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26
The Clause also provides that no allowance shall be made by the arbitrators
in respect of any claim of the New River Company to divide profits in
respect of their Waterworks Capital by way of "back dividends," or in respect
of any assumed future increase of the rateable value of buildings and
hereditaments within the New River Company's District other than an
increase due to alterations or additions involving increased supply of water;
that no addition shall be made to the fair and reasonable value of the water
undertaking in respect of compulsory sale; and that if the Council so require,
the consideration to be paid by the Council for the transfer of the undertaking
shall be in the form of a half-yearly or other periodical payment by
the Council to the New River Company charged upon the County Fund for
a period of not less than eighty or more than one hundred years.
Clause 9 empowers the Council and the Company to enter into an agreement
for the issue by the Council and acceptance by the Company of
Metropolitan Consolidated Stock Annuities, or other security, in lieu of the
payment of the whole or any part of the sum found by the arbitrators to be
the fair value of the undertaking.
Clauses 10 to 16 contain transitory provisions and deal with the inspection
of works, examination of accounts, the Company's debts, books, &c., and
provide for the exercise by the Council of all the rights, powers, and
privileges of the Company relating to the supply of water.
Clauses 17 to 22 provide for the redemption of the Debenture Stock, the
mode of payment of the consideration for the purchase of the undertaking,
and the adjustment of accounts.
Clause 23 provides for the transfer to the Council of officers of the
Company, and for compensation for loss of office, &c.
Clauses 24 to 27 provide that the Council shall have the same obligations
as the Company with regard to the supply of water in the district of the
Company outside London, but the Council may enter into agreements with
Local Authorities for the sale or lease to them of the mains, &c., and the
rights and powers of supplying water in their respective districts, and may
supply water in bulk to such Authorities for the supply by them to their
districts. Local Authorities may purchase these mains, &c., rights, and
powers from the Council upon such terms as may be settled by agreement
or by arbitration.
Clause 28 provides for tho keeping of a separate account by the Council
relating to their water undertaking.
Seven other Bills upon similar lines, varied to suit the different circumstances
of each case, have been introduced by the Council for the purchase of the
undertakings of the Chelsea, East London, Grand Junction, Kent, Lambeth,
Southwark and Yauxhall, and the West Middlesex Waterworks Companies.
The Bills dealing with the undertakings of the Lambeth
and the Southwark and Yauxhall Companies were
referred by the House of Commons to a Select