Railways Act, 1933

Investment of trust or court moneys in stock of the Company.

4.—(1) Whether the Company does or does not pay a dividend at the rate of three per cent. per annum or any dividend on its ordinary stock, such of the capital stocks of the Company as were, on the 1st day of December, 1932, securities in which trustees are authorised by the Trustee Act, 1893 , to invest trust moneys shall continue, until the 31st day of December, 1935, to be securities in which trustees are so authorised to invest trust moneys, and such of the capital stocks of the Company as were on the 1st day of December, 1932, securities in which funds in any court might, under the rules of such court, be invested shall continue, until the 31st day of December, 1935, to be securities in which funds in such court may be invested.

(2) For the purposes of the application, on or after the 1st day of January, 1936, of the provisions of the Trustee Act, 1893 , relating to the securities in which trustees are authorised to invest trust moneys or the provisions of any rules of court relating to the securities in which funds in court may be invested, the Company shall be deemed to have paid a dividend at the rate of one per cent. per annum on its ordinary stock in respect of every financial year of the Company which ended after the 30th day of November, 1932, and before the 1st day of January, 1936, and for which the Company in fact paid on its ordinary stock either no dividend or a dividend at a rate less than one per cent. per annum.

(3) In this section the expression “financial year of the Company” means a period for which annual accounts of the Company are made up and audited.