Regulation of Railways Act 1868
| Jurisdiction | UK Non-devolved |
| Citation | 1868 c. 119 |
| Year | 1868 |
Regulation of Railways Act, 1868.
(31 & 32 Vict.) C A P. CXIX.
An Act to amend the Law relating to Railways.
[31st July 1868]
B E 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 this present Parliament assembled, and by the Authority of the same, as follows:
Preliminary.
1 Short Title.
1. This Act may be cited as TheRegulation of Railways Act, 1868.
2 Interpretation of Terms.
2. In this Act—
The Term ‘Railway’ means the whole or any Portion of a Railway or Tramway, whether worked by Steam or otherwise:
The Term ‘Company’ means a Company incorporated, either before or after the passing of this Act, for the Purpose of constructing, maintaining, or working a Railway in the United Kingdom (either alone or in conjunction with any other Purpose), and includes, except when otherwise expressed, any Individual or Individuals not incorporated who are Owners or Lessees of a Railway in the United Kingdom, or Parties to an Agreement for working a Railway in the United Kingdom:
The Term ‘Person’ includes a Body Corporate.
I.—
3 Uniform Accounts, &c. to be kept.
3. Every incorporated Company, Seven Days at least before each ordinary half-yearly Meeting held after the Thirty-first Day ofDecember One thousand eight hundred and sixty-eight, shall prepare and print, according to the Forms contained in the First Schedule to this Act, a Statement of Accounts and Balance Sheet for the last preceding Half Year, and the other Statements and Certificates required by the same Schedule, and an Estimate of the proposed Expenditure out of Capital for the next ensuing Half Year, and such Statement of Accounts and Balance Sheet shall be the Statement of Accounts and Balance Sheet which are submitted to the Auditors of the Company. Every Company which makes default in complying with this Section shall be liable to a Penalty not exceeding Five Pounds for every Day during which such Default continues. The Board of Trade, with the Consent of a Company, may alter the said Forms as regards such Company for the Purpose of adapting them to the Circumstances of such Company, or of better carrying into effect the Objects of this Section.
4 Accounts, &c. to be signed, and printed Copies distributed.
4. Every Statement of Accounts, Balance Sheet, and Estimate of Expenditure, prepared as required by this Act, shall be signed by the Chairman or Deputy Chairman of the Directors and by the Accountant or other Officer in charge of the Accounts of the Company, and shall be preserved at the Company's principal Office. A printed Copy thereof shall be forwarded to the Board of Trade, and at all Times after the Date at which it is required to be printed be given, on Application, to every Person who holds any Ordinary or Preference Share or Stock in the Company, or any Mortgage, Debenture, or Debenture Stock of the Company; and every such Person may at all reasonable Times, without Fee or Charge, peruse the Original in the Possession of the Company. Any Company which acts in contravention of this Section shall be liable for each Offence to a Penalty not exceeding Fifty Pounds.
5 Penalty for falsifying Accounts, &c.
5. If any Statement, Balance Sheet, Estimate, or Report which is required by this Act is false in any Particular to the Knowledge of any Person who signs the same, such Person shall be liable, on Conviction thereof on Indictment, to Fine and Imprisonment, or on summary Conviction thereof to a Penalty not exceeding Fifty Pounds.
6 Examination of Affairs by Inspectors.
6. The Board of Trade may appoint One or more competent Inspectors to examine into the Affairs of an incorporated Company and the Condition of its Undertaking, or any Part thereof, and to report thereon, upon any One of the Applications following; that is to say,
1. Upon Application made in pursuance of a Resolution passed at a Meeting of Directors:
2. Upon Application by the Holders of not less than Two Fifths Part of the aggregate Amount of the Ordinary Shares or Stock of the Company for the Time being issued:
3. Upon Application by the Holders of not less than One Half of the aggregate Amount of the Mortgages, Debentures, and Debenture Stock (if any) of the Company for the Time being issued:
4. Upon Application by the Holders of not less than Two Fifths of the aggregate Amount of the Guaranteed or Preference Shares or Stock of the Company for the Time being issued, provided that the Preference Capital issued amounts to not less than One Third of the whole Share Capital of the Company.
7 Application to be supported by Evidence.
7. The Application shall be made in Writing, signed by the Applicants, and shall be supported by such Evidence as the Board of Trade may require, for the Purpose of showing that the Applicants have good Reason for requiring such Examination to be made; the Board of Trade may also, before appointing any Inspector or Inspectors, require the Applicants to give Security for Payment of the Costs of the Inquiry.
8 Inspection of Company's Books and Property.
8. It shall be the Duty of the Directors, Officers, and Agents of the Company to produce, for the Examination of the Inspectors, all Books and Documents relating to the Affairs of the Company in their Custody or Power, and to afford to the Inspectors all reasonable Facilities for the Inspection of the Property and Undertaking of the Company. Any Inspector may examine upon Oath the Officers and Agents of the Company in relation to its Business, and may administer such Oath accordingly. Any Person who, when so examined on Oath, makes any false Statement, knowing the same to be false, shall be guilty of Perjury.
If any Director, Officer, or Agent refuses to produce any Book or Document hereby directed to be produced, or to afford the Facilities for Inspection hereby required to be afforded, or if any Officer or Agent refuses to answer any Question relating to the Affairs of the Company, he shall incur a Penalty of Five Pounds for every Day during which the Refusal continues.
9 Result of Examination, how dealt with.
9. Upon the Conclusion of the Examination the Inspectors shall report their Opinion to the Board of Trade and to the Company, and the Company shall print the same, and deliver a Copy thereof to the Board of Trade, and, on Application, to any Person who holds any Ordinary or Preference Share or Stock, or any Mortgage, Debenture, or Debenture Stock of the Company. All Expenses of and incidental to any such Examination as aforesaid shall be defrayed by the Persons upon whose Application the Inspectors were appointed, unless the Board of Trade shall direct the same or any Portion thereof to be paid by the Company, which they are hereby authorized to do.
10 Power of Company to appoint Inspectors.
10. Any Company may, by Resolution at an Extraordinary Meeting, appoint Inspectors for the Purpose of examining into the Affairs of the Company and the Condition of the Company's Undertaking. The Inspectors so appointed shall have the same Powers and perform the same Duties as Inspectors appointed by the Board of Trade, and shall make their Report in such Manner and to such Persons as the Company in General Meeting directs; and the Directors, Officers, and Agents of the Company shall incur the same Penalties, in case of any Refusal to produce any Book or Document by this Act required to be produced to such Inspectors, or to afford the Facilities for Inspection by this Act required to be afforded, or to answer any Question, as they would have incurred if such Inspectors had been appointed by the Board of Trade.
11 Auditor not necessarily a Shareholder.
11. Whenever, after the passing of this Act, Section One hundred and two of the Companies Clauses Consolidation Act, 1845, is incorporated in a Certificate or Special Act relating to a Railway Company, it shall be construed as if the Words, ‘where no Qualification shall be prescribed by the Special Act every Auditor shall have at least One Share in the Undertaking,’ were omitted therefrom; and so much of every Certificate and Special Act relating to a Railway Company, and in force at the passing of this Act, as incorporates that Portion of the said Section, and so much of any Special Act relating to a Railway Company, and so in force, as contains a like Provision, is hereby repealed.
12 Auditors of Company, and...
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