- (b) by any individual, corporation, or company; or
- (c) jointly by any such councils, individuals, corporations, or companies.
Powers of local authorities under order 3.—(1) The council of any county, borough, or district, may if authorised by an order under this Act
- (a) undertake themselves to construct and work, or to contract for the construction or working of, the light railway authorised;
- (b) advance to a light railway company, either- by way of loan or as part of the share capital of the company, or partly in-one way and partly in the other, any amount authorised by the order;
- (c) join any other council or any person or body of personsin doing any of the things above mentioned; and
- (d) do any such other act incidental to any of 'the things above mentioned as may be authorised by the order.
(2.) Provided that—
- (a) an order authorising a council to undertake to construct and work or to contract for the construction or working of a Ligght railway, or to advance money to a light railway company, shall not be made except on an application by the council made in pursuance of a special resolution passed in manner directed by the First Schedule to this Act; and
- (b) a council shall not construct or work or contract for the construction or working of any light railway wholly or partly outside their area, or advance any money for the purpose of any such railway, except jointly with the council of the outside area, or on proof to the satisfaction of the Board of Trade that such construction, working, or advance is expedient in the interests of the area of the first-mentioned council, and in the event of their being authorised so to do their expenditure shall be so limited by the order as not to exceed such amount as will, in the opinion of the Board of Trade, bear due proportion to the benefit which may be expected to accrue to their area from the construction or working of the railway.
Loans by Treasury 4.—(1.) Where the council of any county, borough, or district, have advanced or agreed to advance any sum to a light railway company, the Treasury may also agree to make an advance to the company by lending them any sum not exceeding one quarter of the total amount required for the purpose of the light railway, and not exceeding the amount for the time being advanced by the council.
Provided that the Treasury shall not advance money to a light railway company under this section, unless at least one-half of the total amount required for the purpose of the light railway is provided by means of share capital, and at least one-half of that share capital has been subscribed and paid up by persons other than local authorities.
(2.) Any loan under this section shall bear interest at such rate not less than three pounds two shillings and sixpence per centum