39 & 40 Vict., Cap. 225. Appoint ment of gas examiners. Appoint ment of chief gas examiner. Auditor of accounts. Ascertainment of capital of Company. Form of accounts. Periodical audit. Facilities for auditor, &c. 38. The Corporation within the City, and the Metropolitan Board (a) elsewhere, shall as soon as may be after the passing of this Act respectively appoint, and shall always keep appointed, a competent and impartial person or persons to be a gas examiner or gas examiners for the several testing places within their respective jurisdictions. 39. There shall be a chief gas examiner, being a competent and impartial person, from time to time appointed by and removable by the Board of Trade. [40-56. Testing and Forfeitures. Repealed by Gas Companies Acts Amendment Act, 1880, s. 21, p. 340. For substituted provisions, see ss. 4-20 of that Act, pp. 336-340.] 57. There shall be an auditor of the accounts of the Company being a competent and impartial person from time to time appointed by and removable by the Board of Trade, which auditor is in this Act referred to as the auditor. 58. The auditor shall with all practicable speed after the commencement of this Act investigate the accounts of the Company, and ascertain and certify the amount of its capital, distinguishing share from loan capital, and shall from time to time as new capital shall be expended in like manner ascertain and certify such new capital. 59. The auditor shall from time to time prescribe the form of accounts to be kept by the Company. 60. The auditor shall during every half year as and when he thinks fit inspect the accounts of the Company and audit the same, and if he finds the same correct he shall certify the same; but if he finds the accounts incorrect in principle or in detail he shall require the Company to correct the same in such manner as he thinks right, and he may if he thinks fit grant a conditional certificate so as to authorise the payment of a dividend subject to correction if need be, and except in the case of a conditional certificate a dividend shall not in any case be declared until the accounts are certified by the auditor. The accounts as and when certified shall be forthwith laid before both Houses of Parliament if Parliament be then sitting, and if Parliament be not then sitting, within seven days after the commencement of the then next session of Parliament. 61. The Company shall give the auditor, his clerks, and assistants access to the books and documents of the (a) Now London County Council. See Local Government Act, 1888, s. 40. (8.), p. 362. Company, and shall when required furnish to him or them all vouchers and information requisite for the purposes of the audit, and shall afford to him and them all facilities for the proper execution of his and their duty. 39 & 40 Vict., Cap. 225. 62. If the Corporation, the Metropolitan Board (a), Arbitration or the Company think themselves aggrieved by any act, between determination, or omission of the auditor, the matter in parties. difference shall be referred to the determination of an arbitrator to be agreed on between them and the auditor, or in default of agreement, to be appointed on the application of any of the parties by the Lord Chief Justice of the Common Pleas, and the reference shall be subject and according to the provisions of the Common Law Procedure Act, 1854, and the cost of the arbitration shall be in the discretion of the arbitrator, whose decision shall with respect to all such matters be final and conclusive, and subject to this provision the directions and determinations of the auditor shall be final and conclusive. *** 65. Penalties imposed on the Company for one and Penalties not the same offence by this Act, and by the several Acts of to be Parliament relating to the Company, are not cumulative. cumulative. (a) Now London County Council. See Local Government Act, 1888, s. 40. (8.), p. 362. Limit of price for gas supplied south of Thames and to public lamps.] SCHEME For the Amalgamation of the London Gaslight Company with The Gaslight and Coke Company, in pursuance of Sections 18 to 24 inclusive of The City of London Gas Act, 1868, and of Section 56 of "The Gaslight and Coke Company's Act, 1871." Confirmed by Order in Council, 22nd May, 1883. 39.*** Provided also that the United Company shall not charge in the districts of the London Company south of the River Thames a higher price per 1000 cubic feet of sixteen candle gas, either for public or private lighting, than the price for the time being charged by the South Metropolitan Gas Company for Gas of the same. illuminating power, and Section 86 of the City of London Gas Act, 1868, shall apply as against the United Company to the whole of the public lamps supplied with Gas of similar quality, but not to private consumers, within their districts north of the Thames: *** (a) (a) As to remainder of section (rate of dividend payable under sliding scale to be governed by maximum price charged by united company), see now Gaslight and Coke Company's (Capital Consolidation) Act, 1898, s. 15. (2.), p. 527. See also s. 21 of that Act, P. 529. GASLIGHT AND COKE COMPANY'S (CAPITAL CONSOLIDATION) ACT, 1898. 61 & 62 Vict., Cap 172. *** 2. This Act and the Acts referred to in Part I. of Schedule A. hereto may be cited collectively as the Gaslight and Coke Company's Acts 1868 to 1898. *** 15.-(1.) From and after January the first one thousand eight hundred and ninety-nine the standard rate of dividend upon the Company's ordinary stock shall be four pounds per centum per annum and such standard rate shall be decreased or increased in accordance with the increase or decrease in the standard price of gas of three shillings and ninepence per one thousand cubic feet (that is to say): — For every penny or part of a penny charged in any (2.) In the application of such sliding scale the maximum price charged by the Company to private consumers during any calendar year shall be taken to be the price charged in such calendar year and such maximum price is in this Act called the "authorised price" and the rate of dividend on the Company's ordinary stock for the time being distributable in accordance with the above scale is in this Act called the "authorised rate of dividend." (3.) In sections 21 and 22 and the latter part of section 23 of the Gaslight and Coke Company Act 1876 the words "standard rate of dividend" shall have the same meaning as is herein assigned to the words "authorised rate of dividend." 16. The net profits of the Company which remain after providing for the dividends on the Company's several preference stocks shall be applicable in the first place in paying rateably and without preference or priority a dividend up to three pounds ten shillings per *** 61 & 62 Vict., Cap. 172. Act not to authorise increased insurance fund. Provision in event of purchase of Company's undertaking by public or local authority. centum per annum on the Company's three and a half per centum maximum stock and up to two pounds sixteen shillings per centum per annum on the Company's ordinary stock The three and a half per centum maximum stock shall in no case be entitled in any year to any dividend in excess of the rate of three pounds ten shillings per centum per annum but any surplus profits available after the payment of the said dividends of three pounds ten shillings and two pounds sixteen shillings per centum per annum on the three and a half per centum maximum stock and ordinary stock respectively shall be applicable in payment of further dividends on the ordinary stock up to the amount permitted by law So long as the authorised price of gas does not exceed four shillings and ninepence per thousand cubic feet and the authorised rate of dividend on the ordinary stock does not fall below the rate of two pounds sixteen shillings per centum per annum the rate of dividend distributable on the three and a half per centum maximum stock shall continue to be three pounds ten shillings per centum per annum but if the authorised price of gas exceeds four shillings and ninepence per thousand cubic feet or the authorised rate of dividend on the ordinary stock falls below the rate of two pounds sixteen shillings per centum per annum then for every increase of one penny in the authorised price of gas above four shillings and ninepence per thousand cubic feet or fall of two shillings in the authorised rate of dividend on the ordinary stock the rate of dividend on the three and a half per centum maximum stock shall be reduced by two shillings and sixpence Subject to the provisions of this Act the making of dividends on the three and a half per centum maximum stock and the ordinary stock is subject to the provisions of the Companies Clauses Consolidation Act 1845 with respect to the making of dividends. *** 18. Nothing in this Act shall be deemed to authorise the Company to increase the amount of its insurance fund beyond four hundred and sixty thousand two hundred pounds. 19. Whereas the conversion by this Act authorised may affect the market prices of the Company's stocks Therefore be it enacted that in the event of any purchase of the Company's undertaking by a public or local authority the market prices of the Company's stocks shall not be taken into consideration in determining the price to be paid for the said undertaking. |