Thames and Medway Canal Act 1824

Publication Date:January 01, 1824
 
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Thames and Medway Canal Act 1824

(5 Geo. 4) c. cxix

An Act for enabling the Thames and Medway Canal Company to raise a further Sum of Money to Discharge their Debts, and to complete the said Canal and the Works thereunto belonging; and for altering, enlarging, and rendering more effectual the Powers for making the said Canal and Works

[17 June 1824]

ANNO QUINT0 G E I1 TV. REGIS. Cap. cxix. An Act for enabling the Thames and Medway Canal Company to raise a further Sum of Money to discharge their Debts, and to complete the said Canal and the Works thereunto belonging; and for altering, enlarging, and rendering more effectual the Powers for making the said Canal and Works. [17th June 1824.] HEREAS an Act was passed in the Thirtyninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled An Act for making and maintaining a navi- 39 40 G. 3. gable Canal from the River Thames, near to the Town of Gravesend in c.23. the County of Kent, to the River Medway, at a Place called Nicholson's Ship Yard in the Parish of Frindsbury in the said County ; and also a certain collateral Cut from White Wall in the said Parish to the said River Medway ; whereby certain Persons therein named were incorporated by the Name of `` The Company of Proprietors of the Thames and Medway Canal," and were authorized and empowered to make and maintain a navigable Canal, and other Works, in the Maimer therein particularly [Local.] 3` G mentioned : 2786 5" GEORGII IV. Cup. cxix. mentioned: And whereas an Act was passed in the Forty-fourth Year of the Reign of His said late Majesty King George the `Third, intituled 44 G.s.c.46. An Act to enable the Company of Proprietors oj' the Thames and Medway Canal to vary the Line of the said Canal, and io raise a further Sum of Money for completing the said Canal and the Works thereunto belonging, and for altering and enlarging the Powm of an Act made in the Thirty- ninth and Fortieth Years 4 the Reign of His present Majesty, for making the said Canal and a collateral Cut thereto ; whereby tbe said Company of Proprietors were empowered, in lieu and stead of making such Canal in the Line directed to be made by the said first recited Act, to deviate from such Line at such Place or Places, and in such Manner in the said last recited Act mentioned, and were also empowered to raise a further Sum of Money for completing the said Canal and the Works thereunto belonging: And whereas an Act was passed in the Fiftieth Year of the 50G.3.c.76. Reign of His said late Majesty King George the Third, intituled An Act for enabling the Company of Proprietors of the Thames and Medway Cannl to vary the Line of the said Canal, and,fir altering and enlarging the Powers of Two Acts passed in the Fortieth and Fortyy-fourth Tears of His present Majesty, for making the said Canal and a collateral Cut thereto ; whereby the said Company of Proprietors were empowered, in lieu and stead of making such Canal in the Line directed to be made by the said last recited Act, to deviate from such Line at such Place or Places, and in the Manner in the said last recited Act mentioned : And whereas an Act was passed in the Fifty-eighth Year of the Reign of His said late 5gG.3. C. 18. Majesty King George the Third, intituled An Art for enabling the Company of Proprietors of the `Thames and Medway Canal to raise ra flirther Sum of Money for completing the said Canal and the Works thereto belonging, and for altering, enlarging, and rendering more efectual the Powers for making the said Canal and "irks : wherebv the said Company of Proprietors Conipanp einpowerrd to raise R further Sum of Money. were empowered to raise `a furthe; Sum of Money 'for' completing the said Canal and the Works thereunto belonging : And whereas the said Canal Company have proceeded in the maBing and completing a very considerable Portion of the said Canal and Works, and in the Progress thereof have not only expended nearly the whole of the several Sums of Money by the said recited Acts authorized to be raised, but hdve also incurred Debts to a very considerable Amount, which they are at present unable to discharge: And whereas, in order to enable the said Company to pay off their Debts, and complete the said Undertaking, it is expedient that they should be empowered to raise a further Sum of Money, and that certain of the Powers in the said recited Acts contained should be altered, amended, and enlarged, in order the more effectually to carry the Purposes thereby intended into Execution : May it therefore please Your Majesty that it may be enacted; and be it enacted by the King's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and 1 emporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That it shall and may be lawful for the said Company of Proprietors, or their Committee for the lime being, and they are hereby authorized and empowered to raise a further Sum of Money, not exceediiig the Sum of Fifty thousand Pounds, (save and except as herein-after mentioned), in manner herehafter expressed, or by any or either of the Ways or Means by which the said Company, or their Committee, are by the said recited Acts or either of IO them r ,. them authorized to raise any Money, or by all or any of such Ways and Means. 11. And be it further enacted, That it shall and may be lawful to and for the said Company of Proprietors, or their Committee for the Time being, and they are hereby authorized and empowered, from Time to Time, to grant unto their Treasurer or Clerk for the Time being, for the Purpose of selling the same, any Bond or Bonds under the Common Seal of the said CompaIiy of Proprietors, for any Sum not less than One hundred Pounds, and not exceeding One thousand Pounds in each Bond, with Interest for the same, not exceeding the Rate of Five Pounds per Centum per Annum, upon the Credit of the Rates and Tolls authorized to be raised and collected by virtue of the said first and last recited Acts, not exceeding in the whole the Sum of Fifty thousand Pounds, except as herein-after mentioned. Iii. And be it further enacted, That it shall and may be lawful to and for the said Treasurer and Clerk for the Time being, by and with the Consent and Direction of the said Company of Proprietors, or of their Committee for the Time being, from Time to Time to make Sale and dispose of all or any of the said Bonds to be granted as aforesaid, either by private Contract or public Sale, to any Person or Persons whomso- ever, for the best Price or Prices in Money that can be reasonably had or obtained for the same. IV. Provided always, and be it enacted, That it shall and may be lawful for the said Company of Proprietors, or their Committee for the Time being, in case they shall think it meet and expedient so to do, to borrow the said Sum of Fifty thousand Pounds, or any Part or Parts thereof, upon Promissory Notes or Bonds under the Common Seal of the said Company of Proprietors ; and all such Notes shall be made payable in such Manner, and at such Time or Times, and with such legal Rate of Interest as the said Company of Proprietors, or their Committee for the Time being, shall think proper ; and all such Notes or Bonds shall be made either with or without a Power in the respective Holders thereof, to have an Option of becoming a Proprietor of One or more Share or Shares of One hundred Pounds in the said Undertaking, in lieu of the Principal Money, by such several Promissory Notes or Bonds to be secured, or so much and such Part thereof as the said Company of Pro- prietors, or their Committee for the Time being, and the Person or Persons advancing such Money on the Security of the said Notes or Bonds, shall jointly agree upon. 2787 Company may crant Bonds to their Clerk of Treasurer. Power to sell such Bonds. Power to raise Money by Promis- sory Notes or Bonds. V. And be it further enacted, That in case the Money herein-before Power to authorized to be raised shall be found insufficient for the making, corn- pleting, and maintaining of the said Canal, and the Works thereto be- Money. longing, and all necessary Charges arid Expences relating thereto, then and in such Case it shall and may be lawful to and for the said Company of Proprietors, or their Committee for the Time being, to raise, by all or any or either of...

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