I Edw. 7, Sale of unissued stock. Stock not sold may be offered to shareholders. SOUTH METROPOLITAN *** ACT, 1901. GAS 6.—(1) Notwithstanding anything in this Act when any unissued ordinary stock is to be issued and whether the same be at a premium or not the Company before offering the same to the holders of any other stock of the Company or for sale by public auction or tender may (with the approval of the Board of Trade to be signified in writing under the hand of an assistant secretary of that Board) offer to all the gas consumers and persons in the employ of the Company the stock so to be issued at as near as may be the average market price of such stock in the month immediately preceding such offer (provided that in no case shall the price at which such stock shall be offered be lower than five per centum below such market price) and if and so far as the stock so issued is not taken by such persons the Company before offering the same to the holders of any other stock in the Company shall offer the same at the same reserve price for sale by public auction or by tender in such manner and at such times and subject to such conditions of sale as the Company shall from time to time determine Provided that no single lot shall at any such offer or sale comprise more than one hundred pounds nominal value of such ordinary stock and that the reserved price put upon such stock shall not be less than the nominal amount thereof and notice of the amount of such reserved price shall be sent by the Company in a sealed letter to the Board of Trade not less than twenty-four hours before the day of auction or the last day for the reception of tenders as the case may be and such letter may be opened after such day of auction or last day for the reception of tenders and not sooner and provided that no priority of tender shall be allowed to any holder of stock in the Company. (2) To ascertain the average market price of the stock in the month immediately preceding an offer to consumers and employees the mean daily prices recorded in the official published list of the London Stock Exchange shall be taken for the last four completed weeks. 7. When any unissued ordinary stock has been offered for sale by auction or tender and not sold the same may be offered at the reserved price put upon the same re spectively for the purpose of sale by auction or tender to the holders of ordinary stock of the Company in manner provided by the Companies Clauses Act 1863 Provided always that any ordinary stock so offered and not accepted within a reasonable time may at any time within six months thereafter be again offered for sale by public auction or by tender in the manner prescribed by and subject to the provisions of this Act but at a lower reserved price than the price put upon the same at the preceding offer thereof for sale by auction or tender And any ordinary stock not then sold may be again offered to the holders of ordinary stock of the Company at the lastmentioned reserved price and so from time to time until the whole of such stock is sold. 8. The intention to sell any such stock whether to the gas consumers or to persons employed by the Company or by auction or by tender shall be communicated in writing to the clerk of the London County Council and of every local authority having jurisdiction within the district of supply of the Company and to the Secretary of the Committee of the London Stock Exchange at least twenty-eight days before the day of sale or the day for the reception of tenders as the case may be and notice of such intention shall be duly advertised once in each of two consecutive weeks in two or more daily newspapers published in London and circulating within the said district. *** I Edw 7、 Notice to be given as to sale of stock. 11. The following sections of the Act of 1896 (that Incorporation is to say):: Section II Section 12 Section 13 (Purchase money to be paid within one (Notice to be given as to stock); (a) shall extend and apply mutatis mutandis to and in relation of certain sections of Act of 1896. of s. 7 of South 12. Section 7 of the South Metropolitan Gas Act Incorporation 1882 shall extend and apply to and in relation to the issue of debenture stock under this Act as if the London County Council were therein named in place of the Metropolitan Board of Works *** (a) See also s. 8 of this Act, above. 2 Edw. 7, Cap. 108. Amending section 5 of the Act of 1901. SOUTH METROPOLITAN GAS *** 20. The following sub-sections shall be added to and form part of section 5 (Power to Company to raise additional capital) of the Act of 1901 *** The following are the sub-sections hereinbefore referred to: *** (5) Any sum of money which shall arise from the sale of any such ordinary stock by way of premium after deducting therefrom the expenses of and incidental to such sale shall not be considered as profits of the Company nor be entitled to dividend but shall be expended in place of capital in extending or improving the works of the Company. of Gas Act of 3. The following parts of the Metropolis Gas Act, Modification 1860, shall not apply to the Commercial Company (a); (that is to say,) Section two, as far as it incorporates the provisions of the Gasworks Clauses Act, 1847, with respect to the amount of profit to be received by the undertakers from the gasworks carried on for their benefit, or imposes any restriction on the Company in respect of the rate of dividend; So much of section four as defines the meaning of the words common gas and cannel gas; Sections seven to twelve, both inclusive; Sections twenty-five to thirty-four, both inclusive; Sections forty to forty-four, both inclusive; and such provisions of the Metropolis Gas Act. 1860, as apply to the Commercial Company shall be read and have effect as if the Board of Trade were named therein instead of one of Her Majesty's Principal Secretaries of State; and the Gasworks Clauses Act, 1871, shall not extend or apply to the Commercial Company. 1860. Interpretation "Metropolitan Board" means the Metropolitan Board of terms. of Works: (b) "Local authority means a vestry or district board acting under "The Metropolis Management Act, 1855: " (c) "Share " and "shareholder" include stock and stockholder: "Half year 66 means a half year reckoned from the first day of January and the first day of July (each inclusive) in each year: Quarter means a quarter of a year reckoned from (a) "The Commercial Gas Company (in this Act called the Commercial Company.)" Preamble. (b) Now London County Council. See Local Government Act, 1888, s. 40 (8.), p. 362. (c) Now a Metropolitan Borough Council. See London Government Act, 1899, s. 4, P. 483. 38 & 39 Vict., Cap. 200. Appointment of gas referees. Continuance of referees. Quorum, &c. of referees. Certificates of referees. Mode and times of testing illuminating power. the first day of January, first day of April, first day of July, and first day of October (each inclusive) in each year: "Day" means (except in this section) twenty-four hours, reckoned from nine o'clock in the forenoon of one day to nine o'clock in the forenoon of the next following day, so much of each day as is before nine o'clock in the forenoon being reckoned as part of the immediately preceding day of the month or week: "Candles" means sperm candles of six to the pound, burning one hundred and twenty grains an hour each. *** 22. The Board of Trade shall, as soon as may be after the passing of this Act, appoint, in relation to the Commercial Company, three competent and impartial. persons, one at least of them having practical knowledge and experience in the manufacture and supply of gas, who shall be called the gas referees (and who are in this Act referred to as the gas referees), and in case of a vacancy happening among them by death, resignation, or otherwise, shall appoint a competent and impartial person to fill the vacancy, one at least of the three being always qualified as aforesaid. 23. Every person appointed to be one of the gas referees shall continue in office for one year only from the date of his appointment, but shall be capable of reappointment. 24. Two of the gas referees shall be a quorum, and at least two of the gas referees shall concur in every act or determination of the gas referees. 25. A copy of each certificate of the gas referees required by this Act shall be sent by them to the Metropolitan Board (a) and to the Commercial Company. 26. The gas referees shall, subject to the provisions of this Act, from time to time prescribe and certify the mode to be adopted for testing and recording the illuminating power *** (b) of gas supplied by the Commercial Company, and the number of the times of testing. (a) Now London County Council. See Local Government Act, 1888, s. 40 (8), p. 362. (b) Words "and pressure" omitted repealed by Gas Companies Acts Amendment Act, 1880, s. 21, p. 340. For substituted provision as to testing of pressure, see s. 6 of that Act, p. 337. |