Image from page 169 of “Legislative regulation of railway finance in England” (1911)

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Image from page 169 of “Legislative regulation of railway finance in England” (1911)
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Identifier: legislativeregul00wang
Title: Legislative regulation of railway finance in England
Year: 1911 (1910s)
Authors: Wang, Ching-Chun, 1883-
Subjects: Railroads and state Railroads Theses
Contributing Library: University of Illinois Urbana-Champaign
Digitizing Sponsor: University of Illinois Urbana-Champaign

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e stock when so created shall betermed London and ITorth We.?tern Debenture stock; • provided thatnothing herein contained shall m anywise prejudice^or affect therights cf the holders of mortgages or bonds of the company Four distinct principles were set forth in this clause:(l) Debenture stocks might be issued in redeeming debentures fall-ing due as well as for raising additional loan capital within thecompanys powers, (2) the rate of interest was fixed with the con-sent of Parliament; (3) the security of such stock should consista charge upon the tolls and undertaking, and lands, tenements, andhereditaments of the company; and (4) such stocks were to be•distributable, tra,nsmissible and transferrable as personal estate.It must be remembered that some of these principles were not new,but were copied from those governing the issue of the older formsof securities. On close perusal, it may be seen that the provisionscontained in the clause were such as to make the debenture stocks a

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safe and clearly-defined investment. Indeed, Parliament had bythis time recognised to a certain extent the necessity of this classof securities for the improvement of the financial condition of therailways, and commenced to take steps to give the holders of de-benture stocks every possible protection and security. Thus in thesame act just referred to provisions were made to the effect thatif written demand for the payment of dividend due on any dubenturestocks was not met satisfactorily within thirty days, the proprie-tors of such stocks holding on amount in nominal value of £20,000 or upwards might, without prejudice to their right to sue, require 1 the appointment of a receiver. By these provisions, the debenture stock holders weregiven the power to recover the arrears of their interest eitherby bringing suit in any competent court or by requiring the ap-pointment of receivers. It may be noticed, however, that onlythe interest was secured, and the principal was not mentioned. There

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