I move:—
That the Waterford Gas Order, 1949, proposed to be made by the Minister for Industry and Commerce and laid in draft before Dáil Éireann on the 22nd day of March, 1949, under sub-section (4) of Section 10 of the Gas Regulation Act, 1920, be approved.
The City of Waterford Gas Company has made an application under Section 10 of the Gas Regulation Act, 1920, and the Gas Regulation (Special Orders) Rules, 1940, for a special Order to effect certain modifications of the City of Waterford Gas Act, 1898, for the purpose of making better provision for the proper and efficient conduct of the company's undertaking. The principal objects of the Order are to provide for borrowing powers by mortgage or debenture to the extent of £64,795 12s. 6d., which is the aggregate amount of the paid-up share capital of the company; and to authorise the creation, issue and redemption of debenture stock, the interest being limited to 4 per cent., save with the consent of the Minister for Industry and Commerce. The immediate purpose for which the new capital is required is:—
|
£ |
||
|
Construction of trunk mains |
9,000 |
estimated |
|
Installation of gas for new housing schemes |
28,000 |
,, |
|
Recoupment of excess of capital expended over capital issued |
9,339 |
,, |
|
Total |
£46,339 |
It is proposed also to create a redemption fund from the profits of the company for the purpose of redeeming the loan, mortgage, debenture or debenture stock raised or created by the company. Power is also sought to improve the internal management of the company, empowering the directors to declare an interim half-yearly dividend without the sanction or direction of a general meeting; to determine the remuneration of the secretary and auditors; and to enable the company to make a minimum charge, not to exceed 25/- a quarter, where gas is used as a stand-by only on any premises used for trade or business purposes. It is necessary to apply Sections 23, 24, 25 and 26 of the City of Waterford Gas Act, 1898, with the necessary modifications to the powers of borrowing sought in the draft.
The draft repeals Section 15 of the City of Waterford Gas Act, 1858, which provides that the quorum of a meeting of directors was three if there were more than three directors, and two when the number of directors did not exceed three; it provides also by Article 5 that the quorum for a meeting of directors shall be two. It is proposed to amend Section 17 of the 1858 Act by changing the date of the ordinary meetings of the company from "the month of August" to any date "not later than the month of November."
The Gas Regulation Act, 1920, altered the old and cumbersome procedure whereby statutory gas undertakings were obliged to secure their powers by way of Private Act or Provisional Order confirmed by a Special Act of Parliament, and provided instead that powers or additional powers could be secured by a Special Order approved by a resolution of both Houses.
The procedure, as laid down in the Gas Regulation (Special Orders) Rules, 1940, requires that the draft Order be prepared by the gas undertaking, and that full publicity of the intention to apply for the Order and of the contents of the draft be given by notices in Iris Oifigiúil and local newspapers. Notification must also be given to the State and to private interests involved. One month is given for the lodging of objections, the subsequent stages being dealt with in accordance with the Gas Regulation Act, 1920.
If there are objections, an inquiry may be held and, after considering the report of the person who held the inquiry, the Minister may modify the draft before submission to the Oireachtas, or he may decline to submit the draft. No objections were lodged and no inquiry was necessary.
I submit the draft for approval of the Dáil.
Question agreed to.