Tramways and Public Companies (Ireland) Act, 1883

PART I.

Powers of Grand Jury to Guarantee.

Grand jury may present in favour of baronial guarantee.

1. (1.) It shall be lawful for the promoters of any tramway, being a public company, in making application to the grand jury of any county under the Tramways (Ireland) Acts, to propose that a barony or baronies in the county shall guarantee the payment of dividends, not exceeding five per centum, upon so much of the share capital of the undertaking as is for the time being paid-up capital as defined by this Act: And also that, in case of default on the part of the promoters, the completion, working, and maintaining of the undertaking may be provided for, under the circumstances specified in this Act, at the cost of the same barony or baronies.

(2.) The grand jury shall inquire into such proposal, and shall hear all persons interested, and may make a presentment to be submitted to the Lord Lieutenant in Council that such baronies or parts of baronies as the grand jury may specify shall be chargeable with the payment of dividends at such rate, not exceeding five per centum per annum as the grand jury may determine on so much of the share capital of the company as is for the time being paid-up capital as defined by this Act: And also that the same baronies or parts of baronies shall become chargeable, under the circumstances specified in this Act, with the payment from time to time of such sums as may be required for completing, working, or maintaining the undertaking.

The guarantee may be limited by the presentment to expire at a fixed period.

(3.) The presentment shall provide that the barony or baronies or parts of baronies which it is proposed to charge with any part of such guarantee shall be represented in the direction or supervision of the affairs and finance of the company, so far as relates to the said tramway, or the part or parts thereof, in respect of which such barony or baronies or parts of baronies are proposed to be charged. This may be done—

(a.) By enabling the presentment sessions for such barony from time to time to elect a director or a local consulting director or directors of the company as the grand jury think necessary:

(b.) By enabling such presentment sessions from time to time to appoint an auditor, with power to inspect the books and accounts of the said company relating to the said tramways at stated and reasonable times:

(c.) By enabling such presentment sessions from time to time to appoint a delegate or delegates to attend and vote at the general meetings of the company on business relating to the said tramway, under such conditions as may be prescribed:

(d.) By any combination of the foregoing arrangements deemed proper:

(e.) The presentment may lay down a scale of payment, so far as they are chargeable upon the earnings of the undertaking, if any, for the directors and officials of the company, and may provide for the revision of such scale.

(4.) The presentment shall contain all such other conditions as the grand jury think proper to insert.

(5.) The presentment may apply to one barony only, if the grand jury so think fit. If it applies to more baronies than one, it shall determine the proportions of their liability respectively, or the presentment may provide that the proportions of such liability may be afterwards determined from time to time by arbitration or otherwise as the grand jury think expedient.

(6.) Nothing contained in this Act shall operate to prevent a company from promoting, constructing, and working two or more different tramway undertakings: Provided always that such company shall keep separate capital and revenue accounts for each tramway.