D.—l

104

Article XII. The following are exempt from stamp duty : The constitutive Act of the society, copies of or extracts from the Act, the register of shareholders and others, the share-certificates, the deeds of annuities subscribed by the communes and provinces, and the documents which affect the security and profit of the State, such as the bonds issued by the society and the notices in connection with working. Documents are registered free. Article XIII. All concessions may be repurchased by the State on the conditions fixed in the Proclamation of concession. Article XIV. Every year the Minister of Agriculture, Industry, and Public Works shall place on the table of the House of Representatives a report of the Administrative Council showing the position of the affairs of the society. Attached thereto shall be a list of the concessions issued and the last balance-sheet. Articie XV. If the society constructs a line for which a concession has been regularly requested, accompanied by a" plan of works, before the 12th May, 1882, the person who requested the concession shall receive payment for his survey, &c, at a rate and on conditions to be fixed by Royal decree (? Governor in Council). Article XVI. The present law does not apply to tramways designed to serve towns. These will remain as before, under the law of the 9th July, 1875. Article XVII. Temporary arrangement. The Government is authorized to guarantee to third parties during ninety years interest and sinking fund of the society's debentures at the rate of 600,000 francs (£24,000) annually, which it was authorized to guarantee by the Law of the Budget of Public Debt for 1885. Article. XVIII. The present law repeals that of the 28th May, 1884. We promulgate the present law, and order that it shall receive the State seal, and be gazetted Given at Ostend, 24th June, 1885. Leopold. In the King's name. A. Beernaert, Minister of Finance. Chevalier de Moreau, Minister of Agriculture, Industry, and Public Works. Seen and sealed. J. Devolder, Minister of Justice.

APPENDIX 11. (Preliminary omitted.) LAW OF 24th JULY, 1885, AND SPECIAL ARTICLES OF LAW OF 15th APRIL, 1898, INTERCOLATED. Chapter I. Clause I.—A limited-liability company is fouuded, under the name of " The National Society of Vicinal Railways." Its headquarters is established in Brussels. Clause 2.—The society has the object of the construction and working of vicinal railways in the kingdom, and, if necessary, their prolongation, into foreign territories. The society may deposit its funds temporarily or open an account current at the General Savings-bank or the National Bank. It may also apply them to the purchase of State, provincial, or communal debentures. All other operations are forbidden. Clause 3.—The charter of the society is not limited in duration. Its dissolution cannot be pronounced except by special legislation, which shall also determine at the same time the methods and conditions of its liquidation. Clause 4.—The National Society may abandon the working of a vicinal line in any of the following conditions : (a) If during three consecutive years the gross earnings of that line has been insufficient to cover working-expenses; (b) if during five consecutive j'ears the net earnings has been insufficient to cover 50 per cent, of interest on capital of the first establishment. Proposals for ceasing working of a line under the first condition may be made by the Administrative Council of the National Society, or by one of the shareholders of the group directly interested, and under the second condition by one of the shareholders of the said group. The proposals must be submitted to an extraordinary general meeting of the shareholders of the National Society. Chapter 11. Clause s.—lhe capital shall equal the outlay for the construction, plant, and equipment of the line. (Land-purchase, survey, &c, must be" included in construction.—F.W.F.) It shall be divided into as many series of shares as there are lines conceded. Each series of shares has