to the Pctitions of the Consolidated Bank
(Limited) and others, and
Thonzccs
Greatrex
and others re-
spectively
;
and also in Payment of the Costs, Charges, and
Expenses of the Company in
and
with relation
to
all
[Local.]
24
U
Proceedings
2194
31”
&
32”
VICTORIE,
Copcxlii.
Brecon
and
Merthyr
Railway
Arrangement Act,
1868.
Proceedings which have been sanctioned by the
Court
of
Chancery
:
2.
In
Payment
of
all Rates and Tithes
and
annual Rentcharges
affecting the
Brecon
Undertaking payable by the Company
in pursuance of “The
Lands
Clauses Consolidation Act,
1845,”
Section Ten,
or
of
‘(
The
Lands
Clauses Consolidation
Amendment Act,
1860,”
and of Interest
on
unpaid Purchase
Money for Lands in possession
of
the Company
:
3.
In
the Payment
of
all
working and other incidental Expenses
connected with the Railway
:
4.
In
satisfaction, first, of the Vendors Liens, and, secondly,
of
all other valid Liens and Charges
or
Incumbrances
on
the
Lands taken and occupied by the Company for the Pur-
poses of the
Brecon
Undertaking, and which may remain
due and undischarged after the Application of Ohe Pro-
ceeds of the Sales
of
all superfluous Lands
its
in
this Act
mentioned
:
5.
In
Payment
of
such Sums as may be required
for
the Comple-
tion of such Works
as
the
Court
has sanctioned, and for
the
Construction of the Line of Railway authorized by this Act,
and
for the Purchase of
so
much
of
the Lands shown
on
the
deposited Plans and Books
of
Reference as
may
be
required
for the Purposes
of
this Act
:
6.
In
the Repayment
to
Revenue Account
of
all Sums heretofore
expended
on
the
Brecon
Undertaking with the Sanction
of the Court
on
Capital Account out of the Revenue of the
Company
:
7.
In
the Payment
of
any Sums which may be required for the
Purchase of such Rolling Stock as
may
from Time
to
Time
be necessary
for
carrying
on
the Traffic
of
the Company, and
for the Purchase of all the Rolling Stock
now
used
on
tJhe
Company’s Line, and until recently the Property
of
the
Company.
Powers
to
37.
It
shall be laxful
for
all Trustees,
Exeeutors,
and
Adminis-
rustces
and
trators,
and
Corporations, holding
or
being entitled to or interested
in
my
Mortgage
or
general Debt upon any Trust
or
otherwise, and
for the Guardians and Committees respectively
of
any Infants
ant1
Lunatics respectively
who
may
hold
or be entitled to
or
interested
in any Mortgage
or
gcneral
Debt,
to
accept
my
Offer
of
Debenture
Stock made
to
them under the Provisions aforesaid, and
to
exercise
all
or
any
of
the Powers of voting,
and
other Powers and Discretions
hy
this Act given to Xortgagees and general Creditors respecbively.
r.
ot
hc1
s.
Apppria-
ticm
of
stock
be
subject and liable
to
the
same
Trusts, Powers, Provisions,
38.
811
Stock approprinted and
VCS~C~
bp
virtue
of
this Act shall
rations,
31"
8z
32"
VICTORIA?,,
Capcxlii.
2195
Brecon
and
Merthy
Railway
Arrangement
Act,
1868.
rations, Agreements, Charges, Liens, and Incumbranoes
as
imme-
diately before the passing of this Act affected the then existing
Debentures for which
it
is substituted, and
so
as
to give Effect to
and not revoke any Testamentary Disposition of
or
affecting such
then existing Debentures.
39.
Subject to the Provisions of this Act, the Company from
Power
to
Time
to
Time may enter upon, take, and use such
of
the Lands in
take
that Behalf shown on the deposited Flans, and specified in the
deposited Books
of
Reference,
as
are required
for
the Railway and
Works by this Aot authoriged.
48.
Subject to the Provisioiis and Pomm of Deviation in this
Power
to
make
the
Act and the incorporated Acts contained, the Company
from
Time
io
Time
may
make and maintain
in
the Line and
in
acoordance
Worksss
with the Levels shown on the deposited Plans and Sections the
ilailway described in this Section, with all proper Sidings, Stations,
l'lans.
Approaches, Works, and Conveniences incidental to and connected
with such Railvay
;
(that is to say,)
Ti$
VkZe
Jzcnction
(Five Furlongs One Chain and Forty Links
or
thereabouts
in
Length), a Eailway in the County
of
GZa-
?norgun,
to commence by a Junction with the Railway
of
the
Company, passing along and adopting, wholly
or
in part, the
Line
of
Railway belonging
to
OY
used by
Robert
Thompson
Cruzvslmy
Esquire,
and
to
terminate by
a
Junction with the
Tu#
Pale
Eailmty One hundred and thirty Yards
or
thereabouts
South
of
thc Soutliern End of the Bridge carrying the Line
of
the said
Robe?$
Thomyson
CmwsAuy
across the River
Tu#.
and
41.
The Company from Time to Time
may
apply
for
any
of
the
Applicstiori
Purposes
of
this Act any Monies which they raise by Shares
or
ofnfolleYfo~
Purposes
of
Stock,
or
by borrowing
on
Mortgage, and which are
not
by this
or
this
Act.
hg
any other Act specially
made
applicable
for
any
other Purpose,
or
are not required for the Purpose for which they
are
so
applicable.
42.
The
Powers
of the Conipany
for
the compulsory Purchase
Powers
for
of
Lands
for
the Purposes of this Act shall not be exercised after
Tu):lz'J.
the Expiration
of
One Year after the passing of this Act.
limited.
43.
The Railway shall be completed within
TWO
Years after
Period
for
the passing
of
this Act, and on the Expiration
of
that Period the
oCfog$::;8
Powers by this Act granted
to
the Company for making and com-
shown
on
pletiiig the Railway,
or
otherwise
in
relation thereto, shall cease
1%~
io
be exercised, except
as
to
so
much thereof
as
shall
be
then
prnp1ett.d.
4-4.
Tbe
2196
31"
&
32"
VICTORIE,
Cap.cxlii.
Brecon
and
Merthyr
Rai1wa.y
Arran.qement
Act,
1868.
Railway
44.
The Railway by this Act authorized to be made by the
under
Act
Company shall for all Purposes of Tolls, Fares, Rates, and Charges
be
Part
of
Com-
pany's
Rail-
Part of the Company's Railways, and for estimating the Amount
of
ways.
Tolls, Rates, Fares, and Charges shall be deemed to form with the
Lines of the Company's other Railways One continuous Line
of
Railway.
-1.9
to
Corn-
J)letion
Of
Tar
Vale
,J~~nction.
45.
The Completion by the Company
of
the
Taf
Yale
Junc-
tion shall be and be deemed the Fulfilment of any Obligation
upon
the conipany imposed by
"
The
Brecon
and
Xerthyr
1Eailway
Act,
1862,"
or any other Act,
to
make and complete
a
Connexion
with the
Tctf
Yule
Railway, and any such Act shall be construed
as
if
that Junction Railway had been the connecting Railway therein
referred
to,
and
it
shall not be lawful for the Conipany
to
open and
use their Junction with the
Great
TVeslern
(Vale
of
Neath)
Rail-
way until the Railway authorized by this Act
is
completed
to
the
reasonable Satisfaction
of
the Engineer of thc
Tafl
Yule
Railway
Company.
(:ompany
to
P1.Ovide
Sidings
at
their
ow,l
Cost.
46.
The Compnny shall provide at their
own
Cost such Sidings,
Works, and Accommoclations
at
the Junction with the
Tafl
Vale
Railway by this Act authorized as the
Tu@
Pule
Railway Company
may from Time to Time find necessary for the Accommodation
of
the Traffic common
to
the
Taf
Pale
Railway Company and to the
Company
;
and
if
any Question shall arise between the
Two
Com-
panies
as
to
the Necessity of such Sidings, or
as
to the Construction
of
them and the other Works and Accommodations, the same shall
be referred
to
an
Arbitrator to be appointed by the Two Companies,
or,
if
they should
fd
to agree
as
to
the Appointment
of
such
drbitrator,
to
an Arbitrator to be appointed
by
the
Board
of
Trade.
Company
to
47.
With respect to
any
Lands of the
Taf
Vcde
Railway Com-
acquireEa?
pany
mliicli the Company may require for the Purpose
of
such
inent
only
in
Lands
of
~~ff
Sidings, Works, and Accommodatio~is, the Conipany shall not
Title
Rail-
acquire
or
take the
same,
but the
Yale
Company shall grant to
way
Com-
]"illy.
the Company
an
Easement or Right
of
using the same for the
Purposes of such Sidings, Works, and Accommodations respectively
without making any Charge for the
same:
Providcd
dways,
that
if
at
any
Time the
Tqf
Ycde
Railway Company
sliall
require
any
of
the Lands
n1)on
TI
liicli such
Siclings,
Works,
or dcconimod-
cl
1
ions
'
arc
placed, the
Coinpny
shnll, at
the
Bequest
of
thc
Tu8
Yale
Company,
take
up
and remove
the
smic.
Cornpzny
not
to
with
'Mr
\rale
l
48.
Notwithstandinq anything licrein
or
in the incorporated
Acts contained, it sliall
110%
be lawful for the Company,
nor
any
Person
acting under
or
in
execution
of
this Act,
to
enter upon,
occupy,
31"
&
32"
VICTORIZ,
Cap.cxlii.
2197
Brecon
and
Merthyr
Railway
Arrangement
Act,
1868.
occupy, or use, either permanently or temporarily, any of the Lands,
way
except
Works,
or
Property of the
T$
Pule
Railway Company,
or
in any
FaFT
3Xanner to alter, vary,
or
interfere
with
their Railway
or
Works,
tion.
without the Consent of that Company under their Common Seal,
save only for the Purpose
of
effecting the Junction and Communi-
cation by this Act authorized, with
all
proper and sufficient Works
connected therewith.
49.
The Powers of Subscription and taking Shares in the Capital
Repeal
of
of
the Company given
to
the
Tctf
Vide
Railway Company by
~~~~~
''
The
Brecon
mad
iMe?*thyr
Tydll
Jzcnction
Railway Act,
1860,"
and
company's
''
The
Brecon
and
Merthyv
Tyd7Jil
Junction
Railway Act,
1SG2,"
are
Pow&
bf
hereby repealed.
Subscription.
50.
Whereas the Company ham, with the Sanction of
the
Court,
Power
to
agreed for the Purchase
of
so
much
of
thc Railway belonging
to
or
Purchase
Or
lease
Line
used by the said
Bobert
Thonzpson
Ci*aws?~ay
as
they require for the
of~ailmap
Purposes
of
this
Act:
Be
it
enacted, that the Company may by
belonging
to
R.
T.
Craw-
Agreenicnt acquire the said Railway, and do all Acts necessary
for
adapting the same
to
the Purposes
of
their Undertaking.
51.
In constructing the
Teff
Pule
Jzwtion
by this Act autho-
rized under the
Pule
of
Neuth
Railway of tlie
Greut Westewz
cution
of'
Railway Company, or on any Land or Property
of
the
G?*eut J~,,,~~~~~
7Yestern
Railway Company, the Company shall not deviate from
under
or
on
Land
of
tlie centre Line
shown
on the deposited Plans witliout the piqevions
Great
Consent in Writing
of
tlie
Great
Festem
Railway Company under
lfTestern
their Common Seal, and the said Railway where it is intended
to
Railway
pass under the said
Vide
of
Neath
Railway may be
a
double Line of
Railway, and the said Railway shall be consti-ucted on the Site
of
the existing Tramway or Railway, and the Company shall not, with-
out the Consent of the
Great Vestern
Railway Company under
their Common Seal, alter the Line or Level of the said
Yule
of
Neath
Railvay, or interfere with or injuriously affect any of the
Works
01'
Property of the
Great Vestem
Railway Company.
to
Exe-
Taff
Vale
52.
If
by reason of any Works or Proceedings
of
the Company
penaltyin
with reference to the said
Taf
Vide
Jzcnction
there shall be any
case
of
In-
Obstruction
of
or Interference vith
the
said
Yale
of
Akutlz
Railway
Trafic
on
so
as
to
prevent
or
impede the convenient Passage of Engines and
Great
Carriages
along
the same, the Company shall pay
to
the
Great
T:F$
Western
Railway Company the sum
of
Twenty Pounds by way of
Neath)
Rail-
ascertained Damages
for
every
HOW
during which that Obstruction
way.
or
Interference continues.
terruption
of
53.
The Company shall from Time
to
Time be responsible for,
Brecon
and
and make
good
to
the
G'?*eut
Testern
Railway Company,
all
Costs,
hferthyr
Company
to
[
LOCU
1.1
24
x
Loss
e
s
,
31”
&
32’
VHCTQRIB,
C‘aij.cxlii.
Becon
and
Mertlyr
B&lway
Arrangement
Act:
1868.
Losses,
Damages, aiid Expenses from Time
to
Time occasioned
to
the said
VciIc
oJXeclth
Railway, or to any
of
the Works
or
Property
thcrcof,
01’
the
Traffic
thereon, or any Person
013
Persons using
the
same, or otherwise, by
reason
of the Execution
or
Failure of any
of
the
Works
of
or
inciclenlal
to
the
Tu8
Yale
Jzc?zction
authorized by
this Act, or any Act or Omission of the Company,
or
any
of
the
Persons in their Employ, or their Contractors
or
others, in respect
of
such
Korks
for tlic
said
Tof
Ycde
Jzcnctioiz,
ancl
the said
Com-
pany shall effectually indemnify and hold harmless the
Great
TVcstemz
Railway Company from all Claims
and
Demands upon
or
against them by reason of any such Execution or Failure,
and
of any
such Act
or
Omission.
54.
Nothing in this Act contaiiied shall extend to prcjndice,
diminish, alter, or take away any of the Rights, Privileges, or
Powers
of
the
Great
TYesteiv~
Railway Conipany otherwise than is
herein expressly provided.
55.
The Twenty-fifth and Twenty-sixth Sections of
rr
The
i7Jid-
Wales
Railway
(LZu.ngici*ig
Branch,
&c.)
Act,
1563,”
with rcspect
to
the Use by the
JlicZ-TVdes
Railway Compaiiy of the Railways of
thc Company mentioned in the said Twenty-fifth Section, are
incorporated with this Act, and, subject
to
the Provisions of the
said
Twenty-fifth and Twenty-sixth Sections, the
Micl-
7TuZes
Rail-
way Company shall be entitled to use the Railway herein-before
described
as
the
Pule
Jzcnction,
and the said Railway of the
mid
Robert
5!’lzoi~ipsoiz
Ci*azushuy,
if aiid
so
far
as
the sanie shall be
acquired by the Company, in the same Maimer and
to
the
same
Extent as
if
they hac1 formecl Part of the Railways meiitionccl in
the said Twenty-fifth Sectioii before
arid
at the Timc of the passing
of
‘‘
The
JIid-
77des
Railn-ay
(LZu~z,yzwig
Branch, &c.) Act,
1583.”
Avoidance
of
krcement
of
2d
August
IS65.
56.
The Agreement of the Second Day of
Azigzcst
One thousand
eight hundred
and
sixty-five is for all Purposes hereby cancelled
and made void aiicl of
no
Effect, and the Amalgamation, if any,
thereby effected is by this Act determined
to
all Intents and Pur-
poses, and the Undertaliiug of the
Bei-efoid
Company shall hence-
forth be
a
separate and distinct Undertaking as
it
was before and
at the Time of the Date
of
the said Agreement;
and
from
and
after
the passing of this Act all Lands, Property,
aiicl
Effects
of
01-
relating
to the
Xeel~fod
Undertaking, whether acquired by the
Zerefo?d
Company
or
the Company in respect
of
such undertaking, shall be
re-vested
or
vestccl in the
ZereJorcZ
Company
to
all Intents and
Purposes
;
and
all
the Powers, Rights, and Privileges conferred
upon
that Company, or upon the Directors
or
Officers thereof, by virtue
ofthe Acts relating
to
the
said Company
or
otherwise, shall,
so
far
as
2199
-~
Brecon
and
&lertlzyr
Railway
Arrnngenaent
Act,
1868.
as
the same remain in force, be exercised and enjoyed by the said
Company ancl its Directors
ancl
Officers
as
if
the said Agreement
of
the
Sccond
Augzcst
had not been entered into.
~~ ~~ ~
_.______
~
57.
Such of the Persons
as
are nom living and are duly qualified
Directors
of
Hereford
n-110 at the Date of the said Agreement xxre the Directors
of
blie
Company
ITewfonZ
Coiupany shall be deemed to be and continue the Directors
before
Agree-
of
tlie
ITCwfoi*cl
Company until other Directors are, in pursuance
ment
rein-
stated
on
passing
of
this
Bct.
58.
Within One Calendar Month after the passing of this Act
Extraordi-
an Extraordinary Nceting of the
Zei~$oi*d
Company shall be held
::’&%‘$:;a1
at
a
Time and Place to be appointed by the Directors
of
that
Corn-
Hereford
pany, h’otice thereof being given
as
nearly
as
niay be in inanner
CO~PW
to
by
Law
directed with respect to Extraordinary RIee’iiwgs of the
Herefoyd
Conipany before
‘(
The
Brecot~
aizd
Mei*tlLyv
Railway
Aiiialgaiiiation Act,
1866.
”
of tlie Provisions
of
this Act, elected in bheir Place.
elect
new
59.
At that Bieeting the Shareholclers
of
the
Zei*eford
Coinpany
Election
of
present in person
or
by proxy shall elect
a
Body of Directors
instead
of
those appointed by this Act, and
at
the First Orclinary
c~~~,~~,~~.
Meeting
to
be held
iii
every Pear after that Meeting the Share-
holders present in person
or
by proxy shall elect Persoiis
to
supply
the Places
of
the Directors then retiring froin Office agreeably
to
the Provisions in
‘(
The Companies Clauses Consolidation Act,
1s
$5,’’
contained; and the sweral Persons elccted at any snch Nectiiig,
being neither reinovcd nor disqualified
nor
having resigned, shall
continue to be Directors until others
are
elected
in
their Stead in
inanner provided by the
same
Act.
60.
All Capital which the
.LIe~efo~d
Company were authorized
Share
and
to
raise by Shares
or
by Loan by virtue of the Acts relating to that
Loan
Capital
Company for the Purposes
of
their Undertaking shall be deemed
to
company.
be the separate Capital
of
the
Ilereforcl
Company, notwithstanding
anything contained in the said Amalgamation Act of
1865,
or
any
Conversion under the Powers of that Act
of
the said Shares into
Shares bearing the Name
of
the
Brecon
Compauy, and notwith-
stancling that the Mortgages issued
io
secure Money borrowed in
respect
of
the Undertaking of the
IIei~forcl
Company,
or
issued by
1-irtue of
or
in substitution for tlie
Powers
of
borrowing granted
to the
Hereford
Coiiipany, sliall bear the Name
of
the
Bwcoit
of
Hereford
c
olllpany.
61.
The Capital of the
Hereford
Company shall be cleenied
to
Amount
of
be and consist of
One
hundred
ancl
ninety-one thousand
Pourds
of
Hereford
Orclinary
Stock,
ancl
One hundred
and
sixty-four thousand
Pornids
of
Cap
it
d.
2200
31"
gL
32"
VICTORIA$
Cup.cxlii.
Brecon
and
Merthyr
Railwciy
Arranyement
-.
Act,
1868.
of
Fire
Pounds
pe?*
Ceiztrun
Preference Stock,
and
the Debenturc
Debt One liundred and eighteen thousand Pounds
;
and the Holders
of
Xerefod
"
A
"
Stock in the
Bwcon
Company shall exchange their
Stock for the like Amount of Preference Five Pounds
per
Ceiztzint
Stock
of
the
ILereford
Company, and the Holders of
€heford
"
13
"
Stock in the
Bveco?%
Company shall cxchange their Stock for the
like Amount of Ordinary Stock of the
ILereford
Company, which
Prefcrcncc and Ordinary Stock the
Dereford
Company is hereby
authorized
to
create
ancl
issue
;
all Holders
of
Debentures or Mort-
gages in the
Bmcon
Company issued in respect
of
the
Xewfoid
Undei+aking sliall exchange their Mortgages or Debentures
for
Mortgages or Debentures
of
a like Amount in the
Deel*efut*cZ
Com-
pany which the
Ilereford
Company are hereby authorized
to
issue
;
and the Hoiclcrs of any %!tortgages or Debentures whicli have been
issued by the Company in substitution for Mortgages or Debentures
of
the
Beivfurd
Company shall be exchanged for Mortgages or
Debenturcs
of
the
Lleyeford
Company
of
the like Amount.
General
saving
for
Rivhts
and
cl;irns
re-
~IJ~C%
colll~'"nJ.
62.
Notwithstanding anything herein contained, the
Bereford
Company sliall be subject and liable
to
all such Riglits, Liabilities,
Claims, and Demands
as
the Company shall or may ham become
subject or liable
to
in respect of the
Xereford
Undertaking under or
by virtue or in consequence of the said Agreement
of
Amalgamation,
or
as
the
Be~eford
Company were subject or liable
to
at or before
the Date
of
the said Agreement.
T1:e
Com-
pany
to
Recount
to
Hereford
Cornpi
y
aid
Arbi-
tration
in
case
of
Differ-
ence.
63.
The Company shall account
to
the
Zeiyford
Conipany for all
their actual Rcccipts ancl Payments
on
account or in rcspcct of the
Dewfurcl
Unclertaliing since the Twenty-fifth of
August
One thou-
sand eight hundred and sixty-five,
ancl
shall pay
to
the
ILereford
Company in
''
A
"
Debentue Stock the Balance,
if
any, which upon
taking such Account shall appear
to
be due from them
to
the
Here-
ford
Company
;
and in case of any Difference between the Company
and the
Zejyford
Company in relation to the Settlement of such
Accounts, or in rcspcct of any other Xattcr whatever, such Accounts
or Matters
in
difference shall be referred
to
the Determination of an
Arbitrator to be agreed upon by those Companies,
or
failing their
Agreement thcn
to
an Arbitrator to be appointed on the Application
of either Company by the Board
of
Trade, and the Determination of
the Arbitrator
on
any Question
so
referred to him shall be final.
AS
to
Monies
64.
Any Money which may at the Time
of
his Discharge be
in
I-i?nds
.Of
the Hands of the Receiver in the Cause
BozueG
against the Company,
Receiver
in
respect
ofthe
or be in Court
to
the Credit of such Cause, arising from Tolls, Rates,
Hereford
or Charges,
or
otherwise from or in respect
of
the
Herefoid
Under-
taking, shall,
on
the Application
of
the
€leereforcl
Company, be paid
Under-
taking.
to
31”
&
32”
VICTORIE,
Capcxlii.
2201
Brecon
and
Merthyr
~
Railway Arrangement Act,
1868.
to
that Company, if the Court shall
so
direct, ancl subject
to
such
Payments thereout,
if
any,
as
the Court shall direct, and when
receivecl by that Company shall be applied
to
the Purposes of their
Undertaking
;
and if it shall appear, upon taking Accounts between
the Two Companies, that
a
larger Balance
is
due from the
B*ecoiz
Company to the Xeyfod Company than the Amount in the IIaiicls
of the Receiver in respect
o€
the
He~eford
Undertaking will clis-
charge, such Balance shall
be
clischargccl
hy
the Payment
to
the
_Lzewfod
Company of
“
A
’’
Debenture Stock
of
the same nominal
Amount
as
such Balance; providecl that
tho
Court may direct
Payment thereout
to
Geoiye
Thonzns
Tc(yloi*
and
Cwoliize
Tcrylo~
and
to
Tonzkpzs
Bezu
respectively of their reasonable
Costs,
Charges,
and Expenses
of
and relating
to
their Pctitions against the Bill for
this Act; and if such Nonies be insufficicnt
to
pay such Costs,
Charges, and Expenses, the Balance thereof shall be picl by the
Directors
of
the
BeivfoorcZ
Company out
of
the First Monies which
may come
to
their Hands,
.~
~~ ~~~
-
-
~____~____
65.
The
Herefoid
Company shall out of the First hlonies that
Providing
rment
to
shall come into their Hands after the passing
of
this Act pay the
PaJ
Landowners
Costs, Charges, and Expenses
of
that Company of or relating or
on Hereford
incidental
to
their Opposition to and
to
the passing of this Act, and
Line.
to
the Owners
of
Whitfzey
Bt*idge
the Amount which under the
Twentieth Section of
cc
The Zet~foi~Z,
Hay,
and
Brecon
Railway
Act,
lS59,”
is due
to
them, with Interest thereon at the Rate
of
Five
pei.
Centunz
pep
Aiz.c122cn~,
ancl shall also pay
to
Toinkpas
Dew
and
other unpaid Landowners the Amounts clue to them respectively
on
account
of
Lands taken for the
Zerefoid
Railway or Works con-
nected therewith, such Payments
to
be madepari
pctssu,
and without
any
Priority
as
betmeen the Owners
of
7Vhitney
Bi-idge
and such
Landowners.
66.
The Hei*eford Company may, subject
to
the Payments afore-
As
to
Ar-
said, apply the said
(‘
A
”
Debenture Stock in or tomards Payment
of
bentures.
rears
on
De-
the Interest due to the Holders
of
Debentures
of
the
Eeiyford
Company who may agree to accept the same.
67.
The Company and the
He?yfoi*d
Company may from Time
to
Power
to
Time enter into Contracts or Arrangements with respect to the
The Working, Management, Maintenance, and Repair of the
Ze?vforcl Railway by the
B?-ecoiz
Company, and the Collection,
Conveynnce, and Conduct of the Traffic thereof, and the Supply
of any Rolling or Working Stock, or
of
any Officers or Servants
required
for
such Purposes
:
iLocnZ.]
24
I’
The
following Purposes,
or
any
of
them
;
(that is
to
say,)
mngements,
2202
31"
tk
32'
VICTORIA$
Cap.cxiii.
~ ~~
-
Brecon
and
Ailerthy
Railicny
A1,rangemeni-
Act,
1
SG8.
The fixing ancl levying
of
tlie Tolls,
Rates,
and
Charges arising
on
tlic
IrkCfOd
Railm
ay,
or
any
Part thereof
:
The Dirision between the Two Companies of the Receipts arising
from tlic Traffic upon tlie
IIei*cfo~cZ
Railway, or mliich might
have been
conveyed
on
the
same,
and thePayments
to
be
macle
rcspectimly
by
the contracting Companies with respect
to
any
of
the
Matters
aforesaicl.
__
~___
~ ~~~
Savi%
Pre-
ference
Shares
in
Rumney
Company*
holclers.
68.
Kothing in this Act containcd sliall extend to prejudice,
diminish, alter,
OF
take
amq
any
of
thc Rights, Remedies,
Powers,
Priorities, and Securities of
-the
X~ciiziiey
lhilway Frcfcrcnce Sharc-
AS
to
Di1-i-
69.
The Divicleiicl
011
the
Xmwy
Railray Preference Sliarcs
shall, in
accordance
with the Eesolutions uncler which those Shares
dcncls
thereon.
mere creatcd,
be
picl half-yearly within
Forty-tlvo
Days next after
the First Day of
JCUZZLCW~
aiicl
the First
Day
of
Jzdy
in
every Year,
and
it shall not be necessary that the Payment
of
such Dividend
slioulcl be authorized
by
a
IIccting
of
the
Shareholders
of the
Com-
pany;
and
in the cveiit
of
any Default in the Payment of such
Dividend,
any
Holder
or
Holders of
Xzcmzey
Railway Prefcrence
Shares diose sole
or
aggregatc holding shall amount
to
the Sum
of
One thousand Pounds
may
apply
to
the Court
of
Chancery
fop
the Appointment
of
a Receiver
of
tlie Tolls and Inconie of the
Rzcnzney
Railway.
1'
Y
o
v
idi
ng
70.
For the Purpose
of
providing
a
Fund for the due and
regular
Payilzent
of
the Dividend
on
the
Xzcmzey
Preference Stock,
thc Company shall at
the
Coinmencement of every I'lalf Year
set
apart
and
appropriate Fifty
per
Cmtzcnz,
of
the Receipts of the
Rzcn~izey
Railway until the same shall aniount
to
the
Sum
of
One
thousaiid three hunclred and twenty-two Pounds
Ten
Shillings,
being the Sum requirecl for
the
half-yearly Dividend
on
the
Rzcnzwy
Prcfcrencc Stock.
Sinking
Fiind.
Deposit
Money
not
to
be
repaid
until
Lille
cll~ened
or
11
alf
tile
Cnl,ital
up
tilid
ex-
pended.
71.
Tlliereas pursuant
to
the Standing Orders of both
IIouses
of
Parliament, and
to
an
Act;
of
the
Ninth Year
of
IIer present
Xajcsty,
Chapter
20,
the Sum
of
Three hundred
and
fifty-seven Pounds Two
Shillings
ancl
Sixpace
Thee
Po~mcls
pw
Centzm
Reclucccl Bank
Annuities,
being
equal
to
the Smii
of
Three
hundred and tweiity-
eight Pounds
Ten
Shillings, and being Five
pm
Ceiztum
011
the
Amomt
of
the
Estimate
oi
Expense of the Railways
Nos.
1.
ancl
3.
originally proposed
to
be authorized by this Act, has been trans-
ferred
into
the Kame
and
wit11 the Privity of tlie Accountant
General of the
Con~t
of
CJiancery
in
E~zgZnizcZ
pursuant
to
the said
Act
in respect
of
the Application
to
Ptrrliaincnt
for
this
Act
:
And
whereas
31"
&
32"
VICTQRPB,
Cqmxlii.
2203
-
___
Brecotz
and
Mertlyr RC~~UU?J
Arranqement
Act,
1868.
whereas inasmucli as Two
of
the
ltailn-ays originally proposed
are
not
now
authorized by this
Act,
ancl
tlie Estimate
o€
Expense
of
the
Railvays originally proposed
to
bc
authorizecl
has
been reduced to
the
Sum
of Four thousand four liundrccl antl twenty-nine Pounds
Twelve Shillings, be it enacted,
that,
notri-i,-iblistanding anything con-
tained in the said recited Act,
so
much
of
the said
SLm
of
Three
hundred and fifty-seven
Pounds
Two
Shilhigs ancl Sixpence Tlirce
Pouncls
pein
Ce;?itzcin
Recluced Bank Annuities as
was
ttt
the Time
of
the Trttnsfer thereof equal
to
the
Sui11 of
Tn-o
liundrecl
and twenty-
two
Pounds, being Five
yei'
Cei~tz~m
on
the
said reduced Estimate
SO
transferred as aforesaid in rcspcct
of
the Application for this Act,
shall not be paid or transferred
to
or
on
tlic
Application
of
the Person
or
Persons or the Majority of
the
Ycrsons
named
in the Warrant
or Order issued in
pursuanee
of
tlie said Act,
or
tlic Survirors or
Survivor
of
them, unless the Coiiipxiy shall, previously
to
the
Zxpiration
of
the
Pcriocl
limited by this
Act
for the Completion
of
thc Railway hereby authorizecl
to
be
macle, either open the Railway
for the public Conveyance
of
Passengers,
or
prove
to
the Satisfaction
of the Lords of the Committee of Her Majesty's Privy Council for
Trade and Foreign Plantations that the Company have paid
up
One
Half of the Capital requircd
€or
the Completion of the Railway
authorized by this Act, and have actually expended
for
the Purposes
of this Act a Sum equal
in
Amount
to
such One Half of the said
Capital
;
and if the said Period shall expire before the Company sliall
either have opened the Railway for the public Conveyance
of
Passengers,
or
have given such Proof as aforesaid to tlie Satisfaction
of the Lords of the said Committee,
such
Portion
of
the said
Sum
of Money transferred
as
aforesaid as was at the Time
of
such Transfer
ecpl
to
the Sum of Two hundred and twcnty-two Pounds shall
be
applicd
in
the Manner hereiu-after specified
;
and the Certificate
of
the Lords
of
the said Committee that such Proof has been given
to
their Satisfaction as aforesaid shall bo sufficient Evidence
of
the
Fact
so
certified, ancl
it
shall
not
be necessary
to
produce any Certifi-
cate of this Act having
passecl,
anything in the said recited Act
to
tlie contrary notwj thstanding.
72.
The
said
Sum
of
TWO
hundred and t-tt-enty-two PoLds slid1
Provitlinfi
be applicable, and after due Xotice in the
Loizclon
Gazette
shall be
for
*W-
cation
of
applied, towards compensating
any
Landowners or other
Persons
Deposit
,,r
whose Property may hare been interfered with or otherwise pen-
Penalty
in
dcrecl less valuable by the Commencement, Construction,
or
Aban-
SRtiOI,
to
donment
of
the said Railway, or any Portion thereof,
or
mho may
Partics
have been subjected
bo
Injury
or
Loss
in consequence
of
the
i'ljured.
compulsory Powers of taking Property conferred upon the
Coin-
pany by this Act, and for which Iiijury
or
Loss
no
Compensation
019
inadequate Compensation sliall have been paid, and shall be dis-
tributed
Corn
pen-
2304
31"
&
32"
VIC'I'ORIE,
Cap.cslii.
Brecon
and
Merthyr Railway Arrangement
Act,
1868.
tributed in satisfaction
of
such Compensation
as
aforesaid
in
such
Manner and in such Proportions
as
to the
Court
of Chancery in
i3n,gZuizd
may seem fit; and
if
no such Compensation shall be
payable, or if
a
Portion
of
the said Sum of Money shall have been
found sufficient
to
satisfy all just Clainis in respect of such Com-
pensation, then the said
Sun1
of Money, or such Portion thereof
as
may not be required
as
aforesaid, shall be paid to
or
on the Appli-
cation
of
the Person or Persons
01'
the Majority
of
the Persons
named
in
such Warrant or Order as aforesaid,
or
the Survivor
or
Sim-ivors
of
them
;
providecl that until the said Sum of Money shall
have been repaid
to
the Depositors, or shall have become otherwise
applicable
as
herein-before mentioned, any Interest
or
Dividends
accruing thereon shall from Time
to
Time, and
as
often as the
same shall become payable,
be
paid to
or
on the Application of the
Person
or
Persons or the lfajority of the Persons nanied in such
Warrant or Orcler as aforesaid, or the Survivors or Survivor
of
them.
_____.____
~~~
_.
Court
of
73.
The Court
of
Chancery
may
at any Time after the passing of
Chancery
this Act order that
so
much
of
the said Sum of Three hundred and
may order
Payment
of
fifty-seven Pounds Two Shillings and Sixpence Three Pounds
pel.
surplns
De
Centzcm
Reduced Bank Annuities
as
was at the Time
of
the said
"ransfer equal
to
the Sum of One hundred and seven Pounds, and
posit.
any Dividends thereon, may be transferred and paid to the Company,
or
to
such Persons or Person
as
the Company may appoint
on
that
Behalf;
and
upon such Order being made such Portion of the said
Sum of Three hundred and fifty-seven Pounds Two Shillings and
Sixpence Three
pa*
Ceiztzcin
Reduced Bank Annuities as was at the
Time of the said Transfer equal
to
the Sum of Om hundred and
seven Pounds, and the Dividends thereon, shall be transferred and
paid to the Company, or to such Person or Persons
as
the Company
shall appoint.
Saving
Bar-
goedCoa1
Company
(Limited),
74.
Nothing contained in this Act shall pi*ejudiciady affect the
Rights of the
Uuygoccl
Coal Conipany (Limited)
to
retain One
Moiety
of
their Freight Account until they have reimbursed them-
selves the Sum
of
Three thousand Pounds expended by them upon
Works which the Company were liable
to
execute, such Expenditure
being in conforniiiy vith
a
Resolution of the Board of Directors
of
the Company, datecl the Ninth Day of
Juizuuiy
One thousand eight
liundred and sixty-eight, pursuant
to
Leave given by the
Court
of
Chancery.
Saving
75.
Nothing contained in this Act shall affect the Rights
or
Rights
Of
Remedies
of
CJmdes
Ocku2jizi~
flwiizizertotz
JKorgun
and
Sir
Geopye
Trustees
of
Lord
~~~~1~-
Fevdinuizd
Rudziuil
lVcdIcw,
the present Trustees or other the
gar's
Fnmily
Trustees
or
Trustee for the Time being
of
the Settlement
of
Lord
Settlement.
Tyedegar's
31"
8L
32"
VICTBRIB,
Capcxlii.
~
-~
__
__
~~
-
_-
Brecon
and
Mertlyr
Railtony
Arraizgenze,ct
Act,
I8G8.
il't~ede~/ar's
Family Zstntes, in respect of the Lands of which the
Company are in
possession,
ancl which are
or
fornierly were includecl
in
thc
Settlement, and the Purchase Money for which
has
not
been
lmicl
by
the Compaiiy.
~__
-
76.
Nothing
contained
in this Act shall
take away,
lessen,
Sa\iii;
interfere with, or prejudicially affect any of
the
Estates, Itights,
ftcmeciics,
Powers, Claims, and
Demands
of
Sir
IVOT
Bertie
and
otllers.
C7~est,
Gcoiye
Thomas Clni*,'e,
and the Right Honourable
-7Iewy
Azistiiz
B~z~ce,
or
of
the
Dozul~cis
Iron Company,
as
defined
bj-
tlic
Eighteenth Section of
('
The
Brecoiz
aizcl
Meyfhyj-
Railway
13stensions Act,
1!361,"
under any
Deeds,
Covenants, Contracts, or
Agreements nom subsisting between the Company
on
the one
hand,
and the said Sir
Iuov
Beistie
Guest,
George
Tl~onac[s
Clu~k,
and the Right Honourable
Zewy
Azcstiiz
Bruce,
or the said
Bozulais
rron
Company,
011
the other hand,
or
under
any
Act
of
ParliamenL
relating
to
the
Compaiq-,
or
otlzerw-isc howsocvcr.
Of
sir
I.
B.
(hest
77.
Nothing in this Act shall exempt the Railway
by
this
Act,
I+
di
I
wtiy
not
authorized
to
be made from the Provisions of
any
General Act
~,~~~~o~~,
relating
to
Railways,
or
the better and
mors
impartial Audit
of
the
present
-4ccounts
of
Railway Companies, now or hereafter in force, or from
future
Rail-
any future Revision
or
Alteration, under the Authority
of
Parlia-
ment,
of
the maximum Rates of Fares and Charges, or
of
the
llates
for sidl Parcels,
by
this Act authorized
way
Acts.
[Local.]
24
Z
SCHE-
!
act.
I
lloynl
Assent.
X325,OOO
$264,277
I
I___
~
-.
__
~
22
and
23
Vict.
c.
65.
1
23
Vict.
c.
17.
-
-
15
&fay
10.
-
-
17
May
18Gl
24
md
23
T'ict.
c.
235.
I
6
August
1861
23
211d
26
Vict.
c.
18-1.
1
29
July
18G2
2Gniid
27
Vict.
cs.
196. 21 July 18G3
26
and
27
Vict.
r.
202.
1
28
July
1863
1
August
1359
i)j
tto
(Kuiiine~~
903,900
1
391,460
1
1,G20,360
868,640
I
390,910
,
l,.i73,X27
,
-------
i
27
ant1
28
T.7c.t.
c.
265.
27
ant1
28
Vict.
c.
304.
28
:ind
29
Vict.
c.
28;.
Amounts
raised
-
-_
.
il
25
July
1864
5 July 1865
29
eTdy
1864
_--
S1:arcs
or
Stock.
Ordinary.
i
Preference.
I
2
'3
80,000
I
-
60,000
-
63,000
-
112,000
50,000
1 1,000
200,000
160,000
52,900
355,000
Loan.
Q
26,600
16,600
21,oco
43,300
58,900
16,500
53,300i
!
3.660
-
$3
lOG,GOO
66,600
84,000
17B.ROO
235;OOO
66,300
266,200
14.660
66~600
I
2661600
85,000
~
340,000
LONDON
:
Printed
by
GEORGE
EDWAED
EYEE
AND
qTILLIAJI
SPOTTISWO~~~E,
Printers
to
the
Queen's
most Excellent Majesty.
1568.
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