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.