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

and authorised to construct the Tramways therein referred to, all the Capital of the Tramway Company was fixed at £60,000 divided into 6,000 shares each at £10 of which 3,000 should be Preferential Shares bearing interest at a rate of not exceeding £6 per annum, and 3,000 Shares that should be Ordinary Shares. ( And whereas ) the whole of the Preference Shares and 2,268 Ordinary Shares have been issued and are fully paid up, and the Tramway Company has exercised its powers to borrow or raise money upon mortgage but the whole of such monies has been repaid. ( And whereas ) the said Tramway are now worked by steam, and it is thought expedient that steps should be taken to obtain such further powers as may be necessary, and to equip the same for Electric Traction and for that purpose to raise further capital. ( And whereas ) the BET Company has agreed to assist the Tramway Company in carrying out that objective. (It is hereby agreed) by and between the parties hereto as follows - 1. The Tramway Company & BET shall use their best endeavours to obtain from the Local Authority an extension of the Lease of the Tramway authorised by the Act of 1882. Also agreement of legislative powers whereby the right of the Local Authority to purchase the Tramways authorised by 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, and the right to erect poles in the public streets and places to equip the Tramways for working with electricity. 2. All costs and incident obtaining or attempting to obtain such agreements and legislative powers and all costs of incident to this agreement and the carrying or attempting to carry it out, shall be borne by the BET Company. 3. Upon such Lease, agreements or legislative powers referred to in Clause 1 hereof being obtained, or such other arrangements being made to the satisfaction of the BET Company, the BET Company shall endeavour to purchase from the five-thousand, two hundred and sixty-eight fully paid up shares of the Tramway Company, at the price of Ten Pounds - Ten Shillings per share, and the Tramway Company will give all assistance to enable the BET Company to obtain transfer of the said shares provided that if the BET Company are unable within three months from the date of their obtaining the said Lease, Agreement, or Legislative powers, to obtain transfer of at least three-quarters of such five-thousand, two-hundred and sixty-eight shares, the BET Company shall purchase the Tramway Company, shall, if the Board of Trade shall so consent, and so far as may lawfully sell the whole of the Undertaking of the Tramway Company, and all the property and assets whatsoever and whosoever of the Tramway Company upon the terms of the BET Company paying the Tramway Company such a sum of cash as shall be sufficient to give the holders of the existing five-thousand, two-hundred and sixty-eight shares of ten pounds each fully paid the sum of ten pounds ten shillings per share. 4. Upon the BET Company purchasing either the said shares or the Undertaking of the Tramway Company, as aforesaid the BET Company shall give the Shareholders the option of receiving the purchase price in cash, or in 6% Preference Shares at par, of the Tramway Company, or of any Company which may be formed to acquire the Shares or the Undertaking of the Tramway Company, as the BET Company may determine. 5. Unless the negotiation with the Local Authority shall be completed within twelve months from this date hereof, either party may, by notice in writing to the other, determine this Agreement at any time pending the application for a Bill or a Provisional Order, by or on behalf of the BET Company, but in the event of the aforesaid period of twelve months expiring during such application, the right of the BET Company to purchase hereunder shall be extended until one month after the said Provisional Order or Bill shall have finally been passed or refused. 6. The Tramways Company shall forthwith elect a duly qualified nominee of the BET Company to sit on the Board of the Tramway Company, but the Director so elected shall

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