Milford Docks Act 1883
| Jurisdiction | UK Non-devolved |
[46 & 47 VICT.] Milford Bocks Act, 1883. [Ch. CCXXix.]
CHAPTER ccxxix.
An Act to enable the Milford Docks Company to create an
A.D.
1883.
additional amount of debenture stock in place of other
capital to effect a settlement of the affairs of the Company
and for other purposes. [25th August 1883.]
W
HEBE AS by the Milford Docks Act 1874 (in this Act called
the Act of 1874) the Milford Docks Company (in. this Act
called " the Company ") were incorporated and by that Act and the
Milford Docks Act 1875 (in this Act called the Act of 1875) the
Company were empowered to make the Docks and works therein
respectively described and to raise for those purposes four hundred
thousand pounds in shares and one hundred and thirty-three
thousand pounds by borrowing :
And whereas the Company have raised nearly the whole of the
said capital of four hundred thousand pounds in shares and one
hundred and thirty-three thousand pounds by the issue of deben-
ture stock and the moneys so raised have been expended on their
undertaking:
And whereas of the said sum of four hundred thousand pounds
one hundred3 and fifty thousand pounds has been raised by pre-
ference shares:
And whereas the Company/ have under the powers contained
in the Act of 1875, issued debenture stock to the full amount of
£133,000 by the hereinbefore recited Acts of 1874 and 1875
authorised to be borrowed by the Company, and such stock was
issued partly to subscribers for full value, and partly as security
for loans.
And whereas by the Milford Docks (Further Powers) Act, 1882,
(in this Act called " the Act of 1882 ") sections 4 and 5, the Company
were empowered to raise for the general purposes of 'their under-
taking a further sum of two hundred thousand pounds additional
capital by shares or stock and a further sum of sixty-six thousand
\Local.-229.'\ A 1
'[Oh. CCXX1X.] Milford Docks Act, 1883. [46. & 47 VICT.]
A.D.
188,3.
pounds by borrowing And of the said-sum of two hundred
thousand pounds one moiety was by the Act of 1882 (section 4)
authorised to be raised with priority as regards payment of dividend
or interest over the said preference capital of one hundred and fifty
thousand pounds heretofore raised as aforesaid under the provisions
of the Acts of 1874 and 1875 and under the authority of the Act of
1882 (sec. 4) the Company have authorised the creation and issue
of such moiety as pre-preference shares, but have not issued any of
such shares, and under the authority of section 5 of the Act of 1882,
the Company have created new preference shares to the amount of
£100,000, but none of such shares have been issued.
And whereas by the Act of 1882 (sec. 9) the Company were
empowered in respect of the capital of £200,000, which they were
by that Act authorised to raise in the aforesaid amounts of £100,000
and £100,000 respectively, to borrow from time to time on mortgage
any sum not exceeding in the whole £66,000, in manner specified
in the said Act (that is to say) in respect of each of such respective
amounts of £100,000, any sum not exceeding in the whole £33,000.
And it was by the said Act further provided that no part of any
such several sums of £33,000 should be borrowed, until shares for
so much of the respective portion of capital as might be raised by
means of shares in respect of which any sum was thereby authorised
to be borrowed were issued and the Company had proved to the
justice who was to certify under the 40th section of the Companies
Clauses Consolidation Act, 1845, before he so certified that shares
for the whole of such respective portion of capital had been issued,
and part of the amount of each separate share in such capital had
been accepted, and that one-half thereof had been paid up, and that
not less than one-fifth part of the amount of each separate share in
such respective portion of capital had been paid on account thereof
before or at the time of the issue or acceptance
thereof,
and until
stock for one-half of so much of the said additional-capital as might
be raised by means of stock was fully paid up, and the Company
had proved to such justice as aforesaid, before he so certified that
such shares or stock, as-the case might be, were issued and accepted
and paid up bona, fide, .and were held by the persons or corporations
to whom the same were issued, or their executors, administrators,
successors or assigns, and also so far as the said additional capital
was raised by shares, that such persons or corporations, or their
executors, administrators, successors or assigns were legally liable for
the same, and that upon production to such justice of the books of the
Company, and of such other evidence as he should think sufficient,
he should grant a certificate that the proof aforesaid had been given,
which certificate should be sufficient evidence
thereof.
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