Purchase and Sale of Tramways. -- Where the promoters of a tramway are not the Local Authority, the Local Authority may, within six months after the expiration of a period of twenty-one years from the time when such promoters were empowered to construct such tramway, and within six months after the expiration of every subsequent period of seven years, or within three months after any order made by the Board of Trade under ss. 41,42, with the approval of the Board of Trade, require the promoters to sell their undertaking, upon terms of paying the then value (exclusive of any allowance for past of future profits of the undertaking, or any compenstion for compulsory sale, or other consideration whatsoever) of the tramway, and all lands, buildings, works, materials and plant of the promoters suitable to and used by them for the purposes thereof, such value to be in the case of difference determined by a referee nomionated by the Board of Trade.
The local Authority in any district may pay the purchase money and all expenses incurred by them in so purchasing an undertaking out of the like rate, and shall have the like powers of borrowing on the security of the rate, as if such expenses were incurred in obtaining and carrying into effect a Provisional Order under the Act.
Two or more Local Authorities may jointly purchase any undertaking within their several districts (s. 43).
Where a tramway has been opened for traffic
for six months the promoters may, with the consent of the Board
of Trade, sell their undertaking to any person, persons, corporation
or company, or to the Local Authority such Local Authority may
pay the purchase money in the manner as if such purchase were
made under the authority of the 43rd section (s. 44)