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Order in Council giving powers to railway company. 14. Where the Railway and Canal Commission have approved of the agreement for transfer, the Lord Lieutenant in Council may, on the application of the railway company, make and settle an Order in Council authorising the railway company to do all or any of the following matters; (that is to say,) (1)To raise from time to time additional capital by the issue of new stock or shares other than the baronial guaranteed shares: (2)To borrow money on mortgage of the transferred undertaking, or of the company's other undertakings, or any of them, or on any combination of such securities: (3)To create and issue debenture stock. All powers conferred upon the railway company by such order shall be exercised in conformity with such conditions and with and subject to such limitations and powers as may be prescribed by the order. Such order shall only be made where the railway company establishes to the satisfaction of the Lord Lieutenant in Council that a copy of the proposed order has been submitted to the proprietors of the railway company, held specially for that purpose, as if such order were a Bill promoted in Parliament by the railway company, and that all matters and things have been done and have happened, and all times have elapsed which if such order were a Bill so promoted as aforesaid, should have been done, and have happened, and elapsed in order to constitute compliance with the standing orders of Parliament applicable to Bills promoted by railway companies for the like purposes as those referred to in this section.
© 1890 Crown Copyright
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