Sydney Railway Company Act 1852 No 39a (NSW)

No. XXXIX.

Railway All Act to empowei* “ TliG Sjdney Eailway

— Company ” to accept and give security for certain pecuniary aid from the Government and to vest in the Governor the right to appoint three Directors of the Company. [27 /̂i December, 1852.]

Preamble. XTTHEREAS it has been agreed by the Government of the Colony

to give (;ertain pecuniary aid in carrying out the objects oi‘ “ The Sydney Railway Company” on condition that security for the same he given upon the works and property* of the Company and that until re-payment of all sums advanced the right to appoint three of the Directors of the Company shall he vested in the Governor of this Colony for which last-mentioned purposes the authority of the Legislature is necessary Be it therefore enacted by His Excellency the Governor of New South Wales by and with the advice and consent of the Legislative Council thereof as follows :—

T Y

Company authorized

to borrow from local 1. I t shall he lawful for the said Company under the order ol‘

Government £150	a general meeting of the shareholders to borrow at interest from Her
for every £100 of
paid-up capital for	Majesty’s Government of the Colony any sum or sums not exceeding
20 years.	in the whole the sum of one hundred and fifty pounds for every one hundred pounds of paid-up capital of the said Company for any period not exceeding twenty years and the said Company or the Directors thereof are hereby authorized and empowered to assign to the Colonial Treasurer on Her Majesty’s b('half the property of the said Company and all or any of the rates arising by virtue of the Act of Council passed in the thirteenth year of Her present Majesty’s reign intituled “ An Act to incorporate a Company to he called ‘ The Sydney Railway Company ’ ” as a security for any sum or sums so to be borrowed as aforesaid with interest for th(' same* at such rate as shall l)e agreed upon.

During continnanoc 2. Upon any such loan as aforesaid being made by the Govern-

the Diicctovŝ to be bucut to the Company it shall be lawful for tin; Governor to nominate

appointed by the	appoint auv three persons whom he shall think fit without reference
Government.	r i . r

to

1852. m VIC. No. 40. 2569

Appropriation (1853).

to the propi'ietor’s qualification required loy the said Act of Council to be Directors of the said Company and at the meeting convened for the purpose of authorizing the Directors of the said Company to borrow such sum or sums of money as aforesaid three Directors shall be chosen to act with the three Directors to be appointed by the Governor as aforesaid and immediately after such appointment by the Governor shall be duly notified the Directors for the time being who have beem appointed under the provisions of the said Act shall cease to hold office and from time to time during the continuance of any such loan it shall be lawful for the said Governor to remove any of the Directors so appointed by hhn and to apjmint another or others in the stead of any Director or Directors who liaving l)een so appointed by him shall die resign or be removed and during such time three Directors only shall be appointed by the said Company under the provisions of the said A(;t of Council.

3. The six Directors so appointed by the Governor and (dected how President to be

by the Company shall choose out of their number ont; who shall l)c tin; President of the said Com}>any Provided that if there shall be aii (iquality of votes for any two or more candidates for the said office of President the Governor shall declare which of such candidates slndl bo President.

1. All the provisions of the said Act of Council shall ajjply to Provisions of Raii-

the President and Directors to be so chosen and appointed under the

authority hereof in the same manner as if they were elected under the appointed,

said Act except so far as such provisions are inconsistent herewith.