Sydney Dry Dock Company Act 1853 No ddc (NSW)

DBYDocKCoM	r̂NY.	Act to incorporate “ The Sydney Dry Dock Company” and for other purposes therein
mentioned. [ 2 4 / / i October, 1853.]

Preamble.	W if HEUEAS a joint stock company called “ The Sydney Dry
V 7 Dock Company” has been lately established at Sydney in the
Colony of New South Wales under and subject to the rules regulations and jjrovisions contained in a certain deed of settlement bearing date the twenty-first day of September in the year of our Lord one thousand eight hundred and fifty-three purporting to he a deed of settlement of the said company And Avhereas by the said deed of settlement the several parties thereto have respectively and mutually covenanted and agreed that they and such other persons as should become proprietors of shares in the said company as therein provided should become a company under the name of “ The Sydney Dry Dock Company” for making and maintaining within Port Jackson in the said Colony a dry dock or dry docks and slips capable of receiving vessels of all classes whether navigated by steam or otherwise and wherein and by means whereof such vessels may he inspected and repaired and for the repair of such vessels and for making and providing wharves yards and places for loading or unloading any such vessels and supplying the same with coals fresh water and all needful service stores and equipment and for the erection of warehouses storehouses sheds and other buildings for receiving and depositing goods and for the erection of ofiices workshops cranes weighing and other machines steam engines appliances and conveniences necessary for the purposes of such dry docks slips wharves and warehouses and for the purchase and use of steam tugs to he employed in connection with the said docks and other­ wise in and about the said harbour of Port Jackson and it was by the said deed of settlement agreed that the capital of the said company should consist of one hundred thousand pounds divided into fifty

thousand

1853. 17*̂ VIC. 337

Dry Docli Company.

thousand shares of two pounds eacli or so much thereof as might from time to time be necessary and of such further sums not exceeding the sum of one hundred thousand pounds as might thereafter be raised by the creation allotment and sale of new shares as therein provided And whereas by the said deed of settlement provision has been made for the due manag(an(!nt oi‘ the affairs of the company by directors to be from time to time elected and appointed by the shareholders of the said company And wlicreas the said company is desirous of b(‘ing incor­ porated and of receiving the special powers hereinafter contained and it is expedient that tlie said company should be incorporated accord­ ingly with the poAvers and sul)ject to the provisions Inavinaftcr con­ tained Be it therefore enacted by Ilis Excelkmcy the (tovc'rnor of New South Wales Avith the advice and consent of the Legislative Council thereof as folloAVs—

1. Such and so many persons as haA'c already beconu' or at any Company incor-

time or times hereafter shall or may in the manner provided by and

subject to the rules regulatioiis aiid provisions (contained in tin; said deed of settlement become proprietors of shares of or in the capital for the time being of the said company shall (subject nevertlielcss 1o tlie conditions regulations and provisions hereinafter contained) be one body politic and cor])orate in name and in deed by the name of “ The Sydney Dry Dock Company” and by that name shall and may su(' and be sued by any persons Avhether members of the said coi'pora- ation or not and shall and may implead and be impleaded in all Courts AvliatsocA'cr at law or in equity and may prefer lay and ])rosecnte any indictment information and prosecution against any person A\homso- (‘ver for any stealing embezzlement fraud forgery or other crime or offence and in all indictments iiiformations and prosc(“ntions it shall be laAvful to state the money and goods effects bills notes s(!cnrities or other property of the said company to be the money goods effects bills notes seeurities or other property of the said corporation and to designate the said company by its corporate name Avhenever for the purpose of any allegation of an intent to defraud or otherAvisc hoAVso- ever such designation shall be nec('ssary and the said corj)oration shall haAn perpetual succession and a (common seal Avhich may be altered varied and changed from time to time at the pleasure of the said coi'- poration.

2. 1'he several laAvs rules regAilafions clauses and agreements

Act in opposition to the geiua-al senpe or true intent and meanijig of this Act or of any of the laAvs or statutes in force for the time being in the said Colony Provideal that a true copy of the said deed of setthmn'nt and of any by-hiAA s to be made by Aurtue or in ])ursuance thereof attested by three of the' dii-ectors of the company shall be registered at the office for the registration of deeds at Sydney before the same shall Ix' of any validity Avhatever as the by-laws of the said corporation.

contained in the said deed of settlement or to be made under or byijy-iawsofthecoriio- ever be made by the said <*orporation either under or by virtue of the said deed of settlement or o1’ this

virtue or in pursuance thereof shall be deemed and eonsidered to po

and shall be the by-laAvs for tin* time l)cing of the said corporation

save and except in so far as any of tluun are or shall or may be altered

varied or repealed by or are or shall or may be inconsisf(‘nt or incom­

patible Avith or repugnant to any of the provisions of this Act or of

any of the laAvs or statutes noAV or hereafter to be in force in tin; said

3.   I t shall be hiAATulfor the said corporation from time to time to increase of capital,

extend its capital by the creation allotment and disposal of ncAV shares in the manner set forth and subject to the rules regulations and provisions contained in the said deed of settlement but so nevertheless that the total amount of capital shall not exccf'd tAVo hundred thousand j)ounds.

2 L- 1.

338 17° y ic . 1853.

D ry Dock Company.

Capital and shares	4. Tlie capital or joint stock and all the funds and property of the said corporation and the several shares therein and the profits and advantages to ho derived therefrom shall he and be deemed personal estate and be transferable and transmissible accordingly subject to the regulations of the said "deed of settlement.
to be personalty.
Corporation not
bound by trusts or	5. The corporation shall not be bound in any manner by any capital standing in the name of any person as the ostensible proprietor thereof or be required to take any notice of such trusts or equitable interests or demands but the receipt of the person in ivliose name the shares shall stand in the books of the corporation shall notwithstanding such trusts or equitable interests or demands and notice thereof to the said corporation bo a good valid and conclusive discharge to the corporation for or in respect of any dividend or other money payable by the said corporation in respect of such shares in accordance ivitli the regulations in that behalf contained in the said deed of settlement and a transfer of the said shares as directed by the said deed by the person in whose name such shares shall so stand shall notwithstanding as aforesaid be binding and conclusive as far as may concern the said corporation against all persons claiming by virtue of such trusts or equitable interests or demands Provided always that nothing therein contained shall be deemed or taken to interfere Avith or abridge the right and power of a Court of Equity to restrain the payment of any such dividend or other money payable thereafter by the corporation in respect of any such shares or the transfer thereafter of any such shares or to direct the payment of such dividends or other money by the corporation or the transfer of such shares by the person in Avhose name they may stand to such other person as such Court may think fit.
equitable interests	trusts or equitable interests or demands affecting any shares of the
affecting shares.
Sirins Cove with the

permission of the 6. Subject to the power hereinafter reserved to the Governor

Governor and	Avith the advice of his Executive Council it shall be laAvful for the
Executive Council
may be converted	said corporation and they are hereby authorized and empowered to
into docks.	maJee and construct one or more dry dock or docks and slips wharves yards and places for loading and unloading  esscls Avarehouses storehouses sheds and other buildings Avorks matters and conveniences for carrying out the object of this Act in the cove or inlet known as Sirius CoA'e Avithiu the said Harbour of Port Jackson.
Survey to be made

before commence­ 7. Before commencing any dry dock slip or works as aforesaid

ment of works.	or any road to the same by this Act authorized to be made the said corporation shall by some qualified engineer to be by them appointed cause to be made proper surveys of the sites of such proposed dry
Plan.	docks slips and Avorks connected thereAvith AAfith a plan and sections of such dry docks slips and works and a map of the lands or other sites on Avhich it is proposed the same should be construeted or through which any road to such docks slips and AVorks shall be intended to
Book of reference.	pass together Avith a book of reference in Avhich shall be entered the names of the OAAmer or proprietor (if known) of each and every portion of the said sites and lands on or through AA'hich it is proposed to con­ struct the said dry docks slips AVorks and roads with a description specifying the positions of the said dry docks slips and works and setting forth the bearings of the said roads the nature and quality the state of cultivation the inclosures (if any) and the quantity of such land which shall or may he required for such dry docks slips and roads and the AVorks connected thercAvith respectively.
Power to enter upon

lands to make sur­ 8 . Eor Avhich said purposes it shall he H aaT u I for the said

veys &c. corporation their directors surveyors engineers agents and Avork- men and all other persons by them authorized and they are hereby empowered to enter into and upon the lands of any person at or near the site of the intended docks slips and other works and to

survey

1853. 17« VIC. 339

D ry Doch Company.

survey and take levels of sann; or oi‘ any part ttun’oof and to stak('

or otherwise ascertain and set out tlu; lines raid superficial areas

of the proposc'd dry docks slips AVorks and roads in and over tlû

said lands or siudi parts thereof as may be ncc(;ssary for the laying

out making constructing and the convenient operation of such dry

docks slips and all other Avorks and roads matters and conveniences

as are hereby authorized to he made and also to tak( ̂ all such steps

as shall he found necessary to as(;ertain the nature of the soil and

substrata of such lands or any part thereof for all or any of tlu'

]nirposcs aforesaid the said corporation their agemts and Avorkmeu	'
doing as little damage as may ho in the execution of such siuwcy and
if required so to do making full satisfaction in manner liercinaftcr
mentioned to all persons interest('d in aiiy lands Avhidi shall Ix' injured by sucli survey or by any steps AÂ hich may he taken to
as(!(!rtain the nature of the soil or the substrata of such lands as afor(‘- said and this Act shall he sufficient to indemnify the said corporation
and all other persons for Avhat they or any of them shall do by A'irtiK' of the powers hereby granted in tlu' execution of such survey and examination as aforesaid.

9. The said map or plan and hook of referenc^c shall for tliirty m,i]> and imok of

days before the comnumcement of the foundatioji of any sucli dry

of the''*

docks slips or other Avorks as ar(̂ hereby autliorized to he made ho coriioration.

kc!pt in the office of tlie said corporation at Sydney and all persons

shall and may ha\"c free liberty and permission to AueAV and examine

the same at all couA'cnient times after the pulilication of the notice

hereinafter mentioned.

10. Wlicn and so often as the said corporation shall have Corporation to give,

determined upon makin" any drv dock slips AVorks and roads as afore- i ~ 1 n 1 ̂ • 1 TT- intention to make

said the said corporation shall by advertisement in the j \ e w iSo/flh dry dock.

JFales Government Gazette and in one or more of the Sydney news­

papers at least thirty days before the commencement of the formation of any such dry docks slips AVorks and roads respccti\’cly gm; notice that they intend to make the same or such part thereof as the said corporation may tliink fit in accordance Avith the said map or plan and hook of reference;.

11. A copy of the said map or plan and hook of reference shall Aiap to i)c

thirty days before the commencement of the formation of any su(‘h

dry docks slips and works as arc hereby authorized 1)C transm itted executive Council

to the Colonial Secretary and shall ho by him laid before flû inodifleatiouŝ ^

GoA'crnor and Ilis l^xccutive Council and if it shall appear to the

Governor and Executive Council that the proposed ]>osition extent or

character of the Avorks shcAvn by tlu; said map or plan and hook of reference Avould he a serious obstruction to navigation and a public injury or that it is proposed to appropriate to an unnect'ssary :nid injurious extent the lands of any person or to injure and prejudice any person to an extent or in a manner Avhich is not reasonably called for

in carrying out the purposes of this Act the said Governor by the advice of th e said Executive Council may AAnthin such period of thirty days require the plans and proposals of the said company to he

modified and altered as to him and them may seem just and reasonable

and the same shall he modified or altered accordingly.

12. Subject to the poAver hereinhcforc reseiwed to the Governor Power to take lauds

Avith the advice of his Executive; Council it shall he la wful for the r|"i'«sts of

company by their directors agents otfici;rs surveyors and Avorkmcn and	'
all other persons by them authorized to take and appropriate to the use of the said (*ompany and for tlu; purposes of this Act such of tlu; lands so as aforesaid ascertained or set out and sheAvn in the said map or plan and hook of rcfi;rence as they shall think necessary for the making and constructing and the convenient operation and use of the said dry

docks

340 17 VIO. 1853.

Drif Dock Company.

docks slips and other works and buildings hereby authorized to he made and constructed ■without any previous agreement wit h the owner or occupier of tlic said lands the said company their agents and work­ men doing as little damage as may he in the execution of the powers hereby granted and the said company if required to do so making full compensation in manner hereinafter mentioned to all persons interested in any lands Avhich shall he taken used or injured for all damages to be by them sustained in or by the execution of the power hereby granted.

When appropi iatii n 13. AVhen the corporation shall have finally determined on any

determined planssuch appropriation the said cor])oration shall by advertisement in the	of lands finally
thereof shall'he kept Government Gazette and in one or more of the S'vtdnc’v newspapers
corpm^tio™ for piib- notify that sucli appropriation has been so determined upon in accord- lic inspection. ancc witli tlic suid map or plan or book of reference suliject to such

alterations as shall have becai made therein upon such final determi­ nation and a map or plan and book of reference in accordance with such final determination shall tlnmceforth be kept in the office of the said corporation at Sydney and all persons shall have free liberty to view and examine the same at all convtmient times after the publication of the last-mentioned advertisement and such last-mentioned advertisc-

'

nient shall be deemed an act of final appropriation of the lands^deter-

mined to be taken.

i-ands taken to vest

14. AAfiieii auy huids which the company are by this Act to take witliout file prcvious consent of the owner or occu­ pier shall have been finally appropriated for tht; purposes herein men­ tioned such lands and the fee simple and inheritance thereof and all the estate use trust and interest of all persons therein shall thenceforth be vested in and become the sole property of the said company for the purposes of this Atd for evei’ and it shall not be necessary to obtain a conveyance from the owners or persons interested in such lands to the said corporation.

without conveyance.

Right to compen­

15. The owners and all persons interested in any lands taken appropriated used or prejudiced by the corporation their ofiicers agents or workmen under any of the provisions herein contained and all persons ivho shall have sustained any loss or damage whatever in or by the execution of this Act shall be entitled to reasonable compen­ sation for the loss or injury sustained by them and such compensation shall be ascertained assessed and awarded as hereinafter mentioned

sation.

such compensation Period witiiin which Provided that such compensation shall be claimed -within the period

' * ̂ of two years from the date of the final appropriation of the lands in which the claimant "was interested.

to be claimed.

Corporation may 16. And iu case the Corporation and claimant shall not agree shall 1)0 determined in the Supremo Court by an action for damages to be brought by the claimant against the corporation or upon an issue agreed to by the claimant and coiqioratioii respectively Provided that in all cases in which an action shall be brought in the Supreme Court in respect of any claim for such compensation as aforesaid it shall be lawful for the corporation to plead any tender which they may have made in bar of such action on paying into Court in the usual w'ay according to the practice of the Court the amount of money tendered or to pay into Court such sum of money as the corporation shall think fit and to plead such payment in bar of the further maintenance of such action and whichever party shall succeed in such action or upon such issue as aforesaid shall be entitled to costs to be awarded and recovered according to the practice of the Court.

plead a tender or pay gg	Slim to bc paid for sucli Compensation as aforesaid the amount
money in o o u r.

Sums to be paid for	17. AA'licre such inquiry shall relate to the value of lands
jiurchase of lands

and for damages to	taken and appropriated by the corporation and also to compensation
be assessed sepa­	claimed for injury done or to bc done to the lands held therewith the
rately.	jury shall deliver their verdict separately for the sum of money to be

paid

1853. 17' YIC. 341

Dry Dock Company.

paid for the taking of the lands required for the works or of any interest therein helonging to the party with whom tlie question of disputed compensation shall have arisen and for the sum of money to lie paid by Avay of compensation for the damagt' (if any) to he sustained liy the owner or occupier of the lands by reason of any act matter or thing otherwise injuriously allecting such lands by the exercise of the powers of this Act.

18. I t shall he lawful for the said corporation to purchase and other lands may be

hold and for any person to convey to the said corporation any lands otlier tlian the lands hereby authorized to he taken without the previous consent of the owner or oecujiier which may he eonvenieutly and advantageously used in connection with the said dry docks slips and other works or otherwise in carrying out th(' purposes and objects of this Act.

11). Before it shall he lawful to put in force any of tlu‘ [lowers 20,000 shares to b?, lu'reinbefore conferred in relation to the a])propriation of lands other- confpiVisory powers wis('than by agreement for the ])urposcs of the said dry docks slips pot in force,

works and roads not less than twenty thousand shares shall have been

actually subscribed for and the sum of ten thousand pounds [laid up.

20. A certiticatc under the hands of two J ustices of the Beace Evidence of

in Petty Sessions ec-rtifying that the prescribed number of shares have

been taken and the required sum been paid up shall he sufficient as above,

evidenct' thereof :iud on the ap[ilication of the said corporation and the

[irodnction of such evidence as the Justices shall think pro[icr and

sullicient such J ustices shall grant such certificate accordingly.

21. At any time after the passing of this Act the said corpora- L,,„ds not wanted

lion shall absolutely sell and dispose of all superfluous lands required by them as aforesaid and apply the purchase money arising from such sales to the purposes of this Act or as ju’ovided liy the deed of settle­ ment of the said corporation.

22. I t shall he lawful for the said corporation from time i 0 Kates granted to

time and at all times hereafter to ask demand take recover and receive

ôiporation.

to and i'or the use and benefit of the said corporation tonnage rates to he established from time to time by the said corporation payable upon vessels using the said dry docks or slips and the tonnage of British vessels dnly registered aecording to law shall be ascertained according to the certified tonnage in tlie register of such vessels and the tonnage of all otlier vessels shall he ascertained according to the rules of admeasurement for the time being established by law for regulating the admeasurement of the tonnage and burthen of the merchant shipping of the Lhiited Kingdom and of the rates and dues that may he established.

23. The said corporation if required so to do by the Governor Wateh-houses and

shall erect on a suitable s[iot within or m>ar the dry docks or slips to oii!;Vomrofficers. Governor provide all requisite accommodation ibr the use of any ofiicers of revenue with fit weighing materials and shall at all times keep any buildings slieds watch-house boat-house hut and wi'igbing materials which may be required to be provided in good and sufficient repair.

he approved of by tlie said Governor and ahvays tlu'reafter maintain

snch buildings and sheds for the use of any tide surveyoi- or other officer

of the Customs and his boat ’s crew as shall lie approvcul of by the said

24. If at any time any such building shed watch-house or boat- Penalty on coryora-

house hut or weighing matt-rials shall lie out of repair or not provided r̂pairwatch-iw

as required by liic said Executive Council and notice thereof Ik- g iv e n

to tlie said corporation they shall repair or provide the same to the satisfaction of tin- said Executive Council or any [lerson appointed by them for that purpose within three months after such notici- or in

default

342 17̂ VIO. 1853.

T>ri) Dock Company.

default thereof shall forfeit the sum of one hundred pounds for every month during whieh sueh building shed wateh-house boat-house hut or weighing materials shall continue out of repair or he not provided such penalty to he recovered in the Supreme Court of the said Colony against the said corporation as a debt due to the Crown and to he sued for by any officer of Customs by the direction of the said Executive Council.

Restrictions on lia­

bility.	25. The total amount of debts engagements and liabilities of the said corporation shall not in any case exceed the amount of capital stock subscribed and actually paid up.
Pividand I'rom the	26. No dividend or bonus shall in any case hi', declared or paid out of the suhsm’ihcd capital for the time being of the said corporation nor otherwise than out of the declared surplus capital net gains and profits of the business.
profits.
Actions or suits for	27. In any action or suit to he brought by tin; said corporation against any proprietor of any shares in the capital of the said corpora­ tion to recover any sum of money due and jiayahle to the said corporation for or by reason of any call made by virtue of this Act or of tiic said deed of settlement it shall lie sufficient for the corporation to declare and allege that the defendant being a proprietor of such or so many shares in the capital of the said corporation is indebted to the said corporation in such sum of money (as the call in arrears shall amount to) for such call of such sum of money upon such or so many shares belonging to the said defendant whereby an action hath accrued to the said corporation without setting forth any special matter and on the trial of such action or suit it shall not he necessary to prove the appointment of the directors who made such call or any other matters except that the defendant at the time of making such call was a holder or proprietor of onii or more share or shares in the capital of the said corporation and that such call was in fact made and that such notice thereof and of the time fixed for the payment thereof Avas given as is directed by the said deed of settlement and the said cor­ poration shall thereupon be entitled to recover Avhat shall appear due.
calls.
Contracts &c. under	28. Nothing herein contained shall prejudice or he deemed to thing entered into made or done by the said corporation prior to or under or by virtue of the said deed of settlement before this Ai;t shall come into operation hut the same call contract act deed matter or thing shall he as valid and cfFectual to all intents and purposes as if this Act had not been passed and may he enforced in like manner as if the said company had been incorporated before the same call contract act deed matter or thing had been made entered into or done.
the deed of
settlement before	prejudice any call made or any contract or other act deed matter or
Act.
Execution against	29. If any execution either at laAV or in equity shall have been issued against the property or effects of the said corporation and if there cannot he found sufficient corporate property Aviiereon to levy such execution then such execution may he issued against any of the shareholders to the extent of their shares respectively in the capital of the corporation not then paid up Provided always that no such execution shall issue against any shareholder except upon the order of the Court in which the action suit or other jirocceding shall have been brought or instituted made upon motion in open Court after sufficient notice to the jicrsons sought to be charged and upon such motion such Court may order execution to issue accordingly and for the purpose of asciu'taining the names of the shareholders and the amount of capital remaining to be paid up on their respective shares it shall l)c laAvful for any person entitled to any such execution at all reasonable times to inspect without fee the register of share­ holders required by tlie said deed of settlement to he kept in the office of the said corporation and so much of the share account of such
shareholders.

shareholders

1853. 17° VIO. 343

D ry Doch Company.

sliareliolders as shall he sufficient to shew the amount of their

respective shares so remaining to he paid up Provided further that in Liability of sharo-

thc event of the assets of the corporation heing insufficient to meet its engagements the sliareliolders shall in addition to the amount already paid and to he paid upon their shares in the capital of the said corpo­ ration he responsibh; to the extent only of a sum equal to the amount of their said shares.

30. If hy means of any such execution any shareholder shall Keimbursemeut of

have paid any sum of moibcy beyond the amount then due from him in respect of calls he shall forthwith he rcimhursed such additional sum by the directors out of the funds of the corporation.

31. The directors for the time heing shall haye the custody of tiustody ami use of

the common seal of the said corporation and the form thereof and all

■

other matters relating thereto shall from time to time he determined hy the directors in the same manner as is proyided in and hy the said deed of settlement for the determination (jf other matti'rs hy the hoard of directors and the directors present at a hoard of directors of the said corjioration shall have power to use such common seal for the affairs and concerns of the said corporation and under such seal to authorizi! and emjiOAver any person without such seal to execute any deeds and do all or any such other mattiu's and things as may he requircal to he executed and done on behalf of tlie said corpo­ ration in conformity with tlu; proyisions of the said deed of settlement and of this Act hut it sliall not he necessary to use tlu' corporate seal iu respect of any ol'thc ordinary business of the corporation or for the a])pointmi;nt of an attorm;y or solicitor lor the prosecution or defi;nce of any action .suit or proceeding.

32. In ease it shall at any time be thought expedient hy the i’io))iictors may

• 1 J* J • ^ 1 /• 1 *j_ raise au adilitumal

said corporation to raise any sum or sums oi money by way ol loan it suhi k neceasary

shall he laAvful for the said corporation by any order of any geu{;ral ''V mf" tgusC'

me(;ting of the said corporation to borrow and take up at interest in addition to the money which the said corporation are authorized to raise in extension of their capital as aforesaid any such sum as to them shall seem m(;et and convenient not excei;ding at any time one- third of the amount of the capital of the said corporation then actually ])aidup and the said corporation after an order shall have been made for that jmrpose by any general meeting are hereby authoriz(;d and i;mpowered to assign the jiroperty of the said corporation and the rates arising or to arise hy virtue of this Ai;t or auy part ther(;of (the luists and chargi;s of assigning the same to he paid out of the said rates) as a security for any such sum of mom;y to he borrowed as aforesaid with interest to sueli person or to his trustee as shall advance the same all whieh said mortgages or assignments shall he made under the common seal of the said corporation and in the words or to the effect following (that is to say)—

“ N o .	Form of mortgage.
“ The Sydney Dry Dock Company by virtue of an Act passed “ in the year of the reign of Her Majesty “ Queen Victoria intituled ‘ A n Act to incorporate a “ Company to he called “ The Sydney Dry Dock Company'’’ ' “ in consideration of the sum of paid to the

“ said company by of doth

“ assign unto the said his (or her) executors “ administrators and assigns the said company’s under- “ taking and all and singular the rates arising by virtue “ of the said Act and all the estate right title and interest

“ of in and to the same To hold unto the said

“ his (or her) executors administrators

“ and assigns until the said sum of

“ together

344 17" VIC. 1853.

T)ry Doch Company.

“ toE^ether with interest ibr the same after the rate of “ for every one hundred pounds for a year “ shall be fully jiaid and satisfied.

“ Given under the eoinmon seal on this

“ day of in tlu' year of our Lord 18

And all and every the person and persons to whom such mortgage or assignment shall be made shall be equally entitled one with the other to his her or their proportion or proportions of the said rates and premises according to the respective sums in such mortgages or assignments mentioned to be advanced without any preference by reason of the priority of date of any such mortgage or assignment or any other account whatsoever and an entity or memorial of every such mortgage or assignment containing the number and date thereof and the name or names of the person or persons with the proper additions to whom the same shall liaAn been made and of the sum borrowed together with the rate of interest to be paid thereon shall within fourteen days next after the date thereof be entered in a book or books to be kept by the clerk or other officer of the said corporation which said book or books shall and may be perused at all reasonable times by any of the proprietors or creditors of the said corporation or other person interested therein without fee or reivard and every person to whom any such mortgage or assignment shall have been made as aforesaid or who shall be entitled to the money due thereon shall and may from time to time transfer his right and interest therein to any person ivliomsoever Avhich transfer .shall or may be in the Avords or to the effect following (that is to say)—

Form of transfer of “ I {or Ave) of in consideration of the

mortgage. “ sum of paid by of do

“ hereby transfer a certain mortgage numbin’ made “ bv the Svdnev I)rv Dock Companv bearing date the “ day of for securing the sum

“ of and interest and all my (or our) right

“ and property thereinto the said	his (or her)
“ executors administrators and assigns.

“ Dated this day of in the year of our Lord 18

And CA'cry such transfer shall Avithin tAventy-eight days after the date thereof be produced to the manager or clerk of the said corporation Avho shall cause an entry or memorial to he made thereof in the same manner as the original mortgages or assignments for which the said clerk shall be paid such sum as the said corporation shall appoint not exceeding tAA'O shillings and sixpence and after such entry made CAnry transfer shall entitle such assignee his executors adminis­ trators and assigns to the full benefit thereof and payment thereon and it shall not be in the poAver of any person Avho shall have made such transfer to make void release or discharge the same or any sum of money thereon due or thereby secured or any part thereof.

Interest of money to

be paid in preference

33. The interest of tin; money Avhich shall be raised by mort­ gage as aforesaid shall be paid half-yearly to the sc\cral persons imtitled thereto in preference to any interest or dividends due or payable by virtue of this Act to the said shareholders or any of them and shall from time to time he fully paid and discharged or provided for before the yearly or other interest or dividends due to the said shareholders or any of them shall be paid made or provided and in case the same or any part thereof shall be behind and unpaid for the space of twenty-one days next after the same shall haA'c> bi^come due and payable as aforesaid and the same shall not be paid Avithin seAren days next after demand thereof in Avriting shall have been made to the said corporation or left at the office of the said corporation it shall be laAvful for two or more Justices of the Peace in Petty Sessions assembled

to dividends.

and

1853. 17" VIC. 345

Australian Library and Literary Institution.

and they arc licreby required on request to them made by oi' on bcbalf of any mortgagee whose interest sball bc so in arrear by an order under tbeir bands to appoint one or more ])crson or persons to receive tbc whole or such part of the said rates as arc liable to pay such interest so due and unpaid as aforesaid and the money so to be received by such person or persons is hereby declared to be so much money received by or to the use of the person to whom such int(3re,st shall be then due until the same together with the costs and charg(3s of recovering and receiving the rates shall bc fully satisfied and paid and after such interest and costs shall have been paid and satislh'd the power and autliority of such receiver and receivers for thepur])oses aforesaid shall cease and determine or otherwise the said interest so due and unpaid as aforesaid shall bc sued for and recovered with costs by an action of debt in the Supreme Court of the said Colony.

34<. No person to whom any such mortgage or assignment shall MoUsms. cs m,t to

bc made or transferrc;d as aforesaid shall be deemed a proprietor of	’
any share or shall be capable of acting or voting by virtue of such assigiiment cither as principal or by proxy as such at any meeting of the said corporation for or on account of his having lent or advanced any sum of money on the credit of any such mortgage or assignment.

35. In case the said corporation shall raise any sum or sums

of money by mortgage and sliall afterwards be required or be desirous ra\feVtiic’!Iinu'nit’

to pay oft' and shall pay off all or any part of the principal sum ‘'S''''"-

secured by such mortgages or any of them then and in every such

case it shall be lawful for the said corporation and they are hereby

authorized and empowered immediately or at any time or times

thereafter again to raise in lieu of the principal money so paid off or

to be paid off by them so much and such sum and sums of money as

they shall from time to time have paid off or bc required or bc desirous

to pay off to the holders of the mortgages or any of them or any ])art

thereof and so from time to time as often as the same shall bappen

but so nevertheless that the mortgage debts of the said eorporaf.ion

shall not in any event exceed one-third of the amount of the capital

of the said corporation actually paid up.