or may disapprove the same and if the directors assent to the alterations (if any) so suggested the Board of Trade may approve the scheme as altered.

(4) The scheme when approved shall be published in the London Gazette and (subject as herein-after provided) shall for the period of three years and no longer from the date of such publication have effect Provided that if at any time during that period the amount of the investment of the employees in the stock of the Company should fall below the nominal amount of forty thousand pounds the scheme shall cease to be in force.

(5) On the cesser of such scheme and subject to the provisions of this Act and to the like submission adoption and approval a new scheme may at any time be adopted for any period that may be in that scheme prescribed and so from time to time.

(6) The qualification of an employees' director shall be fixed by the scheme for the time being subject to the following limitations The employees' director shall have been not less than seven years in the constant employ of the Company and shall have held for not less than twelve months prior to the date of election and shall continue to hold not less than two hundred and fifty pounds nominal value of the ordinary stock of the Company.

(7) The fees to be paid to an employees' director for his attendance at the board shall be fixed by the scheme The fees shall bear some proportion (to be fixed by the scheme) to the amount of the qualification not being less than his ordinary day's pay nor more than four times that

amount.

(8) The scale and method of voting for and the mode of election of employees' directors shall be settled by the scheme and may be varied by successive schemes from time to time.

59 & 60 Vict.,

Cap. 226.

63 & 64 Vict., Cap. 162.

SOUTH

METROPOLITAN GAS

ACT, 1900.

* * *

Varying

5.-(1) On and after the first day of July one standard price. thousand nine hundred and one the prescribed illuminating power of the gas supplied by the Company shall be fifteen candles and the standard price of such gas shall be three shillings and two pence And on and after the first day of July one thousand nine hundred and five the prescribed illuminating power of the gas supplied by the Company shall be fourteen candles and the standard. price of such gas shall be three shillings and one penny Provided nevertheless that if the Company shall desire to accelerate the reduction of the illuminating power of the said gas hereby authorised from fifteen candles to fourteen candles they shall be at liberty to do so from any first day of January or first day of July giving three months' previcus notice in writing of their intention to the London County Council and to the town clerks of the several metropolitan borough councils in the district of supply of the Company and by advertisement in one London daily newspaper and in one newspaper circulating in the said district and in that case the reduction of such illuminating power and standard price shall take place on and from the first day of January or the first day of July named in such notice.

(2) With respect to the decrease and increase of the dividend payable by the Company according to increase or decrease in the price of gas supplied by the Company the following provision shall have effect in lieu of the provision in that behalf contained in section 16 of the Act of 1896 (that is to say):

The price charged by the Company for gas of any illuminating power in this section mentioned may be increased above or reduced below the standard price chargeable for gas of the same illuminating power subject to a reduction or increase in the standard dividend payable by the Company on the ordinary stock as follows:

In respect of any half-year during any part of which the price charged by the Company shall have been one penny or part of a penny above such standard

Cap. 162.

price the dividend payable by the Company for 63 & 64 Vict.,
that half-year shall in respect of each penny or
part of a penny by which such standard price shall
have been increased be reduced below the standard
rate of dividend by one shilling and four pence
on every hundred pounds of paid-up ordinary stock
and so in proportion for any fraction of one
hundred pounds ;

And in respect of any half-year during the whole of
which the price charged by the Company shall
have been one penny or more below such standard
price the dividend payable by the Company for
that half-year may in respect of each penny by
which the price shall have been so reduced below
such standard price be increased above the
standard rate by one shilling and four pence on
every hundred pounds of paid-up ordinary stock
and so in proportion for any fraction of one
hundred pounds:

Provided that if in any half-year the dividend payable
shall be a fractional amount less than one quarter
per centum the Company may defer the payment of
such fractional amount until the payment of the next
or some succeeding dividend and shall in the discre-
tion of the Company either add such fractional
amount to and pay the same with such succeeding
dividend accordingly or add the same to the reserve
fund.

(3) Section 21 (Fixing maximum price of gas with sliding scale as to dividend) of the Act of 1876 and section 16 (Standard price under sliding scale) of the Act of 1896 shall be repealed as from the first day of July one thousand nine hundred and one.

e. The burner for testing gas supplied by the Com- Description of pany shall be Sugg's London Argand as prescribed by burner for section 38 of the South Metropolitan Gas Light and Coke testing illuminating Company's Act 1876 and in making such testings shall power.

be so used that the gas shall be burnt at such a rate as shall give a light equal to sixteen candles:

Provided that when under the provisions of this Act the prescribed illuminating power shall be fourteen candles the said burner shall be used with the chimney prescribed by the gas referees for gas of an illuminating power of fourteen candles.

7. The Company shall at any time within two years after the first day of July one thousand nine hundred and one if and when required by the consumers of the gas sup

Company to supply suitable

burners gratis

in lieu of those in use.

63 & 64 Vict., Cap. 162.

Form of accounts of Company.

plied by the Company other than consumers by slot meters supply to them and fix free of charge a sufficient number of burners suitable in all respects for the consumption of gas of the illuminating power prescribed by this Act The Company shall also as soon as reasonably practicable after the said first day of July one thousand nine hundred and one and at the latest within the period of twelve months thereafter exchange the burners used by consumers of gas supplied by the Company by means of slot meters for burners similarly suitable for the consumption of gas of the illuminating power prescribed by this Act.

Notice of the provisions of this section shall be given on each demand note of the Company sent out during the said period.

***

27. The accounts of the Company shall show the amount of the capital of the Company including both ordinary and debenture stock and the premiums thereon from time to time in cash actually raised and expended and the nominal amount of ordinary capital and debenture stock for the time being on which dividend and interest respectively are payable by the Company. The difference between the total amount of money actually raised and the total nominal amount of share and loan capital shall represent the nominal amount added by conversion in accordance with the form set forth in the schedule to this Act.