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RAILWAY COMPANIES SECURITIES ACT

RAILWAY COMPANIES SECURITIES ACT - LONG TITLE

An Act to amend the Law relating to Securities issued by Railway
Companies.
[10th August 1866]
Short title.

RAILWAY COMPANIES SECURITIES ACT - SECT 1

1. This Act may be cited as "The Railway Companies Securities Act,
1866."

RAILWAY COMPANIES SECURITIES ACT - SECT 2
Interpretation.

2. In this Act

The term "railway company" includes every company authorized by Act
of Parliament to raise any loan capital for the construction or
working of a railway, or for any purposes connected with the
conveyance by such company of traffic on a railway, either alone or
in conjunction with other purposes:

The term "debenture stock" includes mortgage preference stock and
funded debt, and any stock or shares representing loan capital of a
railway company, by whatever name called:

The term "Act of Parliament" includes a certificate of the Board of
Trade made under the Railways Construction Facilities Act, 1864, or
the Railways Companies Powers Act, 1864, or any other Act of
Parliament.

Ss.313 rep. by 1911 c.34 s.7 sch.2

RAILWAY COMPANIES SECURITIES ACT - SECT 14
Declaration by directors, &c. in form in sch.2, on mortgage deeds
and certificates of debenture stock.

14. There shall be put (by indorsement or otherwise) on every
mortgage, deed, or bond, made or given after the twenty-first day
of January one thousand eight hundred and sixty-seven by a railway
company for securing money borrowed by the company, and on every
certificate given after that day by a railway company for any sum
of debenture stock issued by the company, a declaration in the form
given in the second schedule to this Act, or to the like effect
with such variations as circumstances require.

Every such declaration shall be signed by two directors of the
company specially authorized and appointed by the board of directors
to sign such declarations, and by [the officer responsible for the
correctness of the declaration.]

RAILWAY COMPANIES SECURITIES ACT - SECT 15
Penalty on company, if declaration omitted, &c.

15. If after the expiration of the time specified in the last
preceding section any railway company deliver any such mortgage deed,
bond, or certificate without such a declaration being first put
thereon and signed as aforesaid, they shall be deemed guilty of an
offence against this Act, and shall for every such offence be
liable, on summary conviction, to a penalty not exceeding twenty
pounds; and if any director or officer of any railway company
knowingly authorizes or permits the delivery of any such mortgage
deed, bond, or certificate without such a declaration being first
put thereon and signed as aforesaid, every such person shall be
deemed guilty of an offence against this Act.

RAILWAY COMPANIES SECURITIES ACT - SECT 16
Penalty on signing false declaration.

16. If any director or ... officer of a company signs any
declaration ... under this Act knowing the same to be false in any
particular, he shall be deemed guilty of an offence against this
Act.

RAILWAY COMPANIES SECURITIES ACT - SECT 17
Punishment for offences against Act.

17. If any director or officer of a railway company is guilty of
an offence against this Act, he shall be liable, [on conviction
thereof on indictment, to fine or imprisonment, or] on summary
conviction thereof to a penalty not exceeding ten pounds.

RAILWAY COMPANIES SECURITIES ACT - SECT 18
Nothing to affect liability of company, &c. in actions respecting
loans, &c.

18. Nothing in this Act, or in any ... declaration under it, shall
affect in any action or suit any question respecting any loan,
debt, liability, mortgage, bond, or debenture stock, as between a
railway company or any director or officer of a railway company on
the one side, and any person or class of persons on the other
side.

RAILWAY COMPANIES SECURITIES ACT - SECT 19
Account, &c. not to be evidence for company.

19. An ... declaration under this Act shall not be admissible as
evidence in favour of a railway company of the truth of any matter
therein stated.

First Schedule rep. by 1911 c.34 s.7 sch.2

Railway Company.BWe, the undersigned, being two of the directors of
the company specially authorized and appointed for this purpose, and
I, the undersigned ... officer of the company, do hereby declare
(each for himself) that the within-written [or as the case may be]
mortgage deed [or bond or certificate] is issued under the borrowing
powers of the company as ... on the day of , and is ] not in
excess of the amount ... remaining to be borrowed.

Dated this day of , 18.

Note....

Where the mortgage deed, bond, or certificate is issued under a
power of reborrowing, or of issuing debenture stock in discharge of
mortgage or bond debt, leave out from the ] to the end of the
form, and insert.in substitution for a mortgage deed [or bond] which
has since been paid off.