CO129-520-7 Public Utility companies- acquisition by foreign groups 4-12-1929 - 26-1-1930 — Page 3

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July. It will be noted that in paragraph 8 of

the Commissioner's Report the Commissioners

state that as far as they are aware,

considerations as to the country of origin of

capital invested or as to the nationality of

the holders of shares have not hitherto arisen

in connection with the financing or control

of electricity supply undertakings carried on

under statutory powers in Great Britain.

In certain colonies the privileges,

rights and interests of alien shareholders,

directors and officers are guaranteed by

statute vide sec.21 of the Demerara Electric

Company's Ordinance and sec.20 of the West

India Electric Company's law of Jamaica.

In other colonies public utility

companies are frequently incorporated by local

ordinance and in such cases a clause is usually

inserted giving power to the Governor in

council to acquire the public utility concerned

within a stipulated period of years vide sec.36

of the Nassau Gas and Ice Company Ltd. Act,

1916, where power is given to the government to

acquire the Company's gasworks within 5 years

of their installation. In the case of the

Bermuda Telephone Company it is laid down in

sec.6 of Bermuda Act No.20 of 1928 that the

Company cannot sell or convey any land it

may acquire to any Company or corporate body

incorporated outside Bermuda without the

previous sanction of the legislature.

In