(9.) In order to carry out in Scotland the provisions contained in sub-section (1)(c) of section five of this Act, it shall be the duty of the assessor of railways and canals, as regards any parish to which the said sub-section (1) (c) applies, to enter on his valuation roll either the annual value of the light railway within such parish ascertained in terms of the Valuation of Lands (Scotland) Acts, or the annual value at which the land occupied by or for the purposes of the light railway would have been assessed if it had remained in the condition in which it was immediately before it was acquired for the purposes of the railway, whichever is less;
(10.) Where a light railway constructed under the powers of this Act is owned or leased by an existing railway company, such light railway shall not be valued by the said assessor as part of the general undertaking of the railway company, but shall be valued as a separate undertaking.
Extent of Act27. This Act shall not extend to Ireland.
Definitions. 28. In this Act, unless the context otherwise requires,—
The expression "light railway company" includes any person or body of persons, whether incorporated or not, who are authorised to construct, or are owners or lessees of, any light railway authorised by this Act, or who are working the same under any working agreement:
The expression "Clauses Acts" means the Lands Clauses Acts, the Railways Clauses Consolidation Act, 1845, and the Railways Clauses Act, 1863, and the Companies Clauses Acts, 1846 to.1889:
The expression "share capital" includes any capital, whether consisting of shares or of stock, which is not raised by means of borrowing.
Short title 29. This Act may be cited as the Light Railways Act, 1896.
SCHEDULES.
FIRST SCHEDULE.
Mode of Passing Special Resolutions.
1. The resolution approving of the intention to make the application must be passed at a meeting of the council.
2. The resolution shall not be passed unless a month's previous notice of the resolution has been given in manner in which notices of meetings of the council are usually given.
3. The resolution shall not be passed unless two-thirds of the members of the council present and voting concur in the resolution.
