Australian Agricultural Company Act 1912

Publication Date:January 01, 1912
 
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Australian Agricultural Company Act 1912

(2 & 3 Geo. 5) c. xlviii

An Act for granting additional powers to the Australian Agricultural Company for altering the capital of the Company for enabling the Company to make further alterations in its capital for consolidating and amending the Acts relating to the Company and for other purposes.

[7th August 1912]

[2 & 3 Geo. 5.] Australian Agricultural Company's [Oh., xlviii.] Act, 1912. FOK THE CHAPTER xlviii An Act for granting additional powers to the Australian a.d. 1912. Agricultural Company for altering the capital of the Company for enabling the Company to make further alterations in its capital for consolidating and amending the Acts relating to the Company and for other purposes [7th August 1912.] W HEKEAS the Australian Agricultural Company (in this Act called " the Company") is incorporated and empowered by the Royal Charter set forth in the First Schedule to this Act and" is further empowered by the Acts described in the Second Schedule to this Act (which Acts are in this Act referred to collectively as " the Company's former Acts " and individually by the short descriptions mentioned in that behalf in that schedule): And whereas the Company's charter has been under the authority of the Company's Act of 1846 modified by a grant issued under that Act and set forth in the Third Schedule to. this Act and has also been extended by the Company's Act of 1873: And whereas the assets of the Company largely exceed its liabilities and the Company will shortly and from time to time receive large sums of money from. the sale of its lands or from the sale of the minerals underlying its lands other than the minerals worked by the Company: And whereas it is expedient that the Company should have a more extended scope for the investment of its moneys and that in various respects the objects of the Company should be extended and its powers be enlarged: [Price 3s.] A 1 [Gh.'Xlviii.] Australian Agricultural Company's [2 & 3 Geo. 5.] Act ,1912. A.D. 1912. And whereas in view of the development in recent years of the law and practice affecting corporate bodies it is expedient that the regulations contained in the Company's former Acts j affecting the internal administration of the Company should be modernised and amended and that provision should accordingly be made for the government of the affairs of the Company under a fresh code of regulations: And whereas the authorised capital of the Company as fixed by the Company's Act of 1853 is five hundred thousand pounds in shares of twenty-five pounds each and all the shares in the capital have been subscribed for and there has been paid up on each share the sum of twenty-one pounds ten . shillings: And whereas. under the Company's'Act of 1857 the moneys to arise and be received by sale .or otherwise -for or in respect of all the lands property and. effects of the Company,are. subject to certain, conditions prescribed by that Act treated as gains and profits and made applicable to the payment of dividends on the shares in the Company: And whereas the assets of the Company have become enhanced in value and it is desirable and expedient that the uncalled liability on the shares in the Company should be cancelled and that the'-.nominal" capital of the Company should be increased as provided by this Act and it is also desirable and expedient, that certain powers should, be conferred upon the Company to apply capital moneys in. reduction ? of its subscribed capital and otherwise to reduce its capital and also. to increase and otherwise alter its' .c And whereas there are now no debentures of the Company outstanding: ? And whereas it is desirable and expedient that the Company's ? \ former Acts should be repealed and' the powers regulations and constitution of* the Company should be consolidated and amended to - the -. extent and in manner, hereinafter provided: And whereas the objects hereinbefore set forth cannot be effected without the authority of Parliament: j_ May it therefore, please Your Majesty that it may be enacted and be it enacted by the King's most Excellent Majesty by and L with the advice and consent of the Lords Spiritual and Temporal 2 [2 & 3 Geo. 5.] Australian Agricultural Company's [Oh. xlviii.] Act, 1912. and Commons in this present Parliament assembled and by the A.D. 1912. authority of the same as follows (that is to say): This Act may be cited as the Australian Agricultural Short title Company's Act 1912. In this Act unless the context otherwise requires the interpreta-f olio wing expressions shall have the meanings hereby assigned t,on" to them (that is to say): i w The Company" means the Australian Agricultural Company; " Proprietors" means the present registered proprietors of the existing shares in the existing capital of the Company so long as they continue proprietors thereof and all persons who may hereafter become registered proprietors of any shares in the capital for the time being of the Company so long as they continue registered proprietors thereof; " The charter" means the charter set out in the Eirst Schedule hereto as extended by this Act; "The regulations" and "these regulations" mean the regulations set out in the Eourth Schedule to this Act or other regulations. of the Company for the time being in force; " The directors " means the directors for the time being of the Company including the governor; '' The office" means the principal office for the time being of the Company in England; " m The seal" means the common seal of the Company; C( /-m l )3 Colony means any' colony State or dependency of the British Empire. 3. The Company's former Acts and the subsisting byelaAvs Repeal of of the Company are hereby repealed but such repeal shall former Acts not prejudice or affect the validity of the Company's charter or of the grant set out in the Third Schedule hereto or the validity of any instrument contract appointment sale purchase act or thing properly executed entered into made or done under or in pursuance of any of the provisions of the Company's charter or of any of the Company's former Acts or under any subsisting byelaw of the Company all which charter grant instruments contracts appointments sales purchases acts and A 2 3 [Oh. Xlviii.] Australian Agricultural Company's [2 & 3 Geo. 5.] Act, 1912. j A.,D^i9i2. things shall (subject to and except so far as the same may be inconsistent with the provisions of this Act) continue to have the same validity force and eifect in all respects as if the Company's former Acts and the subsisting byelaws of the Company had not been repealed but had continued in full force and effect. Powers and 4. The following shall be powers and objects of the o jec s. Company (namely): (a)- To acquire hold alienate sell and dispose of any lands in any of the Australian States for the time being or New Zealand or any other colony subject only as regards the lands comprised in any grant made or to be made pursuant to any warrant under the Boyal Sign Manual to such conditions and restrictions if any as shall have been or shall be stipulated in and by the grant thereof or imposed by the law of the colony: (b) To acquire hold alienate sell and dispose of any lands in the Republic of Argentina: i (c) To acquire by purchase or otherwise and to hold alienate -i sell and dispose of lands tenements and hereditaments in Great'Britain and Ireland Provided that the Company shall not at any one time be the owners in fee simple of any lands tenements and hereditaments in Great Britain and Ireland exceeding in a value (such value to be computed as at the date or respective dates of acquisition by the Company) five thousand pounds per annum: (d) To acquire from time to time by purchase licence lease underlease assignment or otherwise and to hold freehold and leasehold property coalfields metallic and other mines minerals and quarries and mineral pasture -? and other lands and easements rights profits and interests of every kind in over or under lands in any such colony or republic as aforesaid paying any ? rent royalty or. other consideration in respect thereof: T (e) To dispose of and turn to account from time to time by sale licence lease underlease assignment or otherwise freehold and leasehold property coalfields metallic or other mines minerals and quarries and mineral 4 [2 & 3 GrEo. 5.] Australian Agricultural Company's [Oh. xlviii.] Act, 1912. j pasture and other lands and easements rights profits A..D. 1912. and interests of every kind in over or under lands held by them and to receive any rent royalty shares (fully or partly paid) stock or other consideration in respect thereof; (f) To enjoy and work and stock and make merchantable and sell the produce of and otherwise utilise all such property lands easements rights profits and interests as aforesaid; G?)'To conduct all such mining mineral pastoral trading carrying and other operations as from time to time seem to the Company requisite or expedient for promoting the objects aforesaid or any other objects of the Company: (h) To purchase take on lease construct hire or otherwise acquire and to hold improve deal with and dispose of offices depots or other conveniences in any part of the world for the purposes of or in connection with the sale or disposal of the products of the' Company's lands or otherwise in connection with the commercial or financial transactions of the Company: (i) To apply any portion of the capital of the Company in the construction equipment maintenance improvement or alteration of railways and tramways engineering works electrical works freezing works gas and coke works abattoirs wharves docks bridges roads and any other works buildings or erections requisite or expedient for the purposes of the Company over through or upon any lands for the time being held by the. Company and in developing the mineral and other resources of the Company's lands and properties or otherwise for. the general purposes...

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