Page:The Working and Management of an English Railway.djvu/253

 (13 and 14 Vic, cap. 33), and its authorised functions are thus defined: "To settle and adjust the receipts arising from railway traffic within, or partly within, the United Kingdom, and passing over more than one railway within the United Kingdom, booked or invoiced at throughout rates or fares." The management is conducted by a Committee of Delegates appointed by the boards of the several railway companies, parties to the system, each company, however great or small, having the power to appoint one delegate, and the expenses being borne by the companies in the ratio of the amount of business done on their behalf. Any railway company not a party to the clearing system may apply under seal for admission, and if the Committee of Delegates assent to the application, the company is at once received on an equal footing with all the other companies already parties to the system. Any company may withdraw at will by giving one month's notice under seal, or a company may be expelled by the vote of two-thirds of the delegates present at a meeting specially convened for the purpose. The Committee meets four times a year, or oftener if needful, and its chairman is elected annually, but is eligible for re-election indefinitely.

The accounts of the clearing system, and the balances due to and from the several companies, are settled and adjusted by the secretary, who also determines the amount to be from time to time contributed to the funds of the Clearing-house by each company. In case of any difference arising with respect to the accounts, the decision of the Committee that a certain balance is due and payable by a particular company is final and conclusive, and such balance is recoverable in