Farmers Estate Society (Ireland) Act 1848

JurisdictionIreland
Citation1848 c. cliii
Farmers Estate Society (Ireland) Act 1848

(11 & 12 Vict.) c. cliii

An Act for the Establishment of the Farmers Estate Society, Ireland.

[31st August 1848]

ANNO UNDECIMO & DUODECIMO 4 VICTORLE REGIN.E. **************************^^***^^*^*^^*^*********f4 Cap. cliii. An Act for the Establishment of the Farmers Estate Society, Ireland, [31st August 1848.] w HEREAS the Formation and Establishment of a per manent Body of independent Yeomen, consisting of resident Proprietors holding Farms in Fee Simple, conr taining respectively not less than Thirty Acres, would materially improve the social Condition of Ireland, by promoting the better Cultivation of Land, the Reclamation of waste Land, and by per sonally interesting a large Proportion of the Population in the Preservation of Peace and Order : And whereas there are many Persons in Ireland possessing a limited Amount of Capital, which they would gladly employ in the Purchase of Land, if Facilities were given for the Transfer of Estates, or Portions thereof; And whereas the Acquisition of small Portions of Land not being less respectively than Thirty Acres, and .the Creation thereby of a Class of Yeomen Proprietors as aforesaid, would be materially facilitated by enabling such Persons to acquire a good Title in Fee Simple tQ such Portions of Land, either by an immediate Payment of the whole Purchase Money, or by the Payment thereof in part immediately and in part.by deferred Instalments: And whereas the aforesaid Objects can be advan tageously effected by means of a Joint Stock Company duly incor? [Local] 23 I porated 2058 Certain Provisions of 8 & 9 Vict. c. 16. incor-porated with ibis Act. 11 & 12 VICTORIA Cap.clm. porated for that Purpose : And whereas the several Persons herein-after named are willing to form such Company at their own Expense; but the same cannot be done without the Aid and Authority of Parliament : Be it therefore enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That "The Companies Clauses Consolida-tion Act, 1845," (so far as the same shall not be contrary to or inconsistent with the Provisions herein contained,) shall be incorporated with and sh^ll form Part of this Act, but the Lands Clauses Consolidation Act, 1845, shall not be incorporated with this Act any further or otherwise than is herein-after specially provided. Sbon Title- II. And be it enacted, That in citing this Act in other Acts of Parliament, and in legal Instruments and in all other Proceedings, it shall be sufficient to use the Expression the " Farmers Estate Society (Ireland) Act, 1848." Incorporation of Com pany. Capital of the Company. And be it enacted, That the Right Honorable William Earl of Devon, the Right Honorable James Earl of Courtown, William Monsell, James Fagan, John Edward Redmond, Francis Goold, Robert Owen, Henry Maunsell, George William Augustus Fielding, and William Hartigan Barrington, Esquires, and all other Persons who have already subscribed or shall hereafter subscribe to the Capital of the said Undertaking, and their Executors, Administrators, and Assigns respectively, shall be united into a Company for the Purposes and with the Powers herein mentioned and contained, and such Company shall be incorporated by the Name of the "Farmers Estate Society of Ireland," and by that Name shall be a Body Corporate, and shall have a perpetual Succession and a Common Seal, and shall have Power to purchase and hold Lands, arid also to sell and dispose qf the same, for the Purposes and within the Restrictions herein-after mentioned and contained. And be it enacted, That the Capital of the Company shall be Two hundred and fifty thousand Pounds. Division of Shares. V* And be it enacted, That the Number of Shares into which the Capital shall be divided shall be Twelve thousand five hundred, and the Amount of each Share shall be Twenty Pounds* Calls. VI. And be it enacted, That Five Pounds per Share shall be the greatest Amount of the First Call which the Directors may make on the Shareholders, and Two Pounds per Share shall be the greatest Amount of any subsequent Call, and that Six Months at tlie least shall be the Interval between successive Calls. V General Meetings VII. And be it enacted, That the first Ordinary Meeting of the Company shall be held within Two Months next after the passing of this Act, andthe subsequent Ordinary Meetings of the Company shall be held half-yearly, in the Months of January and Julyi and the first of .such .Ordinary Meetings shall be held in January next; and all 11 & 12 VICTORIA, Cap.dul 2059 all Meetings, whether ordinary or. extraordinary, shall be held at S.uch Place within the City of Dublin as the Directors shall from Time to Time appoint. VIII. And be it enacted, That the Quorum for every Meeting of Quorum in the Company sh^ll be not less than Ten Shareholders holding in the General aggregate not less than Five hundred Shares in the Capital of the MeetID89- Oompany. IX. And be it enacted, That the Number of Shareholders on Extraordi- whose Requisition any. Extraordinary Meeting may be required to be nary General. convened shall not be less than Five Shareholders holding in the Meetin3s* aggregate not less than Five hundred Shares in the Capital of the Company. X. And be it enacted, That the Number of Directors shall oe Directors. Seven ; and the Qualification of a Director shall be the Possession in his own Right of Fifty Shares in the Undertaking. XL And be it enacted, That it shall be lawful for the Company to Regulating increase and reduce the Number of Directors, provided that the Number of increased.Number do not exceed Twelve, and that the Number of lrectors-Directors be not at any Timeless than Five. XII. And be it enacted, That James Earl of Courtown, Jo Jin First Direc- JEdward Redmond, James Fagan, Francis Goold, Robert Owen, George tors. William Augustus Fielding, and William Hartigan Barringlon shall be: the First Directors of the Company, and that the Quorum of every Meeting of Directors shall be Three. XIII. And be it enacted, That it shall and maybe lawful to and Power to for, the Company to take, purchase, have, hold, possess, and enjoy *ake Lands such Lands as .they may require for the Purposes of this Act, subject to. the Restrictions herein mentioned, and also to sell, alien, and convey the same Lands, or any of them, for the Purposes and subject to the Provisions herein contained: Provided always, that it shall not be lawful for. any Person, so long as. he shall be. a Director of the Company, to sell or dispose of, or to enter into any Contract or Agreement for the Sale or Disposition of, or to take or purchase from the Company, or to enter into any Contract or Agreement for the taking or purchasing for his own Use, or for the. Use of any one in trust for him,, of any Lands to be purchased or sold by the Company under the Provisions of this Act. XIV. And be it enacted, That if any Lands shall be subject/to Release of any Judgment, and Part only of such Lands shall be taken or pur* Lad nntt0 chased by the Company under this Act, the Release of any Portion nu Jj[y s~ of, such Lands from any Judgipent affecting the same shall not operate or be construed to extend or operate so asto nullify or in any Manner to. affect the Validity and Force of such Judgment as regards the Residue of such Lands, or any other Property not spe* daily released from, such Judgment, .but such Judgment shall continue jto affect such.Residue or other Property, notwithstanding such Release, 11 & 12 VICTORIA, Cap.clm. Release, in like Manner and with the like Powers to enforce Pay* ment of Interest and Principal, and to all Intents and Purposes, as if such Release had not been executed. XV. And be it enacted, That the Company, upon obtaining a 2060 Regulating Proceedings va}jd ancj sufficient Conveyance to them in Fee Simple of any Land, shall, without unnecessary Delay, proceed to sell, and shall sell and as to the Sale J - - - - ?f T A dispose of the same, and the Fee Simple thereof, in such Lot or Lots* not being less in Quantity than Thirty Acres, either by private Sale or Contract or by public Auction, to such Person or Persons, at such Price or Prices, and with such Conditions, Provisoes, and Agrees ments respecting the Payment of the Purchase Money and otherwise as to the Company shall seem reasonable, with full Power for the Company to buy in the same Lands, or any Part thereof, at any Auction for the Sale thereof, and to alter, vary, or rescind any Contract or Contracts for the Sale thereof, or any Part thereof, and the same, or such Part thereof as shall have been .so bought in or shall have been comprised in any such rescinded Contract or Contracts, to re-sell by public Auction or private Contract, with the like Powers and Restrictions as aforesaid : Provided always, that no Lot by this Act authorized to be sold and disposed of shall be so sold or disposed of in any Case so that more than One Person shall be the Owner or Occupier of Q\ery Thirty Acres thereof. Providing Residences for Farm Labourers. XVI. Provided always, and be it enacted, That for the Purpose of providing Residences and suitable Accommodation for Farm Servants and Labourers on such Estates purchased by the Company as from their Size would, if required to be laid out wholly as aforesaid, cause great Inconvenience to the labouring Population of the District, it shall and may be lawful for the said Company, and they are hereby required to reserve and set apart, out of every Property purchased by them which shall contain more than One thousand Acres in One Lot, a Portion or Plot of Ground for each One thousand Acres or thereabouts, in Allotments containing Half an Acre in each Allot* ment, in some convenient Situation, for the Erection of a Village or Collection *of Labourers Houses, to be in the Proportion of...

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