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If, after 21 years from the passing of the Act for the construction of any future railway, the profits shall exceed 10l. per cent., the Treasury may revise the scale of tolls, and fix a new scale.
10l. per cent. profits shall be guaranteed.
Continuance of revised scale and guarantee.
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1. If at any time after the end of twenty-one years from and after the first day of January next after the passing of any Act of the present or of any future session of Parliament for the construction of any new line of passenger railway, whether such new line be a trunk, branch, or junction line, and whether such new line be constructed by a new company incorporated for the purpose or by any existing company, the clear annual profits divisible upon the subscribed and paid-up capital stock of the said railway, upon the average of the three then last preceding years, shall equal or exceed the rate of ten pounds for every hundred pounds of such paid-up capital stock, it shall be lawful for the lords commissioners of her Majesty’s Treasury, subject to the provisions herein-after contained, upon giving to the said company three calendar months notice in writing of their intention so to do, to revise the scale of tolls, fares, and charges limited by the Act or Acts relating to the said railway, and to fix such new scale of tolls, fares, and charges, applicable to such different classes and kinds of passengers, goods, and other traffic no such railway, as in the judgment of the said lords commissioners, assuming the same quantities and kinds of traffic to continue, shall be likely to reduce the said divisible profits to the said rate of ten pounds in the hundred: Provided always, that no such revised scale shall take effect unless accompanied by a guarantee, to subsist as long as any such revised scale of tolls, fares, and charges shall be in force, that the said divisible profits, in case of any deficiency therein, shall be annually made good to the said rate of ten pounds for every hundred pounds of such capital stock: Provided also, that such revised scale shall not be again revised or such guarantee withdrawn, otherwise than with the consent of the company for the further period of twenty-one years.
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