Accrington on Rails - The Tramways: A Complete History - Robert Kenyon

Giving a TOTAL rateable value of £1,332. 1899 (The Steam Tramway Company realising they were now in a dilemma as far as their holding was concerned, first attempted to divest itself of the system and failing this, then sought an extension to their lease in order to see through electrification of the system. This proposition was explored by Accrington Corporation along with neighbouring Councils. However another influential party was also expressing its interest in obtaining the Tramway. It was at a meeting held in October that the future of the system was formulated despite the endeavours of BET to take control.) A Memorandum of the Accrington Steam Tramways Company Agreement, (containing the following codicils). 1. The Accrington Steam Tramways Company and the British Electric Traction Company shall use their best endeavours to obtain from Local Authorities an extension of the lease of the Tramways authorised in the Act of 1882. 2. Also agreements or legislative powers whereby the right of the Local Authorities to purchase the Tramway authorised in the Act of 1887, shall be postponed for at least 21 years from the date when the option to purchase arises under the existing Act. 3. For the right to erect poles on the public streets and places in order to equip the Tramway for electrical working. 4. All costs in attempts to obtain this agreement with the legislative powers, to be borne by BET. 5. Upon the details as set out in 4 being obtained to the satisfaction of BET, this Company shall endeavour to obtain from the holders 5,268 fully paid up shares of the Accrington Steam Tramways Company at a price of £10 - 10s - 0d each. 6. The Accrington Steam Tramways Company shall give all assistance to BET to enable them to obtain the said shares, providing that BET are unable to obtain the transfer of at least 3 / 4 of these 5,268 shares with 3 months of this agreement by legislative powers, BET shall, if the Board of Trade consents, and so far as they may lawfully sell the whole of the Tramway Company and all of the property and assets whatsoever and wheresoever of the Accrington Steam Tramways Company upon BET’s terms, by paying the Company such sum in cash as shall be sufficient to give the holders of the existing 5,268 shares of £10 each fully paid the sum of £10 - 10s - 0d per share. 7. Upon BET obtaining either the said shares or the undertaking of the Accrington Steam Tramways Company, BET will give the shareholders the option of receiving the purchase price in money or in 6% preference shares. 8. Unless the negotiations with the Local Authorities shall be completed within 12 months of the date hereof, either party may by giving notice in writing to the other determine the agreement, provided only that the Company shall not determine his agreement at any time pending the application for a Bill or a Provisional Order, by, or on behalf of BET. In the event of such a 12 month period expiring the right of BET to purchase shall be extended by 1 month after the said Bill or Provisional Order shall have been finally passed or refused. 9. That BET would nominate a qualified representative to sit on the Board of the Accrington Steam Tramways Company, but that this Director would not until the lease agreement or the legislative powers had been obtained, participate in the distribution of Director’s fees. 10.In the event of the Lease Agreement and legislative powers being obtained, the existing Directors shall forthwith elect 5 duly qualified nominees of the BET to sit upon the Board of the Tramways Company, and thereupon the existing Directors would be retired from office upon a payment of £500 each as compensation for their loss of office. 11.This Agreement and everything contained within it, is subject to the approval of the Shareholders of the Accrington Steam Tramways Company, in a General Meeting to be held within 8 weeks of this date, March 2 nd 1899. Crown Chambers, 14 Church Street, Accrington.

78