The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1879-04-05 00:00:00

PUBLIC NOTICES.

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or stock, as tly.: este may Ic,
. were issued and accepted bona
-tiLe and are held by the ptr3ons
or corporations to whom the
same were issued, or their exe-
cutors, athn,niaLiators, succes-
sors, or ass tzus, and also as
. regards 81 much of the said
addiioual ca, ital as is rti,sed by
shares, that such persons or
corporation, their executors,
aJministrators, successors, or
assigus, are legally liable for the
same ; and upon production to
such Justice of the books of the
Undertakers, and of such other
evidence as he may think suf-
ficient, he shall grant a certifi-
cate that the proof aforesaid has
been given, which shall be
sufficient evidence thereof.

Shares not to 7. The Undertakers shall not issue
be issued until any share under the authority of this
one fifth part Order,nor shall any such share vest in the
thereof paid up. person accepting the same, unless and
until a sum not being less than one
fifth part of the amount of such shore
has been paid up in respect thereof.
Calls. 8. One fifth of the amount of a share
issued under the authority of Ibis
Order shall be the greatest amount of
a call, and three months at least shall
be the interval between the successive
calls, and three fourths of the amount
of a share shall be the utmcst aggregate
amount of the calls made in any year
upon any share.
Receipt clause 9. If any money be payable to a
in case of shareholder being a minor, idiot,
person not or lunatic, the receipt therefor of the
sal jniis. guardian or committee of his estate
shall be a sufficient discharge to the

Undertakers.
Votes of W. The proprietors o/ any shares or
proprietors. stock forming part of the additional
capital raised under the authority of
this Order shall be entitled to such
number of votes in respect thereof as
the nominal amount represented by
such shares or stock would have
entitled them to if the same had been
original shares or stock of the
Undertakers; and the proprietors of
such new shares or stock shall, except
as in this Order specially provided, be
entitled to the same dividends, and the
same rights and privileges in all re-
spects, and be subject to the same
obligations and liabilities as the pro-
prietors of the original shares or stock
of the Undertakers.

Power to create 11. The Undertakers may create and
debenture issue debenture stock instead c 4 and
stock, to the same amount as the whole or
any part of the money borrowed or
authorised to be borrowed on mortgage
by this Order, subject to the provisions
- of Part 111. of the Companies Clauses
Act, 1863 ; but Eotaith,tanding any-
thing therein contained, the interest of
all debenture stock crea,ed and issued
by the Undertakers under the authority
ot this Order shall rank pan i passu with
the interest of all mortgages granted
by the Undertakers under the authority
of this Order, and shall have priority '
over all principal moneys secured by
such mortgages,
Pr or.ty of 12. Every mortgage granted by the
existiqg Undertakers under the authorhy of
nitrtk gel. the Act of 1854 shall have priority
over all mor_tgages.granted tinder the

-au—th-ority of this Order.

Limits of divi- 13. The Undertakers shall not in
den ion addi- any year make out of their profits any
tional capita'. large r dividend on the additional
capital by this Order awhorised than
seven pounds in respect of every one
hundred pounds actualiy paid up of
such car ital as may be issue I as
ordinary capita', or six pounds in re-
spect of every one hundred pounds
actuelly paid of such capital as may
he issued as preference capital.
Divi lends on 14. Id case iu any half year the net
different revenues of the Unclertakers applicable
classes of to dividend ate insufficient to pay the
shares to be full amount of the prescribed maximum
paid rateably. rate of dividend on each class of ordin-
ary shares or stock in the capital and
additional capital of the Undertakers,
r.t.shle deduction shall be made in
the dividend ot each cases:
.15. The Undertaksrs shall not, with-
out the consent of the Board of Tr..de,
pay interest at a higher rate than five
pounds per centutn per annum in re-
spect of any moneys borrowed on
mortgage or rased by the creation and
issue of debenture stock under the
authority of this Order.
16, lhe mortgagees of the Under-
takers under this Order may enforce
payment of arrears of interest or prin-
cipal, or principal and interest, due on
their mortgages by the appointment of
a receiver ; and in order to authorise
the appointment of a receiver in re-
spect of arrears of principal, the amount
owing to the mortgagees by whom the
application for a receiver is made shall
not be teas than one tenth part of the
total itraoaut, for the time being owing
by the Undertakers on mortgage under
the authority of this Order.
17. All moneys raised under this
Order shall ba applied to the purposes
of the uudertak:ng authorised by the
Act of 1854 and by this Order: Pro-
vided that no part of such moneys shall
be applied to the construction, main-
tenauce, or continuance of waterworks
or works connected therewith, or the
supply of water within any part of the
limits of the said Acz. within which
the South Staffordshire IVaterworks
Company are empowere i by Act of
Parliament to supply water.
IS All the costs, charges, and ex-
peuses of and incidental to the apply.
tug for, preparing, obtaining, and
confirming this Order, and otherwise
in relation thereto, shall.be paid by the
Undertakers

Limit of
interest on
moneys bor•
rowed.

Appointment
of a receiver.

Application of
money.