TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 11 Power to issue baronial guaranteed shares.

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TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 11

Power to issue baronial guaranteed shares.

11. The railway company in addition to any share capital they are authorised
to raise under the provisions of this Act, may, for the purposes of the
undertaking, create and issue new shares to the extent to which the capital of
the promoters (if any) upon which payment of dividends may have been
guaranteed pursuant to the provisions of the Act of 1883, shall not have been
issued, and such shares are in this Act referred to as the baronial guaranteed
shares and shall be designated in the books of the railway company and the
certificates issued therefor by the same or some other similar appropriate
description.

The railway company in lieu of issuing all or any of the baronial guaranteed
shares which they are by this Act authorised to create and issue, may raise by
the creation and issue of debenture stock of the railway company the like
amount of capital which they are by this Act authorised to raise by the
creation and issue of the baronial guaranteed shares which shall not be
created and issued, and to the extent to which the power shall be exercised,
the railway company shall be deemed to be the owners of the baronial
guaranteed shares which by reason of the exercise of such powers shall not be
issued and shall be entitled to receive and retain the dividends thereon. And
the creation and issue of such debenture stock shall be subject to the
provisions of Part III of the Companies Clauses Act, 1863, but notwithstanding
anything therein contained, the interest of all debenture stock at any time
after the agreement for transfer shall have been approved by the Railway and
Canal Commission, shall rank pari passu with the interest of all mortgages at
any time thereafter granted by the railway company, and shall have priority
over all principal moneys secured by such mortgages.

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Northern Irish Legislation

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 11