HL Deb 15 March 1933 vol 86 cc1170-3

Constitution of the Central London (New) Guaranteed Assented Stock.

4. The interest received by the said trustees in any year in respect of the "C" transport stock to which they become so entitled shall be applied by the said trustees as follows: —

  1. (a) to the payment of interest at the fixed rate of four per cent. per annum on the new assented stock;
  2. (b) as to forty per cent. of the balance, to the payment of additional interest on the new assented stock; and
  3. (c) as to sixty per cent. of the balance, in repayment to the Board.

5. The holders of the new assented stock may at their option, to be exercised within six months from the date of the issue of that stock, surrender to the said trustees the whole or any part of the stock so issued to them and receive in exchange from the said trustees £ 92 10s of "C" transport stock held by the said trustees for every £ 100 of new assented stock so surrendered.

THE MARQUESS OF LONDONDERRY moved, at the end of Part 1, to insert:

" Acme Pullman Services, Limited. Nil. (Consideration included in consideration given to London General Omnibus Company, Limited)."
Bucks Expresses (Wat-ford), Limited.
Green Line Coaches, Limited.
Skylark Motor Coach Company, Limited.

The noble Marquess said: This is consequential on the Amendment adding the names these motor coach companies to Part 1 of the Second Schedule. I beg to move.

Amendment moved— Page 142, line 46, at end insert the said words —(The Marquess of Londonderry.)

On Question, Amendment agreed to.

THE MARQUESS OF LONDONDERRY

The next Amendment in my name is drafting. I beg to move.

Amendment moved— Page 146, line 30, leave out ("in any year in respect of") and insert ("in respect of any year on") —(The Marquess of Londonderry.)

On Question, Amendment agreed to.

THE MARQUESS OF LONDONDERRY

The next three Amendments in my name are drafting. I beg to move.

Amendments moved—

Page 146, line 33, after ("interest") insert ("for that year").

Page 146, line 36, after ("interest") insert ("for that year").

Page 147, line 2, after ("and") insert (` shall thereupon subject as hereinafter provided be entitled to") —(The Marquess of Londonderry.)

On Question, Amendments agreed to.

THE MARQUESS OF LONDONDERRY moved, at the end of paragraph 5 of Part III, to insert: Provided that, where the amount of transport stock to which a person would be so entitled comprises a fractional part of a pound, the said trustees shall, in lieu of transferring the amount, transfer to that person transport stock to the amount of the next even pound below the amount to which he would be so entitled and shall, as soon as may be after the expiration of the said six months, sell the amount of transport stock representing the fractional parts of transport stock not so transferred and shall distribute the net proceeds thereof in due proportions amongst the several holders who, but for this provision, would have been entitled to the fractional parts.

The noble Marquess said: Provision has already been made in the Fifth Schedule to enable the Board to avoid issuing transport stocks in amounts including a fraction of a pound. The holders of certain assented stock of the Central London Railway (one of the Underground Group) have the right to exchange their existing holdings into a new assented stock but by paragraph 5 of Part III of the Third Schedule may, within six months convert their assented stock into "C" stock at the rate of £ 92 10s. for every £ 100 of assented stock. As this would involve creation of holdings of "C" stock including fractions of a pound, the Amendment provides that the Trustees of the assented stock may exchange "C" stock to the nearest pound below and sell the fractional parts and pay cash to the holders out of the proceeds. A similar course was taken in connection with the amalgamations under the Railways Act, 1921. I beg to move.

Amendment moved— Page 147, line 4, after ("surrendered") insert the said proviso —(The Marquess of Londonderry.)

On Question, Amendment agreed to.

Third Schedule, as amended, agreed to. Fourth Schedule:

THE MARQUESS OF LONDONDERRY

The Amendment in my name is drafting. I beg to move.

Amendment moved— Page 148, line 18, column 1, leave out ("1914") —(The Marquess of Londonderry).

On Question, Amendment agreed to.

Fourth Schedule, as amended, agreed to.

Fifth Schedule:

THE MARQUESS OF LONDONDERRY

The Amendment in this Schedule in my name is drafting. I beg to move.

Amendment moved— Page 151, line 6, after ("accordingly") insert ("in one or more distributions").(The Marquess of Londonderry.)

On Question, Amendment agreed to.

Fifth Schedule, as amended, agreed to.

Sixth Schedule:

SIXTH SCHEDULE.

Issue of Transport Stock to Certain Local Authorities.

The amount and class of transport stock to be issued to the local authorities specified in this Schedule shall be as follows: —

Name of Local Authority. Amoant and class of Stock to be issued.

THE MARQUESS OF LONDONDERRY moved to add: "The mayor, aldermen and burgesses of the County Borough of Wrest Ham … £ 2281,036 L.A. Stock." The noble Marquess said: This amendment prescribes the amount of "L.A." Stock to be issued to the Corporation of West Ham as consideration for the transfer of their tramway undertaking to the Board. The amount represents the estimated outstanding debt of the undertaking at the 31st March, 1933, less a sum of £ 10,077 representing the outstanding debt on certain minor properties excluded from the transfer.

Amendment moved— Page 152, line 10, at end insert the said words —(The Marquess of Londonderry.)

On Question, Amendment agreed to.

Sixth Schedule, as amended, agreed to.

Seventh Schedule agreed to.

Eighth Schedule:

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