Statute Law Repeals - Law Commission - Ministry of Justice

3.33 Over the lifetime of the company fourteen Acts were promoted to facilitate its
activities, 32 culminating in the dissolution of the company during the 1930s
(probably some time before enactment of the East India Loans Act 1937). 33 The
first of these Acts (a local Act) was the East Indian Railway Act 1849. 34 This Act
gave corporate status to the provisional company, authorised its purposes, and
empowered the company to contract with the East India Company (then acting on
behalf of the government of India) to build and run railways in India, to provide
telegraph communication links, and to grant to the East India Company various
rights relating to the railway and associated operations (including, at some
unspecified future date, the sale or surrender to that company of the rail network
in whole or in part). 35 Additionally, the company was allowed to vary the value of
shares, reconfigure the capital, and issue debentures in wider denominations.
3.34 In the same month that the 1849 Act received royal assent the railway company
executed an agreement with the East India Company (as government) to
construct an “experimental line” from Howrah (now Haora), outside Calcutta, to
Burdwan (now Bardhaman), with a view to its continuing to Rajmahal. The first
stage was completed during 1852, at which point the government decided that,
instead of extending the line onwards to Rajmahal, it should now run from
Burdwan to Delhi and later through to Lahore (today in the Punjab region of
Pakistan). Under the original agreement the government was to provide the
necessary land on a 99 year lease and to pay interest to the railway company on
moneys deposited with it. On completion of the initial phase the railway company
could require the government to purchase the line at cost, and the government
could exercise an option to purchase at 25 year and 50 year break points. 36
32 Six of the fourteen Acts have already been repealed (all public general Acts), namely: the
East Indian Railway (Redemption of Annuities) Act 1879 (42 & 43 Vict. c.43) (repealed in
1937); the East India Loan (East Indian Railway Debentures) Act 1880 (43 Vict. c.10)
(repealed in 1937); the East Indian Railway (Redemption of Annuities) Act 1881 (44 & 45
Vict. c.53) (repealed in 1937); the East India Unclaimed Stock Act 1885 (48 & 49 Vict.
c.25) (repealed in 1993); the East India Loans (Railways) Act 1905 (5 Edw.7 c.19)
(repealed in 1937); and the East India Loans Act 1937 (1 Edw.8 & 1 Geo.6 c.14) (repealed
in 1993). Additionally, the Indian Railway Companies Act 1868 (31 & 32 Vict. c.26)
(repealed in 1964) enabled, amongst others, the East Indian Railway Company to raise
moneys by the issue of debenture stock; the Indian Railway Companies Act 1873 (36 & 37
Vict. c.43) (repealed in 1964) enabled various railway companies to issue shares and
securities in India in connection with their operations; and the Indian Guaranteed Railways
Act 1879 (42 & 43 Vict. c.41) (repealed also in 1964) enabled seven “guaranteed railway
companies” to enter into working agreements with the Secretary of State for India in
Council for the use, management and maintenance of railways and telegraphs; and the
Indian Railways Act 1894 (57 & 58 Vict. c.12) (repealed in 1966) enabled Indian railway
companies to pay interest out of capital to offset partially the cost of railway construction.
33 1 Edw.8 & 1 Geo.6 c.14 (1937), as above.
34 12 & 13 Vict. c.xciii (1849) (“The 1849 Act”).
35 See the 1849 Act, s 4.
36 Because the 99 year lease had not been granted by 1853, a further agreement in February
1854 provided that the break points (valid for 6 months each) should be in February 1879
and February 1904.
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