Falmouth Docks Act 1919
| Jurisdiction | UK Non-devolved |
| Citation | 1919 c. xxxvii |
| Year | 1919 |
[9 & 10
GEO.
5.] Falmouth Docks Act, 1919. [Oh. XXXVii.]
CHAPTER xxxvii.
An Act to authorise the Falmouth Docks Company to
A.D.
1919.
make additional works and to raise further capital
and for other purposes. [31st July 1919.]
W
HEREAS by the Falmouth Docks Act 1859 (hereinafter
referred to as " the Act of 1859 ") the Falmouth Docks
Company (hereinafter referred to as " the Company") were
incorporated and authorised to construct and maintain a tidal
harbour docks and other works at Falmouth in the county of
Cornwall:
And whereas by the Falmouth Docks Act 1864 (herein-
after referred to as " the Act of 1864") the Act of 1859 was
(subject to the provisions of the Act of 1864) repealed and the
Company were authorised to construct and maintain additional
works:
And whereas by the Falmouth Docks Act 1874 (herein-
after referred to as " the Act of 1874") the Act of 1864 was
(subject to the provisions of the Act of 1874) repealed but it
was enacted that notwithstanding the repeal of the Acts of 1859
and 1864 the Company should have all such powers for execu-
ting and maintaining the works authorised by either of those
Acts as they had under those Acts or either of them and they
were authorised to construct and maintain further works:
And whereas by the Falmouth Docks Act 1915 (herein-
after referred to as " the Act of 1915") the then existing
capital of the Company was rearranged and reduced and the
Company were authorised to issue the following amounts of
stock (that is to say):—
25,000£. ordinary stock to be allotted to the holders of the
then existing ordinary shares in substitution for such
[Price is.
Qd,
Net] A I
[Ch.
XXXVii.] Falmouth Docks Jet, 1919. [9 & 10
GEO.
5.]
A.D..
1919. shares and proportionately to their respective holdings
— thereof it being intended that each such holder should
receive five shillings of ordinary stock for every complete
one pound (nominal value) of ordinary shares held by
him;
15,0001 preference stock to be allotted to the holders of
the then existing preference shares and preference and
pre-preference stock in substitution for such shares and
stock and proportionately to their respective holdings
thereof it being intended that each such holder should
receive five shillings of new preference stock for every
complete one pound (nominal value) of existing preference
shares or preference or pre-preference stock held by him;
18,000/. " A" debenture stock of which part was to be
applied in paying certain sums due to the Public
Works Loan Commissioners and part was to be allotted
to certain creditors of the Company in part satisfaction
of the claims of such creditors;
20,000/. " B" debenture stock of which part was to be
allotted to the said creditors in satisfaction of the balance
of their claims part was to be allotted to other creditors
of the Company up to an amount of five shillings in the
pound on the sums owing to them and in full satisfaction
of such sums and the balance might be applied to the
general purposes of the Company to which capital is
properly applicable:
And whereas by the Act of 1915 the Company were
required to make provision for the redemption within twenty
years of the said " A " debenture stock and were empowered to
redeem at any time any of such " A " or " B " debenture stock
at par on giving three calendar months' notice
thereof:
And whereas since the passing of the Act of 1915 the
Company have created—
24,925/.
10s. ordinary stock of which 23,809/. has been
allotted under the provisions of the Act of 1915 and
1,116/.
10s. has not yet been claimed under that Act;
15,069/.
preference stock of which.
14,809/.
has been allotted
under the provisions of the Act of 1915 and 260/. has not
yet been claimed under that Act;
2
[9 & 10
GEO.
5.] Falmouth Docks Act, 1919. [Ch. XXXViLj
16,000/ " A" debenture stock which has been applied or A.D. 1919.
allotted in accordance with the provisions of the Act of
1915 and of which 2,800/. has since been redeemed in
pursuance of the obligation in that behalf contained in the
Act of 1915;
11,486/.
10s. " B" debenture stock which has been allotted
in accordance with the provisions of the Act of 1915 and
further claims for the issue of " B " debenture stock of
small amount may be made by creditors of the Company
under the said provisions :
And whereas the greater part of the stocks so applied or
allotted as aforesaid have recently been acquired by the Federal
Steam Navigation Company Limited (hereinafter referred to as
" the Federal Company") or their nominees and the issued
capital of the Company is now as follows:—
Class.
Ordinary stock -
Preference stock
" A " debenture stock
" B " debenture stock
Total issued. Held by Federal
Company pr
their Nominees.
£ s. d. £ s. d.
23,809 0 0 , 23,178 0 0
14,809 0 0 14,746 10 0
13,200 0 0 13,200 0 0
11,486 10 0 11,463 0 0
And whereas the only power of the Company of issuing
capital (otherwise than to holders of former shares or stock or
to creditors of the Company) remaining unexercised is the
power to issue 8,000/. or thereabouts " B " debenture stock:
And whereas under the provisions of the Defence of the
Realm Acts and with the financial assistance of the Federal
Company or their nominees the Company have constructed and
are constructing further works and other improvements of their
undertaking and it is expedient that they be authorised to
continue complete and maintain such works and improvements
and to construct further works and raise additional capital for the
development of their undertaking as by this Act authorised:
And whereas in order to facilitate the raising of further
capital by the Company it is expedient that the whole of the
existing " A " and " B" debenture stocks and preference stock
of the Company be paid off and redeemed and the holders of the
whole of the 'existing " A" debenture stock and of upwards of
nine-tenths of the existing " B " debenture and preference stocks
A 2 3
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