§ Amendments reported (according to Order).
§ THE SECRETARY FOR SCOTLAND (Lord BALFOUR OF BURLEIGH)said there were a number of Amendments on the Paper in his name, but with only two exceptions they dealt purely with points of drafting. When they came to those two Amendments he would make a short statement explaining them.
§ Drafting Amendments agreed to.
§ LORD, BALFOUR OF BURLEIGHmoved to leave out the latter part of sub-Section 6 of Clause 9 (which deals with the transfer of the undertaking of the New River Company to the Water Board), in order to insert a new sub-Section. He said that the New River Company was different from all other companies in that the property was vested in the owners of the Adventurers' and King's shares, and that the Company only administered the property for the owners. The transfer of the undertaking would convert property which was now realty into personalty, and that change would work hardship in certain possible cases. The Clause as originally introduced proposed that the shares and water stock issued should be treated as land; but it had been objected that that form of Clause would impress the character of real property on the stock for all time. The object of the Amendment was to limit the time during which the stock should hold that character, and the limit proposed was the appointed day, and such time afterwards as elapsed before the property passed naturally into the hands of someone who was entitled to dispose of it. There could be no doubt as to the franchise question being covered by the Clause
§
Amendment moved,—
In Clause 9, page 7, line 32, to leave out from 'section' to the end of the sub-Section, and to insert as a new sub-Section: (7.) Every Adventurers' share and every King's.
§ share, and every part of an Adventurers' or King's share, and any water stock issuable or issued in respect of any such share or part of a share, and the right to receive any such water stock shall—(i) until the appointed day; and (ii) after the appointed day, but thereafter only unless or until—(a) some person who is suijuris is absolutely entitled beneficially in possession to or has a general power to dispose of such share or part of a share, or such water stock; or (b) such share or part of a share, or such water stock or the right to receive such water stock, is transferred on a sale to a purchaser for all purposes of disposition, transmission, and devolution, be considered as land, and (so far as regards such water stock or right to receive water stock) be held for and go to the same persons in the same manner and for and on the same estates, interests, and trusts as the Adventurers' or King's share, or the part of an Adventurers' or King's share, in respect of which the water stock is issuable or issued, would have been held and have gone under any will, settlement, or other instrument affecting that share or part of a share, or otherwise, if this Act had not been passed. For the purposes of this provision the expression 'general power' includes every power or authority enabling the donee or other holder thereof to appoint or dispose of the fee simple or absolute interest of or in property in possession as he thinks fit, but exclusively of any power exercisable in a fiduciary capacity or exercisable as tenant for life under the Settled Land Acts, 1882 to 1890, or as mortgagee.'"—(Lord Balfour of Burleigh.)
§ LORD COLERIDGEsaid that the new Clause entirely met all objections, and, while saving existing rights, prevented the infinite multiplication of this franchise in future.
§ On Question, Amendment agreed to.