STATUTORY COMPANIES

297
new companies, close attention to the Standing Orders of
Parliament relating to Private Bills is essential. These
matters are generally attended to by Parliamentary Agents,
but the secretary of an existing company is required to give
notices calling a special meeting (sometimes called a Wharn-
cliffe Meeting), when the shareholders consider the Bill
deposited, and he will be required to prove by affidavit the
due and proper summoning of the meeting and the result of
the voting thereat.

All applications for special Acts are most carefully scru-
tinised in committee. Involving, as they may do, the
compulsory acquisition of land, and interference with existing
rights of all kinds, they will not be granted without adequate
examination and consideration, and without the insertion in
the Bills of clauses of all kinds ensuring the due protection
of the rights of others and adequate benefit to the public.

Besides the Companies Clauses Acts, the Special Act
usually incorporates the Lands Clauses Consolidation Acts,
and the appropriate general Acts relating to particular under-
takings, e.g. the Railways Clauses Acts, the Waterworks
Clauses Act, the Gasworks Clauses Acts, etc. Furthermore,
the clauses from time to time appearing in the Model Bills will
in general be incorporated. Examples of the scope of the
Model clauses is seen in the Railway section, dealing with pay-
ment of interest out of capital, additional capital, borrowing
powers, etc.; in the Tramway section, as to fares, rates and
charges; in the Gas section, as to capital and the sale of it by
auction or tender, the limitation of profits, etc.

The secretary of a statutory company will necessarily be
fully acquainted with the provisions of his company’s special
Act or Acts, and the incorporated Acts.

The matters which are provided for in the Companies
Clauses Acts for the most part cover the same ground as the
articles of association of a company incorporated under the
Companies Acts. They include detailed provisions for the
general management of the company.

STATUTORY COMPANIES (REDEEMABLE STOCK) ACT, IQIS5.

The full title of this Act is ‘An Act to enable certain
Statutory Companies to create and issue Preference Shares
or Stock and Debentures or Debenture Stock, so as in each
case to be redeemable.” It applies to ‘any railway company,
canal company, dock company, water company or other
company incorporated by special Act, who are for the time
being authorised under such an Act to construct, work.

Provisions of
Companies
Dlauses Acts.

Redeemable
Stock.