Letchworth Garden City Corporation Act 1962
| Jurisdiction | UK Non-devolved |
| Citation | 1962 c. xxxix |
| Year | 1962 |
JO
A11
Euz- 2
Letchworth Garden
City
Ch.
xxxix
Corporation
Act, 1962
CHAPTER xxxix
An Act to constitute the Letchworth Garden City
Corporation, to transfer to that Corporation the
undertaking of First Garden City Limited, to confer
powers upon the Corporation; and for other purposes.
[1st August, 1962.]
w
HEREAS-
u (1) First Garden City Limited (hereinafter referred to as
"the company") is a company within the meaning of the
Companies Act, 1948, and is a company limited by shares:
(2) The company was incorporated on the first day of
September, nineteen hundred and three:
(3) The objects for which the company was established, as
set out in the memorandum of association of the company
dated the twenty-seventh day of August, nineteen hundred and
three included the following:—
"
3.
(A)
TO
promote and further the distribution of the
industrial population upon the land upon the lines
suggested in Mr. Ebenezer Howard's book entitled
' Garden Cities of To-morrow' (published by Swan
Sonnenschein & Co., Limited, in 1902) and to form a
Garden City (that is to say) a Town or Settlement for
agricultural, industrial, commercial and residential
purposes or any of them in accordance
with
Mr.
Howard's
scheme or any modification
thereof.
1
Oh.
xxxix
Letchworth Garden
City 10 &
11
ELIZ.
2
Corporation
Act, 1962
3.
(c) To found, lay out, construct, manage and carry on
any such Garden City as aforesaid, or any section or
portion
thereof.
3.
(D)
TO
pay upon the Ordinary Shares or Stock of
the Company a cumulative dividend not exceeding
5 per centum per annum, and to apply any balance of
profit after such payment as aforesaid to any purpose
which the Company or its Directors may deem for the
benefit directly or indirectly of the town or its
inhabitants.
3.
(o) Upon any winding up and distribution of the assets
of the Company, except for
the
purpose of reconstruction,
to apply for the benefit of the town or its inhabitants
any balance remaining after—
(1) Repayment of the paid-up capital of the
Company;
(2) Any sums required to make up a cumulative
dividend of
5
per centum per annum thereon;
(3) A bonus not exceeding 10 per centum upon
the amount paid up on the Ordinary Shares ":
(4) The company purchased land and property in areas which
now form the urban district of Letchworth and parts of neigh-
bouring districts and from time to time granted leases of plots
thereof to persons to develop the same for housing and other
purposes:
(5) In nineteen hundred and forty-eight the Letchworth Urban
District Council (hereinafter referred to as " the district council")
requested the Minister of
Town
and Country Planning to appoint
a development corporation under the New Towns Act, 1946,
for the purpose of completing the development of Letchworth.
Following discussions with the company the Minister of Town
and Country Planning indicated that as a result of assurances
given by the company he had decided not to accede to the request
of the district council:
(6) At an extraordinary general meeting of the company held
on the
fifteenth
day of September nineteen hundred and forty-nine,
the following resolutions were passed by the company:—
" I. That the Stockholders record their desire and willingness
that the Company should, in promoting the further
development of Letchworth play its proper part in the
successful implementation of the Greater London Plan,
and in pursuance thereof
agree
that the Company should
co-operate with the Ministry of Town and Country
Planning and other appropriate Government Depart-
ments.
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