. Legislative regulation of railway finance in England . th the returns of borrowing powers, the second withthe registration of the issue of bonds and debentures and of certi-ficates of debenture stock, and the last with the registration ofdischarges of debentures, and debenture stock. In spite of the general need of some system of registration, however, the railway interests raised considerable objection to the 1 provisions proposed by this bill. In the first place, they claimedthat such a system of compulsory registration would give to the re-gistered securities an apparent validity which th
. Legislative regulation of railway finance in England . th the returns of borrowing powers, the second withthe registration of the issue of bonds and debentures and of certi-ficates of debenture stock, and the last with the registration ofdischarges of debentures, and debenture stock. In spite of the general need of some system of registration, however, the railway interests raised considerable objection to the 1 provisions proposed by this bill. In the first place, they claimedthat such a system of compulsory registration would give to the re-gistered securities an apparent validity which they did not haveintrinsically, and that it was impossible for the proposed registrarin charge of the annual returns, etc. to ascertain whether bondssubmitted to him were or were not issued within the borrowingpowers of that company. But the railway interests, as remarked theEarl of Belmore, failed to notice that all the bill proposed to do 1. Hansard, vol. 183, p. 869. 3. Hansard, vol, 182, p. 1577. 2. Bill Ho. 109, 1866. vol. 181, pp. was exactly what had been done for the preceding 150 years withregard to the registration of deeds in Ireland. All land deedshad to he registered in the Rolls Office in Dublin. This was ex-actly the proposition as regards the registration of railway se-curities, and it did not seem probable that the registration in thecase of railway securities would give the debentures any more valid-ity than it would convert a false deed in Ireland into a good only object of the requirement was to show the numbers and am-ounts of the securities issued by each company so that the in-tending lenders might be able to ascertain for themselves what was irpriority to them. Another objection against this compulsory registration ofrailway securities was that this requirement would take away fromthe directors the feeling of responsibility, which they were thensupposed to have. If the directors were divested of their duty oflooking into the limi
Size: 1367px × 1828px
Photo credit: © Reading Room 2020 / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1910, booksubjectra, booksubjecttheses
