Page:Public General Statutes 1896.djvu/473

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1896.

West Highland Railway Guarantee Act,1896

Ch. 58.

453

of money towards the cost of constructing the pier, breakwater, and other works by this Act authorised, the Company may enter into and fulfil agreements with the Treasury with respect to such guarantee and grant, and may accept and comply with such conditions and obligations as the Treasury may attach thereto, provided that such conditions and obligations do not diminish the security of any mortgages or debenture stock granted or issued by the Company before the date of such Agreement."

(52.) "In the event of the Treasury being authorised to guarantee and guaranteeing, for a period of thirty years from the date of the opening for passenger traffic of the railway by this Act authorised, the payment of interest or dividend at the rate of three pounds per centum per annum, on two hundred and sixty thousand pounds of the share and loan capital to be raised under this Act, and granting a sum of thirty thousand pounds towards the cost of constructing the pier, breakwater, and other works by this Act authorised, sections 41 and 43 of the North British Railway Act, 1893, and the Agreement set forth in the Third Schedule to that Act, except Article Seventh thereof, shall be held to extend to and include the railway, pier, breakwater, and works by this Act authorised, and if the net revenue accruing to the Company from the said railway, pier, breakwater, and works after payment of the items included in Article Sixth of the said Agreement is not, along with the interest or dividend to be received by the Company from the Treasury, sufficient in any half-year, to pay interest or dividend for such half-year, at the rate of three pounds per centum per annum on the whole paid-up share and loan capital of the Company to be raised under this Act, the North British Railway Company shall contribute such sum as may be necessary to make up interest or dividend at that rate upon the paid-up share and loan capital of the Company, and may undertake to contribute such additional sum as may be necessary to make up such interest or dividend to the rate of three pounds ten shillings per centum per annum, and the whole surplus if any of the net revenues of the Company, after payment of such interest or dividend at either of the rates aforesaid, shall belong and be paid to the North British Railway Company."

And whereas Her Majesty's Government propose to introduce a Bill into Parliament authorising the Treasury to Garantee on such terms as they think fit for a period of thirty years from the date of the opening for passenger traffic of the railway authorised by the said Act (herein-after referred to as "the railway") the payment of interest or dividend at the rate of three pounds per centum per annum on the two hundred and sixty thousand pounds of share capital to be raised under the said Act and to errant the said sum of thirty thousand pounds:

It is agreed in the event of the said Bill becoming an Act as follows:

(1.) From the date of the opening for traffic of any portion of the railway, the Company will in the first instance apply fifty per cent, of the gross revenues arising therefrom after payment thereout of (1) Government duty and (2) poor school county and other rates and taxes towards payment of a dividend of three per centum on the above mentioned capital of two hundred and sixty thousand pounds.

(2.) The Company shall render to the Board of Trade, half-yearly or otherwise as the Treasury may direct, returns of all traffic arising or terminating on or passing over the railway and of the gross revenues arising therefrom.

(3.) The Company will pay the costs incurred by the Board of Trade in checking such returns and seeing that the said traffic and gross revenues are duly accounted for.

(4.) The Company will keep or procure to be kept by the Company working the railway proper and sufficient accounts and vouchers, which