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COMPANIES CLAUSES ACT 1869

COMPANIES CLAUSES ACT 1869 - LONG TITLE

An Act to amend the Companies Clauses Act, 1863.
[2nd August 1869]
Preamble rep. by SLR 1893 (No.2)

COMPANIES CLAUSES ACT 1869 - SECT 1
Amendment as to rate of interest on debenture stock.

1. ... any special Act of a company passed before the passing of
this Act, prescribing any rate shall be read and have effect as if
no rate had been prescribed therein.

COMPANIES CLAUSES ACT 1869 - SECT 2
Restriction on rate of interest on debenture stock already
authorized.

2. Provided, that any debenture stock, the creation whereof has been
authorized by a company, but which has not been issued before the
passing of this Act, shall not be issued on any terms other than
those whereon it might have been issued if this Act had not been
passed, unless and until the issue thereof, on terms other than as
aforesaid, is after the passing of this Act authorized by the
company in manner provided in section 22 of the Companies Clauses
Act, 1863.

COMPANIES CLAUSES ACT 1869 - SECT 3
Power to issue debenture stock subject to Part III of 1863 c.118.

3. Any company having power to raise money on mortgage or bond by
virtue of any Act of Parliament, but not having power to create
and issue debenture stock, may create and issue debenture stock
subject to the provisions of Part III of the Companies Clauses Act,
1863 (relating to debenture stock), and Part III of the said Act,
as amended by this Act, shall be deemed to be incorporated with
the special Act of every such company.

COMPANIES CLAUSES ACT 1869 - SECT 4
Advances to meet debentures falling due.

4. Money borrowed by a company for the purpose of paying off and
duly applied in paying off bonds or mortgages of the company given
or made under the statutory powers of the company shall, so far as
the same is so applied, be deemed money borrowed within and not in
excess of such statutory powers.

S.5 rep. by SLR (NI) 1954

COMPANIES CLAUSES ACT 1869 - SECT 6
Power to issue residue of original or other capital at discount.

6. Any shares forming part of the capital (whether original or
additional) authorized to be raised by any special Act of a company
passed before the present session which have not been disposed of
may be disposed of in manner provided by Part II of the Companies
Clauses Act, 1863, as amended by this Act and that Part, as so
amended, shall be deemed incorporated with such special Act
accordingly.

COMPANIES CLAUSES ACT 1869 - SECT 7
Restriction on issuing at discount shares or stock already
authorized.

7. Provided, that any shares, the creation whereof has been
authorized by a company, but which have not been issued before the
passing of this Act, shall not be issued on any terms other than
those whereon the same might have been issued if this Act had not
been passed unless and until the issue thereof on terms other than
as aforesaid is after the passing of this Act authorized by the
company in manner provided by Part II of the Companies Clauses Act,
1863.

COMPANIES CLAUSES ACT 1869 - SECT 8
Act not to affect provisions as to capital upon which the dividend
is limited.

8. Provided always, that this Act shall not be construed to alter
or extend the provisions of any Act relating to share capital in
respect of which the amount of profits to be divided is limited to
a fixed rate per centum upon the paid-up capital of the company.

COMPANIES CLAUSES ACT 1869 - SECT 9
Short title.

9. This Act may be cited as "The Companies Clauses Act, 1869."