tinguished to extent of debenture stock. Application of Part III. to mortgage pre company shall, to the extent of the money raised by the issue of debenture stock, be extinguished. 35. The provisions of this part of this act shall be deemed to apply to mortgage preference stock, and to funded debt, as ference stock, the case may require, in all respects as if mortgage preference stock or funded debt were mentioned throughout this part of this act wherever debenture stock is mentioned therein. and funded debt. Continuance of powers. Actions, &c. not to abate. In the absence of special circumstances, and where not prohibited by their articles from so doing, companies and directors of companies, exercising the usual powers, may give security by deposit of title-deeds for payment of a past debt. In re Patent File Co., Ex parte Birmingham Banking Co., L. R., 6 Ch. App. 83. PART IV. Change of Name. 36. Where by any special act hereafter passed and incorporating this part of this act the name of any company incorporated either before or after the passing of this act for the purpose of carrying on any undertaking is changed,-then and in every such case from the passing of the special act the company by their new name shall have and may exercise the powers then vested in the company by their original name; and all acts relating to the company by their original name shall be read and interpreted as if throughout those acts, wherever the original name of the company or any reference to the company by their original name occurs, the new name of the company or a reference to the company by their new name were substituted. 37. No action, suit, bill, process, writ, indictment, information, or other proceeding, whether civil or criminal, which at or immediately before the passing of the special act is commenced and is then pending,-either at the suit or instance of the company, by their original name, against any other corporation or any person, or at the suit or instance of any other corporation or any person against the company, by their original name,—-shall abate, determine, or be otherwise impeached or affected for or by reason of the change of the name of the company; nor shall any notice, tender, requisition, warrant, summons, pleading, civil or criminal writ, or other process, record, deed, contract, agreement, writing, or instrument then or thereafter to be made, issued, written, or commenced, be deemed to be vacated, discharged, invalidated, prejudiced, or affected by reason of the company or their undertaking being therein respectively called by the original name of the company or undertaking; and it shall not be necessary in any bill, suit, indictment, information, proceeding, notice, tender, requisition, warrant, summons, pleading, civil or criminal writ, or other process, or in any record, deed, contract, agreement, writing, or other instrument or matter, to aver that the company had been called or known for any period by the original name of the company, or that their undertaking had been called or known within that period by the original name of the undertaking, and that by the special act effecting the change the names of the company and their undertaking were changed, and that after the passing of that special act the company had been called or known by their new name and their undertaking by its new name; but it shall be deemed true, lawful, and sufficient therein to aver the style and describe the company by their new name, and their undertaking by its new name, in the same manner as if the company had been originally incorporated, called, or known by their new name, and as if their undertaking had been originally called or known by its new name. 38. Notwithstanding the change of the name of the com- General saving pany, everything before the passing of the special act effect- of rights. ing the change, done, suffered, or confirmed under or by virtue of any other act shall be as valid as if the special act effecting the change were not passed; and the change of name and last-mentioned special act respectively shall accordingly be subject and without prejudice to everything so done, suffered, or confirmed before the passing of the last-mentioned special act, and to all rights, liabilities, claims, and demands, then present or future, which, if the change of name had not happened and such last-mentioned special act had not been passed, would be incident to or consequent on anything so done, suffered, or confirmed. 39. Notwithstanding the change of the name of the com- Contracts, &c. pany, all deeds, instruments, purchases, sales, securities, and preserved. contracts before the passing of the special act effecting the change made under any other act, or with reference to the purposes thereof, shall be as effectual to all intents in favour of, against, and with respect to the company as if the name of the company had remained unchanged. THE COMPANIES CLAUSES ACT, 1869. Amendment of Part III. of 26 & 27 Vict. c. 118, as to on debenture stock. 32 & 33 VICT. CAP. 48. An Act to amend "The Companies Clauses Act, 1863." WHEREAS "The Companies Clauses Act, 1863," has been Be it therefore enacted by the Queen's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, as follows: 1. Part III. of “The Companies Clauses Act, 1863," shall be read and have effect as if the following words, that is to rate of interest say, "not exceeding the rate prescribed in the special act, and if no rate is prescribed, then not exceeding the rate of four pounds per centum per annum," had not been inserted in section 22 of that act, and any special act of a company passed before the passing of this act, prescribing any rate, shall be read and have effect as if no rate had been prescribed therein. Restriction on rate of interest on de already authorized. 2. Provided, that any debenture stock, the creation whereof has been authorized by a company, but which has not been benture stock issued before the passing of this act, shall not be issued on any terms other than those whereon it might have been issued if this act had not been passed, unless and until the issue thereof, on terms other than as aforesaid, is after the passing of this act authorized by the company in manner provided in section 22 of "The Companies Clauses Act, 1863." Power to issue debenture 3. Any company having power to raise money on mortgage stock, subject or bond by virtue of any act of parliament, but not having 26 & 27 Vict. power to create and issue debenture stock, may create and to Part III. of c. 118. issue debenture stock subject to the provisions of Part III. of "The Companies Clauses Act, 1863" (relating to debenture stock), and Part III. of the said act, as amended by this act, shall be deemed to be incorporated with the special act of every such company. Advances to meet debentures falling 4. Money borrowed by a company for the purpose of paying off and duly applied in paying off bonds or mortgages of the company given or made under the statutory powers of the due. company shall, so far as the same is so applied, be deemed money borrowed within and not in excess of such statutory powers. shares or stock 5. Section 21 of "The Companies Clauses Act, 1863," Power to issue shall, with respect to any company to which it is applicable at discount. under the provisions of this or any other act, be read and have effect as if the following words, that is to say, "but so that not less than the full nominal amount of any share or portion of stock be payable or paid in respect thereof," had not been inserted in that section. residue of original or other capital at discount. 6. Any shares forming part of the capital (whether original Power to issue or additional) authorized to be raised by any special act of a company passed before the present session which have not been disposed of may be disposed of in manner provided by Part II. of "The Companies Clauses Act, 1863," as amended by this act, and that part, as so amended, shall be deemed incorporated with such special act accordingly. count shares 7. Provided, that any shares, the creation whereof has Restriction on been authorized by a company, but which have not been issuing at disissued before the passing of this act, shall not be issued on or stock already any terms other than those whereon the same might have authorized. been issued if this act had not been passed unless and until the issue thereof on terms other than as aforesaid is after the passing of this act authorized by the company in manner provided by Part II. of "The Companies Clauses Act, 1863." sions as to 8. Provided always, that this act shall not be construed to Act not to alter or extend the provisions of any act relating to share affect provicapital in respect of which the amount of profits to be divided capital upon is limited to a fixed rate per centum upon the paid-up capital dividend is of the company. which the limited. 9. This act may be cited as "The Companies Clauses Act, Short title. 1869." THE LANDS CLAUSES CONSOLIDATION ACT, 1845. 8 VICT. CAP. 18. An Act for consolidating in One Act certain Provisions usually inserted in Acts authorizing the taking of Lands for Undertakings of a public Nature. [8th May, 1845.] WHEREAS it is expedient to comprise in one general act sundry provisions usually introduced into acts of parliament relative to the acquisition of lands required for undertakings or works of a public nature, and to the compensation to be made for the same, and that as well for the purpose of avoiding the necessity of repeating such provisions in each of the several acts relating to such undertakings as for ensuring greater uniformity in the provisions themselves: May it therefore please your majesty that it may be enacted; and be it enacted by the Queen's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, That this act shall apply to every undertaking authorized by any act which shall hereafter be passed, and which shall authorize the purchase or taking of lands for such to be passed. undertaking, and this act shall be incorporated with such act; and all the clauses and provisions of this act, save so far as they shall be expressly varied or excepted by any such act, shall apply to the undertaking authorized thereby, so far as the same shall be applicable to such undertaking, and shall, as well as the clauses and provisions of every other act which shall be incorporated with such act, form part of such act, and be construed together therewith as forming one act. Act to apply to all undertakings authorized by acts hereafter This act was intended to apply only to the acquisition of land for undertakings of a public nature, and therefore is inapplicable to the case |