Prejudice to his Right to sue for such Principal Money, together with all Arrears of Interest, in any of the Superior Courts of Law or Equity, may, if his Debt amount to the prescribed Sum alone, or if his Debt does not amount to the prescribed Sum, he may, in conjunction with other Mortgagees whose Debts, being so in arrear, after Demand as aforesaid, shall, together with his, amount to the prescribed Sum,-require the Appointment of a Receiver, by an Application to be made as herein-after provided". ment of Receiver, by two Justices. 54. Every Application for a Receiver in the Cases Appoint aforesaid shall be made to two Justices; and on any such Application, it shall be lawful for such Justices, by Order in Writing, after hearing the Parties, to appoint some Person to receive the whole or a competent Part of the Tolls or Sums liable to the Payment of such Interest, or such Principal and Interest, as the Case may be, until such Interest, or until such Principal and Interest, as the Case may be, together with all Costs, including the Charges of receiving the Tolls or Sums aforesaid, be fully paid; and upon such Appointment being made, all such Tolls and Sums of Money as aforesaid shall be paid to and received by the Person so to be appointed; and the Money so to be received shall be so much Money received by or to the Use of the Party to whom such Interest, or such Principal and Interest, as the Case may be, shall be then due, and on whose Behalf such Receiver shall have been appointed; and after such Interest and Costs, or such Principal, Interest, and Costs, have been so received, the Power of such Receiver shall cease. Company to 55. At all seasonable Times, the Books of Account of Accounts of the Company shall be open to the Inspection of the re- be open to spective Mortgagees and Bond Creditors thereof, with inspection by Liberty to take Extracts therefrom, without Fee or &c. Reward. Mortgagees, Conversion And with respect to the Conversion of the borrowed into Capital Money into Capital, be it enacted as follows: of Loans New Shares may be created in 56. It shall be lawful for the Company, if they think fit, unless it be otherwise provided by the special Act, lieu of Loan: to raise the additional Sum so authorized to be borrowed, or any Part thereof, by creating new Shares of the Company, instead of borrowing the same,-or, having borrowed the same, to continue at Interest only a Part of such additional Sum, and to raise Part thereof by with author- creating new Shares; but no such Augmentation of ity of Gene- Capital as aforesaid shall take place without the previous Authority of a General Meeting of the Company. ral Meeting. New Shares to be considered same Shares; 57. The Capital so to be raised by the Creation of new Shares shall be considered as Part of the general as original Capital, and shall be subject to the same Provisions in all respects, whether with reference to the Payment of Calls, or the Forfeiture of Shares on Nonpayment of Calls, or otherwise, as if it had been Part of the original except as to Capital, except as to the Times of making Calls for such additional Capital, and the Amount of such Calls, which respectively it shall be lawful for the Company from Time to Time to fix as they shall think fit. time and amount of Calls. If old Shares new Shares 58. If, at the Time of any such Augmentation of at Premium, Capital taking place by the Creation of new Shares, the to be offered then existing Shares be at a Premium, or of greater proportion- actual Value than the nominal Value thereof, then, unShareholders. less it be otherwise provided by the special Act, the Sum ally to the Mode of offering shares. so to be raised shall be divided into Shares of such Amount as will conveniently allow the same to be apportioned among the then Shareholders in Proportion to the existing Shares held by them respectively; and such new Shares shall be offered to the then Shareholders in the Proportion aforesaid; and such Offer shall be made by Letter under the Hand of the Secretary given to, or sent by Post addressed to, each Shareholder according Payment of calls, § 21 et seq. b Forfeiture of shares, § 29 et seq. to his Address in the Shareholders Address Book", or left at his usual or last Place of Abode. Shares to cepting; may be 59. The said new Shares shall vest in and belong to On payment, the Shareholders who shall accept the same and pay the vest in the Value thereof to the Company at the Time and by the Parting a Instalments which shall be fixed by the Company; and otherwise, if any Shareholder fail, for One Month after such Offer, disposed of new Shares to accept the same and pay the Instalments called for in respect thereof, it shall be lawful for the Company to dispose of such Shares in such Manner as they shall deem most for the Advantage of the Com pany. of by the Company. not at 60. If, at the time of such Augmentation of Capital If old Shares taking place, the existing Shares be not at a Premium, Premium, then such new Shares may be of such Amount, and may new Shares be issued in such Manner and on such Terms, as the as Company Company shall think fit. to be issued think fit. And with respect to the Consolidation of the Shares Consolidainto Stock, be it enacted as follows: tion of Shares into Stock. Shares may dated into 3-5ths of Meeting. 61. It shall be lawful for the Company from Time to Paid up Time, with the Consent of Three Fifths of the Votes of be consolithe Shareholders present in Person or by Proxy at any Stock: with General Meeting of the Company, when due Notice for Consent of that Purpose shall have been given, to convert or con- General solidate all or any Part of the Shares then existing in the Capital of the Company, and in respect whereof the whole Money subscribed shall have been paid up, into a General Capital Stock, to be divided amongst the Shareholders according to their respective Interests therein. 62. After such Conversion or Consolidation shall have Stock may be taken place, all the Provisions contained in this or the special Act which require or imply that the Capital of transferred in same manner as Shares; the Company shall be divided into Shares of any fixed Amount, and distinguished by Numbers", shall, as to so much of the Capital as shall have been so converted or consolidated into Stock, cease and be of no Effect; and the several Holders of such Stock may thenceforth transfer their respective Interests therein, or any Parts of such Interests, in the same Manner and subject to the same Regulations and Provisions as or according to which any Shares in the Capital of the Company might be transferred under the Provisions of this or the special Act; and the Company shall cause an Entry to be made, in some Book to be kept for that Purpose, of every such Transfer; and for every such Entry they may demand any Sum not exceeding the prescribed Amount, or if no Amount be prescribed a Sum not exFeo, 2s. 6d. ceeding Two Shillings and Sixpence. and Trans fers to be registered. Register of Stockholders to be kept: and open to inspection. Proprietors of Stock entitled to Votes, &c. 63. The Company shall from Time to Time cause the Names of the several Parties who may be interested in any such Stock as aforesaid, with the Amount of the Interest therein possessed by them respectively, to be entered in a Book to be kept for the Purpose, and to be called "The Register of Holders of Consolidated Stock;" and such Book shall be accessible at all seasonable Times to the several Holders of Shares or Stock in the Undertaking. 64. The several Holders of such Stock shall be entitled to participate in the Dividends and Profits of Dividends, the Company, according to the Amount of their respective Interests in such Stock; and such Interests shall, in proportion to the Amount thereof, confer on the Holders thereof respectively the same Privileges and Advantages, for the Purpose of voting at Meetings of the Company, Qualification for the Office of Directors", and for other a § 6 (p. 62). b Provisions with respect to the Transfer of Shares, § 14 et seq.-Form of Transfer Deed for Stock or Shares, Schedule B, p. 117. § 75 et seq. d § 85, (p. 89.) Purposes, as would have been conferred by Shares of equal Amount in the Capital of the Company; but so that none of such Privileges or Advantages, except the Participation in the Dividends and Profits of the Company, shall be conferred by any aliquot Part of such Amount of Consolidated Stock as would not, if existing in Shares, have conferred such Privileges or Advantages respectively. Costs of 65. And be it enacted, That all the Money raised by Application the Company, whether by Subscriptions of the Share-of Capital. holders, or by Loan or otherwise, shall be applied, special Act; firstly, in paying the Costs and Expenses incurred in general purobtaining the special Act, and all Expenses incident Company. thereto, and, secondly, in carrying the Purposes of the Company into execution. poses of the Meetings. And with respect to the General Meetings of the Com- General pany, and the Exercise of the Right of Voting by the Shareholders, be it enacted as follows: Meetings: subsequent Half-yearly, 66. The First General Meeting of the Shareholders Ordinary of the Company shall be held within the prescribed First General Time, or if no Time be prescribed, within One Month Meeting; after the passing of the special Act; and the future Meetings, General Meetings shall be held at the prescribed Periods, in Feb. and and if no Periods be prescribed, in the Months of Febru- Aug. ary and August in each Year, or at such other stated Periods as shall be appointed for that Purpose by an Order of a General Meeting; and the Meetings so appointed to be held as aforesaid shall be called "Ordinary Meetings;" and all Meetings, whether ordinary or Place of extraordinary, shall be held in the prescribed Place, if Meeting. any, and if no Place be prescribed, then at some Place to be appointed by the Directors. For quorum required to constitute a General Meeting, see § 72. |