Order in Council CONFIRMING THE METROPOLITAN WATER STOCK REGULATIONS, 1903.

JurisdictionUK Non-devolved
CitationSI 1903/673

1903 No. 673

WATER, ENGLAND

2. Water Stock Regulations

ORDER IN COUNCIL CONFIRMING THE METROPOLITAN WATER STOCK REGULATIONS, 1903.

PRESENT,

The King's Most Excellent Majesty in Council.

2 Edw. 7. c. 41.

Whereas the Local Government Board have, in virtue of the power conferred upon them by the Metropolis Water Act, 1902, made certain Regulations with respect to the creation, issue, transfer, dealing with, and redemption of Metropolitan Water Stock which the Metropolitan Water Board create under that Act:

53 & 54 Vict. c. 59.

And whereas the said Regulations have, as required by the Public Health Acts Amendment Act, 1890, as applied by the Metropolis Water Act, 1902, been laid before both Houses of Parliament for the period of thirty days, and no resolution has been passed by either House that such Regulations ought not to be proceeded with:

Now, therefore, His Majesty, having taken the said Regulations (copy whereof is hereunto annexed) into consideration, is pleased, by and with the advice of His Privy Council, to confirm, and doth hereby confirm, the said Regulations.

A. W. FitzRoy.

REGULATIONS REFERRED TO IN THE FOREGOING ORDER IN COUNCIL.

Whereas by the Metropolis Water Act, 1902 (hereinafter referred to as "the Act") it is enacted that a Board, to be called the Metropolitan Water Board (hereinafter referred to as the "Water Board"), shall be established for the purpose of acquiring by purchase and of managing and carrying on the undertakings of the companies mentioned in the first schedule to the Act (which companies in the Act and hereinafter are referred to as "the Metropolitan Water Companies"), and generally for the purpose of supplying water within the area described in the second schedule to the Act, subject to such alterations therein as may be made by or under the Act:

And whereas the Act confers upon the Water Board certain borrowing powers, establishes a Water Fund, and provides for the discharge of certain sums by means of Metropolitan Water Stock and for other purposes in respect of which that Stock may or shall be issued:

And whereas by Sections 17 and 18 of the Act it is enacted as follows; that is to say,—

"17.—(1) For the purpose of enabling the Water Board to raise money which they are authorised to borrow under this Act, and to issue any water stock which, under the provisions of this Act, and to issue any water stock which, under the provisions of this Act, is to be issued to any metropolitan water company or the holder of any debenture stock or mortgage debt, the Water Board may create a sufficient amount of stock, to be called Metropolitan Water Stock, and in this Act referred to as water stock, bearing interest at such a rate not exceeding three pounds per centum per annum, as the Water Board with the consent of the Local Government Board, and after consultation with the Governor of the Bank of England, may resolve.

"(2) Water stock and interest thereon shall be charged on the water fund and on all the revenues of the Water Board.

"(3) Subject to the provisions of this Act, the provisions of Section 52 of the Public Health Acts Amendment Act, 1890, which relates to the issue of stock by local authorities, shall apply to water stock as if it were stock created under, and the Water Board were an authority mentioned in, that section, and the regulations in respect of water stock issued to the holders of irredeemable debenture stock shall be uniform with the regulations in respect of other water stock except as to the period of redemption and the provisions relating thereto.

56 & 57 Vict. c. 53.

"(4) Water stock shall be included amongst the securities in which a trustee may invest under the powers of the Trustee Act, 1893.

"18.—(1) The Water Board shall in accordance with regulations made by the Local Government Board, by the creation of one or more sinking or redemption funds or otherwise, make provision for—

"(a) the discharge within a period of one hundred years from the thirty-first day of March, One thousand nine hundred and three, of the amount of any water stock issued by the board in consideration for the undertaking of any metropolitan water company, or in substitution, or in consideration for any debenture stock or mortgage debts;

"(b) the discharge within that period of all debenture stock and mortgage debts which under this Act are to be discharged within that period; and

"(c) the discharge within the periods within which they are under this Act to be discharged of any sums borrowed by the Water Board under this Act:

"Provided that during the first twenty years of the said period of one hundred years the Water Board shall not be required to make any payments towards the discharge of water stock, debenture stock, mortgage debts, or loans, for the discharge of which the said period of one hundred years is fixed by this Act, other than the payment in respect of each year towards the discharge of such water stock of the amount (if any) by which the receipts or revenue account exceed the expenditure on that account of the Water Board in that year, after deducting such sum as may be reasonably necessary for meeting current expenses. The sums so to be paid shall be paid as soon as may be after the amount thereof is ascertained, and the certificate of the auditor of the accounts of the Water Board, subject to such variations as the Local Government Board may allow, shall be conclusive as to the amount to be paid.

"(2) The Local Government Board may make regulations under this section, and the regulations so made—

"(a) if they relate to the discharge of water stock, shall be made under Section 52 of the Public Health Acts Amendment Act, 1890, as applied by this Act;

"(3) For the purpose of this section, the expression 'discharge' means—

(a) with respect to water stock * * * * * , the redemption or purchase thereof;"

And whereas Section 52 of the Public Health Acts Amendment Act, 1890, is in the following terms; that is to say,—

"52.—(1) Where any authority, whether a municipal corporation, local board, or improvement commissioners, which is an urban authority, have for the time being, either in their capacity, as urban authority or in any other capacity, any power to borrow money, they may, with the consent of the Local Government Board, exercise such power by the creation of stock to be created, issued, transferred, dealt with, and redeemed in such manner, and in accordance with such regulations, as the Local Government Board may from time to time prescribe.

38 & 39 Vict. c. 83.

"(2) Without prejudice to the generality of the above power, such regulations may provide for the discharge of any loan raised by such stock, and in the case of consolidation of debt for extending or varying the times within which loans may be discharged, and may provide for the consent of limited owners and for the application of the Acts, relating to stamp duties and to cheques, and for the disposal of unclaimed dividends, and may apply for the purposes of this section, with or without modifications, any enactments of the Local Loans Act, 1875 and the Acts amending the same, and of any Act relating to stock issued by the Metropolitan Board of Works, or the County Council of London, or by the Corporation of any municipal borough.

"(3) Such regulations shall be laid before each House of Parliament for not less than thirty days during which such House sits, and if either House during such thirty days resolves that such regulations ought not to be proceeded with, the same shall be of no effect, without prejudice, nevertheless, to the making of further regulations.

"(4) If no such resolution is passed, it shall be lawful for Her Majesty by Order in Council to confirm such regulations, and the same when so confirmed shall be deemed to have been duly made and to be within the powers of this Act, and shall be of the same force as if they were enacted in this Act."

Now, therefore, we, the Local Government Board, in pursuance of the powers given to us in that behalf, do hereby make the following Regulations (hereinafter referred to as "the Regulations"), and do hereby order and prescribe that the Regulations shall, from and after the confirmation thereof, apply to the creation, issue, transfer, dealing with, and redemption of any Metropolitan Water Stock which the Water Board create under the Act in the exercise of any statutory borrowing power as defined in the Regulations:—

PRELIMINARY.

Interpretation.

Article 1.—In the Regulations the following expressions shall, unless the contrary intention appears, have the meanings hereby respectively assigned to them, namely,—

"The Water Board."

The expression "the Water Board" means the Metropolitan Water Board;

"The Clerk."

The expression "the clerk" means the clerk of the Water Board;

"Stock."

The expression "stock" means Metropolitan Water Stock created by the Water Board under the Act and the Regulations;

"The Water Fund."

The expression "the Water Fund" means the Water Fund established in pursuance of the Act;

"The Board."

The expression "the Board" means the Local Government Board;

"The Bank of England."

The expression "the Bank of England" means the governor and company of the Bank of England;

"Statutory borrowing power."

The expression "Statutory borrowing power" means any power of the Water Board under the Act (other than the power conferred by Section 44 of the Act), or under the Regulations, or under any consent of the Board in pursuance of the Act or of the Regulations, whether the power be or be not coupled with a duty,—

(a) Of borrowing money; or

(b) Of re-borrowing money for paying off any money borrowed or for redeeming any stock created and issued or any other security granted by the Water Board; or

(c) Of redeeming any stock created and issued by the Water Board; or

(d) Of creating and issuing any stock to be issued to a Metropolitan Water Company or to any person to whom the Water Board may be required to issue stock; or

(e) Of...

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