Nanking, Oct. 19.
Taree sets of Railway Regulations—Reguiations "governing Private-operated. Railways, Regulations EOvfering Local. Government-operated Railways, and Regulations governing Railways for Specie Purposes were passed by the Legislative Yuan at its Bara regular meeting yesterday. The meeting was presided over by Pre~ Hdent Sun Fo and attended by 05 members.
The Regulations governing Private-operated oilways and the Regul flong governing Local Govern-Jment-operated Railways were revised and adopted in accordance with the recommendations of the special Committee—consisting of Messrs, Ma Yin-chu, Lien Sheng-hai, Cheng' Hung-nien, Wel Ting-sheng, Chen Chang-hong, Shih Shang-Kuan and Chen Ku-yuan—appointed to ex-famine the drafts.
The Regulations governing Railways for Specific Purposes weretpassed in accordance with the joint report of the Economic, Legislation and Finance Committees.
During the deliberations yesterd: the question of the issue of debentures by Private Railway Companies in connection with the Regulations Jgoverning Private-operated Railways, which delayed the passing of the Regulations at a. previous meeting, was again the subject of a heated de-Date. Upon the motion of President Sun Fo, it was finally decided that the total amount of debentures which may be issued by any private rai way company must not, except for the completion of the railways, exceed the total assets of the Railway at the time of the proposed issue.
'As to the utilization of foreign capital, which was another knotty issue facing the Yuan at its 31st meeting, it. was decided that no foreign capital' shall be admitted in private Fallway companies.
Any Chinese citizen who secures capital and organizes a company construct a railway for the business of conveying passengers or freight, is provided, shall be governed by the Regulations governing Private-operated Railways. Consisting of 73 articles, divided into nine chapters, the Regulations provide that private railway companies may accept Government share capital but may not accept foreign share capital. Nor may they contract with foreign interest for loans on mortgage, except with the special permission of the Govern-meat.
Except for the completion of the railways, no private railway company issue Debentures exceeding the tal assets of the Railway at the time of issue.
The Regulations further stipulate! that the term of the charter to be granted any private-operated.railway shall not exceed 30 years. Upon the expiration of this period, the company may continue to enjoy the ight of operation for ten more years, provided the Government does not fake over the railway upon payment of due compensation.
The Regulations governing Local Government-operated Railways provide that, except under special citjcustances, no local government may build any railway overlapping the territory in which it exercises jurisdiction, The shares of Local Government-operated railways, it is further provided, may also be subscribed for by private interests. provided that such private shares shall not exceed 40 ber cent of the total capital. The Regulations consist of 36 articles.
The Regulations governing Railways for Specific Purposes, consisting of 20 Jarticles, apply to light railways con~ structed by any enterprise (such as imine) specifically for its own transportation purpeses—Kuo Min.
Text read from the printed page and cleaned; old type leaves the occasional error.