. Legislative regulation of railway finance in England . necessary to have apublic register of all transfers and renewals in addition to the re-gistration done by the companies as provided by the CompaniesClauses Act of 1845. Although such transfers or renewals did notaffect the borrowing powers, their consumation should, nevertheless,be made more definite through some system of public registration. 1 Accordingly> another elaborate form was recommended for the purpose. A representative of the Board of Trade also suggested a formfor registration purposes which resembled very much that propos
. Legislative regulation of railway finance in England . necessary to have apublic register of all transfers and renewals in addition to the re-gistration done by the companies as provided by the CompaniesClauses Act of 1845. Although such transfers or renewals did notaffect the borrowing powers, their consumation should, nevertheless,be made more definite through some system of public registration. 1 Accordingly> another elaborate form was recommended for the purpose. A representative of the Board of Trade also suggested a formfor registration purposes which resembled very much that proposedby the deputy keeper of the signet of Scotland, as contained intable Uo. I. Under such a system of registration, it was thought thatample protection would be afforded the public. Under table ITo. I,the public could see the amount authorized by Parliament and the amount sanctioned by the shareholders to be borrowed, and undertables 2 and 3, they could see the amounts issued and those dis-charged. A comparison of the figures given in these tables would. indicate at once how much legal debt was out-standing against the company and what was the condition of the companys borrowing power. It was also recognized that there would not be much trouble to start such a system of registration, since a similar system of registra- 2 tion had already been used in the case of landed securities. 1* Table Uo. Register of Transfers, Renewals and Dis-charges of Debentures and Debenture Stock comprised in the Returnmade by the Company as due and outstanding at (date). DEB31TTURE3. DEBENTURE STOCK Amount outstanding per Return at(date) - & - Datewhenlodg-ed Transfer,Dischargeor Agree-ment ofRenewal. RegistrationHo» Date :ITo. Amount whenlodged of Cer tif ic ate Transferor Dis-charge Rig~ is tra tion Ho. Amount 18641. Jan 3. 5 560396 491 Transfer Renewalby Agree-ment. Discharge 1 2 3 is 1,000 2,000 5,000 18642 Jan 7 5860 40 Transfer 1 2 Discharge 2,000
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