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TRANSFER OF RAILWAYS (IRELAND) ACT 1890

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - LONG TITLE

An Act to authorise the Transfer of the Powers of Promoters of
Railway and Tramway Undertakings, under the Tramways (Ireland) Acts,
to certain existing Railway Companies, and for other purposes.
[9th December 1890]
Ss.15 rep. by SLR (NI) 1954

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 6
Baronial guarantees to remain in force.

6. Notwithstanding the transfer to and vesting in the railway
company of the promoters undertaking, any sums payable by any
[county districts] or parts of [county districts] which under the
provisions of the Tramways (Ireland) Acts have or may become
chargeable with the payment of dividends on the capital of the
promoters or any part thereof, or with the payment of any sums for
the completion of the undertaking, shall be payable to the railway
company, and the provisions of the Tramways and Public Companies
(Ireland) Act, 1883 (in this Act called the Act of 1883), as to
ascertaining the half-yearly sum to be paid by the said [county
district] and parts of [county districts] shall remain in full force
and effect and the railway company shall keep all such accounts of
expenditure and receipts as the promoting company were required to
keep.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 7
Keeping of accounts.

7. In every case in which a baronial guarantee has been given
under the Tramways (Ireland) Acts, in respect of dividends on the
capital of the promoters during the continuance of such guarantee
the railway company shall keep full, true, and distinct books of
account showing the capital of the transferred undertaking and its
receipts from every source and its expenditure, and they shall keep
and preserve all receipts and other documents necessary for vouching
the same, and shall at all reasonable times produce the said books,
receipts, and documents for the inspection of the auditor to be
appointed as herein-after mentioned, and also of such person as the
Treasury may from time to time appoint for the like purpose, and
also of the arbitrators appointed pursuant to section six of the
Act of 1883.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 8
Audit of accounts.

8.(1) The [county council] of any county in which any [county
district] or part of a [county district] chargeable under the
Tramways (Ireland) Acts with the payment of any sum in respect of
dividends on the capital of the promoters is situate, shall from
time to time during the continuance of the guarantee appoint a fit
and proper person to audit the accounts of the railway company in
respect of the transferred undertaking.

(2) It shall be the duty of the said auditor, twice in each year,
at a reasonable time before each spring and summer assizes for such
county, to audit the accounts of the railway company with respect
to the transferred undertaking, and he shall furnish a statement of
the result of the audit to the Commissioners of Public Works in
Ireland, and to the secretary of the said [county council], and to
the arbitrators appointed for the said company under the sixth
section of the Act of 1883.

(3) In case an auditor dies or declines to act, or becomes
incapable of acting, the Board of Trade may appoint another fit and
proper person to be auditor in his place, who shall proceed to
audit the said accounts, and to furnish the statements hereinbefore
specified within a reasonable time after his appointment.

(4) The expenses of the audit shall be paid by the railway
company, and in case of difference as to their amount, they shall
pay such sum in respect of the said expenses as may be fixed by
the Board of Trade.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 9
County representation.

9. Except as in this Act provided, no [county council] or [county
district] shall be represented in the affairs or finance of the
railway company in relation to the transferred undertaking.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 10
Completion and maintenance of undertaking.

10. The railway company shall, if the undertaking shall not be
complete at the time of its transfer, complete the same within the
time limited, and in accordance with the conditions contained in the
Order in Council authorising its construction.

And shall (notwithstanding that the receipts from the undertaking may
or shall be insufficient to defray the expenses of managing and of
efficiently working and maintaining the undertaking,...) at all times
efficiently work the undertaking as part of their own railway
system.

And if the earnings of the undertaking shall be insufficient to
defray the expenses of working and maintaining it, then the railway
company shall at all times work the undertaking out of the general
revenue and profits of their other undertakings, and shall at all
times at the like expense keep the undertaking in good order,
condition, and repair.

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.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 12
Power to railway company to guarantee payment or punctual payment on
baronial guaranteed shares.

12. The railway company shall have power to enter into any
agreement with or to give any guarantee to the holders of baronial
guaranteed shares, that the dividends at the guaranteed rate on such
shares shall be paid on any date or dates to be fixed by the
railway company, or otherwise to guarantee or undertake the payment
or punctual payment of the dividends on such shares. And the
railway company shall have power by any such agreement or guarantee
or for the purposes thereof, to charge or bind all or any of the
undertakings and property of the railway company other than the
transferred undertaking, and shall have power, from time to time, to
apply any of the income or profits, or accumulated income or
profits of all or any of the undertakings or property of the
railway company, in advancing or paying to the holders of the
baronial guaranteed shares the amount of the dividends thereon at
the rate aforesaid, as the same shall from time to time become
due, or upon such date or dates as shall be fixed by the railway
company, but any such charge or obligation upon the undertakings and
property of the railway company, created by any such agreement or
guarantee, and any such application of the income or profits thereof
in payments of such dividends shall be subject to the rights of
the holders of any existing debentures, debenture stock, guaranteed
or preference stock or shares of the railway company, and in the
event of the railway company advancing or paying any sum in respect
of such dividends, out of any source other than the net profits of
the transferred undertaking, such advance or payment shall not
prejudice or affect the liability of any [county districts] in
respect of such dividends, or any presentment to be made in respect
thereof, but the railway company shall be entitled to receive in
repayment of any such advance or payment any sums chargeable upon
such [county districts] in respect of such dividends so advanced or
paid by the railway company, and which the said [county districts]
would have been liable to pay if the amount of such dividends had
not been advanced or paid by the railway company.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 13
Dividends on baronial guaranteed shares.

13. The net receipts from time to time of the transferred
undertaking applicable to dividend shall be applied in the first
place in payment of dividend on the baronial guaranteed shares at
the rate prescribed in the presentment of the [county council] by
which the guarantee shall have been given, and subject to any
agreement or guarantee which may be made or given by the railway
company under this Act the holders of those shares shall not be
entitled to any dividend out of any receipts or profits of the
railway company other than the net profits of the transferred
undertaking. And the holders of the baronial guaranteed shares shall
not be entitled in respect thereof to any dividend in excess of
the said prescribed rate, but the surplus net profits of the
transferred undertaking in any half-year after payment of a dividend
at the said prescribed rate on the baronial guaranteed shares, and
subject to the rights of the [county districts] under the fifth
section of the Act of 1883 shall belong to the railway company,
and may be applied by them accordingly.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 14
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.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 15
Application of money.

15. All money raised under any order of the Lord Lieutenant in
Council made in pursuance of this Act, whether by shares, debenture
stock, or borrowing, shall be applied for the purposes of the
transferred undertaking only.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 16
Power to Lord Lieutenant to make rules.

16. It shall be lawful for the Lord Lieutenant in Council by order
to make... such general rules as may seem fit for the effectual
execution of this Act, and also for fixing the amount of any fees,
and the allowance, taxation, and payment of any costs, charges, and
expenses to be taken, allowed, and paid under this Act, and for
the remuneration of any auditor or other person employed in the
execution of this Act, under the direction and authority of a
[county council]... but no such rules shall have any effect until
the expiration of one month after the same shall have been
published in the Dublin Gazette and laid before both Houses of
Parliament.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 17
Taking possession of land.

17. Where the Treasury in pursuance of the Light Railways (Ireland)
Act, 1889, have agreed with the promoters of any light railway that
the undertaking of the promoters shall be aided by a capital sum
out of public money, the promoters, before the arbitrator has framed
his draft award, may enter upon any land which they are authorised
to take, on depositing in the Bank of Ireland such sum as may be
certified to be proper by such valuer as may be appointed for the
purpose by the Commissioners of Public Works and the Treasury on
the request of the promoters shall cause to be paid into the Bank,
out of such capital sum, any sum required to be deposited in the
Bank for the above purpose, and the Railways Acts (Ireland), 1851
and 1860, and the Acts amending the same, shall, as amended by
this section, apply accordingly.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 18
Interpretation.

18. In this Act, unless there is something inconsistent in the
context

The expression "the railway company" shall mean any railway company
who shall have entered or may hereafter enter into an agreement
with the promoters of any tramway or railway undertaking under the
Tramways (Ireland) Acts which shall have been approved by any
[county council] for the transfer of such undertaking to such
railway company:

The expression "the Tramways (Ireland) Acts" means the Tramways
(Ireland) Act, 1860, the Tramways (Ireland) Amendment Act, 1861, the
Tramways (Ireland) Amendment Act, 1871, the Tramways (Ireland)
Amendment Act, 1881, the Tramways and Public Companies (Ireland) Act,
1883, the Light Railways (Ireland) Act, 1889, and the Railways
(Ireland) Act, 1890.

TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 19
Short title.

19. This Act may be cited as the Transfer of Railways (Ireland)
Act, 1890.