The following Amendments made to the Standing Orders relating to railway companies:—
In Standing Order 184, see. 3, after ("£20,") add ("or for a sum which is not a multiple of £10,") that a clause be inserted in each Railway Bill in which, after the Fact of the Deposit having been made and the Amount paid as stated in the Schedule, it shall be enacted to the effect that the depositors may receive any interest from time to time paid on any securities while so deposited, and that so soon as it shall be proved to the satisfaction of the Board of Trade that the company has paid up such a sum as, together with the deposit, amounts to one-half of their authorized share capital, and has expended that amount on their undertaking, it shall be lawful for the company to withdraw the sum deposited for the purpose of the undertaking, and thereupon they shall issue shares to the contributors and their assigns to the amount represented by their respective contributions; that the above requirements shall not apply to any incorporated railway company seeking power to construct new works, provided that the new capital to be raised is not greater than the existing authorized capital of the company, and provided that the company is paying a dividend upon its ordinary stock. For companies so exempted the present £50 a day penalty shall be retained until the same shall amount to 8 per cent on the estimated cost of the works, together with interest at the rate of 5 per cent on the balance from time to time remaining unpaid from the date of the final payment.
In Standing Order No. 189, sec. 14, p. 45, after the word 'traffic' in line 7, insert or until the sum received in respect of such penalty shall amount to 8 per cent on the estimated cost of the works; together with interest at the rate of 5 per cent on the balance from time to time remaining unpaid from the date of the Act to the date of the final payment.'"—(The Chairman of Committees.)
§ Motion agreed to:—Standing Orders amended accordingly.