. Legislative regulation of railway finance in England . c,for fear that in trying to require too much at a time the wholeprogram might be either defeated or made hard to carry out. Mostof the provisions, therefore, were passed without much oppositionin either House of Parliament. Eut what was of even greater importance were the provisions governing the make-up of these returns as required by the act. iio 1. The following form of declaration was to be endorsed on eachmortgage deed, bond, or certificate of debenture stock: The Railway Company. We, the undersigned, being two of the directors of
. Legislative regulation of railway finance in England . c,for fear that in trying to require too much at a time the wholeprogram might be either defeated or made hard to carry out. Mostof the provisions, therefore, were passed without much oppositionin either House of Parliament. Eut what was of even greater importance were the provisions governing the make-up of these returns as required by the act. iio 1. The following form of declaration was to be endorsed on eachmortgage deed, bond, or certificate of debenture stock: The Railway Company. We, the undersigned, being two of the directors of the companyspecially authorized and appointed for the purpose, and I,the undersigned registered officer of the company, do herebydeclare (each for himself) that the within-written (or as thecase may be) mortgage deed (or bond or certificate) is issuedunder the borrowing powers of the company as registered on theday of , and is not in excess of the amount there stated as remaining to be borrowed. Second schedule, Railway Co-mpanies Securities Act, matter what efficient rules were adopted to enforce the making ofreturns, the system would be of little value if the returns themsel-ves were inadequate. It may be remarked that two distinct thingswere required, namely - (1) half-yearly account of the loan capitalof the company, and (2) a statement of the borrowing powers. Thehalf-yearly accounts were required to show the acts of Parliamentunder the power of which the company had borrowed money, the amounts of loans authorized and the amounts raised by loans, besides other 1 important accounting details; while the statement of the borrowingpowers should contain information concerning (l) the acts of Parlia-ment confering the borrowing powers and the conditions under whichthe powers may be exercised, (2) the amount of mortgage or bondeddebt or debenture stock authroized, and (3) the date at which suchconditions have been fulfilled. This act proved disappointing to some, in that i
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