The agreement, a copy whereof is set forth in the schedule to this Act, is hereby sanctioned and authorized;
and the concessions or contracts, dated respectively the 2nd October, 1879, and the 22nd November, 1879, and the agreement of the 2nd September, 1893, in such agreement mentioned, and the Calcutta Tramways Act, 1880, (Ben. Act of 1880) and the Calcutta Tramways Act, 1894, (Ben. Act of 1884) shall, so far as may be necessary to validate and give effect to such agreement, be extended, varied or modified.
THE SCHEDULE.
Agreement, dated 9th December, 1899, between the Corporation of Calcutta and the Calcutta Tramways Company, Limited.
Articles of agreement made this ninth day of December, 1899, Between The Corporation of Calcutta constituted by and under the Calcutta Municipal Consolidation Act, 18882 (Beng. Act II of 1888) of the Bengal Legislative Council, herein after called the Corporation of the one part, and The Calcutta Tramways Company, Limited, a company incorporated under the English Companies' Acts, having its registered office at 11, Abchurch Lane, London, hereinafter called the Company, of the other part.
Whereas by two Concessions or Contracts the first thereof being dated the 2nd October, 1879, and made between the Corporation of the Town of Calcutta constituted by and under Act IV of 18763 of the Bengal Legislative Council of the one part and Dillwyn Parrish, Alfred Parrish and Robinson Souttar, in such Concession or Contract described and therein and hereinafter referred to as the grantees, of the other part, and the second Concession or Contract being dated the 22nd November, 1879, and made between the Chairman of the Municipal Commissioners of the Suburbs of Calcutta, a body created and rendered corporate by Act V of 18764 of the Bengal Legislative Council of the one part, and the said Dillwyn Parrish, Alfred Parrish and Robinson Souttar as grantees, of the other part, which Concessions or Contracts respectively received the sanction of the Lieutenant-Governor of Bengal and were further sanctioned by an Act of the Bengal Legislative Council entitled the Calcutta Tramways Act, 1880, (Beng. Act I of 1880) the grantees, their heirs, executors, administrators and assigns were authorized to construct, maintain and use, in the manner, upon the terms and subject to the conditions and provisions in the said Concessions or Contracts respectively expressed and contained, certain lines of tramway therein respectively referred to in Calcutta and the Suburbs thereof respectively, and were also entitled, subject to the conditions and provisions in the said Concessions or Contracts respectively expressed and contained, to the exclusive right of laying and constructing, maintaining and using a tramway or tramways within the limits of the Calcutta Municipality and of laying, constructing, maintaining and using a tramway or tramways within the limits of the Calcutta Suburban Municipality;
And whereas the Corporation are, under and by virtue of Act II of 18885 of the Bengal Legislative Council, the successors of the Corporation of the Town of Calcutta, parties of the first part to the said Concession or Contract of 2nd October, 1879, and of the Chairman of the Municipal Commissioners of the Suburbs of Calcutta, party of the first part to the said Concession or Contract of the 22nd November, 1879, and the Company are the assignees of the grantees, parties of the second part to the said Concessions or Contracts of the 2nd October, 1879, and 22nd November, 1879, respectively.
And whereas, by the said Concession or Contract of the 2nd October, 1879 it was agreed that in consideration of such Concession the grantees would pay rent at the several rates therein specified for the several periods in the said Concession or Contract mentioned;
And whereas it was by the said Concession or Contract of the 2nd October, 1879, further agreed and provided that the Corporation of the Town of Calcutta and their successors should have the right of purchasing the said tramways, with the plant, buildings, stores, rolling-stock and everything connected therewith upon the expiration of twenty one years from the commencement of the said Concession or Contract, upon declaring their intention so to do in writing not less than six months before the expiration of the said twenty-one years, and should have a renewed right of purchase at the end of every seven years after the expiration of the said twenty-one years upon similar notice being given, and the consideration for such purchase should be a cash payment of one and two Fifths of the amount of the invested capital of the said grantees or securities of the Government of India or securities the interest whereon should be guaranteed by the Secretary of State for India in Council or debentures of the said Corporation of such amount as to produce, at the rate of interest current on such securities, 7 per cent, per annum on the amount of the said invested capital, and, if the consideration for such purchase should be given in such securities as aforesaid, the grantees should be entitled to have in addition a first mortgage of all the property, assets and profits of the tramway or tramways which should have been purchased from them;
And whereas, by an agreement bearing date the 2nd day of September, 1893, and made between the Corporation of the one part and the Company of the other pan, such agreement being sanctioned, by Act III of 18946 of the Bengal Legislative Council, after reciting inter alia that under and by virtue of the 17th Clause of the said Concession or Contract of the 2nd day of October, 1879, the rent then payable by the said Calcutta Tramways Company, Limited, to the said Corporation of Calcutta was calculated at the rate of Rs. 3,250 per annum per mile of double line and Rs. 2,250 per annum per-mile of single line, it was in reference thereto agreed that the rent payable by the said Company to the Corporation from the 1st January, 1894, to the 31st December, 1900, being the end of the 21st year referred to in the said Concession or Contract of the 2nd October, 1879, should be calculated and paid at the said rate of Rs. 3,250 per annum per mile of double line and Rs. 2,250 per annum per mile of single line, anything in the said Concession or Contract of the 2nd October, 1879, to the contrary notwithstanding, and the said agreement contained a proviso, which has since become inoperative, that a remission of Rs. 13,000 a year should be granted for five years with effect from 1894 subject to the condition that the dividends declared by the Company should not exceed 3 per cent, per annum during that period;
And whereas the said Company some time since proposed to the Corporation to substitute electric traction for horse-power traction heretofore employed in the working of the tramways approved of by the Corporation and constructed and maintained by the Company, and to make such alterations in the construction of the said tramways as might be necessary to render the lines suitable to the adoption of such substituted traction, to which proposal the said Corporation assented;
And whereas the said Company have, with the assent of the said Corporation, already effected the necessary alteration in the construction of portions of the said tramways;
And whereas the parties hereto have deemed it expedient and have mutually agreed, subject to the sanction and authorization of this agreement by an Act of the Bengal Legislative Council, that the said Concessions or Contracts of the 2nd October, 1879, and of the 22nd November, 1879, and the said agreement of the 2nd September, 1893, shall be varied or modified to the extent and in the manner hereinafter appearing;
Now these presents witness that, subject to the sanction and authorization thereof by an Act of the Bengal Legislative Council to be hereafter passed for the purpose, and in consideration of the said mutual agreement and of the covenants hereinafter contained and on the part of the said Corporation and of the said Company, respectively, to be observed and performed, the Corporation do hereby covenant with the Company and its assigns, and the Company for itself and its assigns do hereby covenant with the Corporation, in manner following, that is to say:
1. Preparatory to the introduction of the system of electric traction hereinafter mentioned, the Company will in a good and substantial manner alter and re-construct the several tramways in Calcutta constructed and now maintained by the Company and specified in the Schedule hereto, and all other tramways in Calcutta now maintained by the Company other than the tramways specified in the said Schedule, by removing therefrom the rails of the pattern and weight hitherto laid and maintained by the Company in connection with and for the purposes of the system of horse-power traction at present employed in working the said tramways, and by substituting for such rails in the existing gauge rails of such pattern and weight as shall in the opinion of the Engineer to the Corporation be suitable for electric traction.
2. The Company will execute and completely finish the work of alteration and re-construction of the said tramways, as to those specified in the schedule hereto by the 31st December, 1899, and will execute and completely finish the work of alteration and re-construction of the said tramways, other than those so specified in the said Schedule, with all reasonable and proper despatch.