PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 167

lien or charge respectively, with respect to such part of the
undertaking or property.

(g) As hereinbefore provided, a "floating charge," created
pursuant to this act, may, with respect to all or a part of the
undertaking or property for the time being subject thereto, con-
stitute and be or become a lien or charge valid at law as well
as in equity. In other respects, unless herein otherwise pro-
vided or unless the context otherwise requires, the expressions
"debentures," "debenture stock," "floating charge," "specific
charge" and "undertaking," when used in this act, shall have
the meanings which said expression respectively have in Eng-
lish Acts of Parliament and English decisions (prior in date
to the passage of this act) relating to incorporated companies
formed and registered under the Companies Act, 1862, or the
Companies (Consolidation) Act, 1908, and, generally, unless
otherwise provided or unless the context otherwise requires,
the provisions of this act, and also the provisions of any instru-
ments executed pursuant to the provisions of this act, shall be
construed in harmony with the now prevailing construction of
similar provisions in English Statutes relating to, or in sim-
ilar instruments executed or issued by, English incorporated
companies formed and registered under the Companies Act,
1862, or the Companies (Consolidation) Act, 1908. And it
is hereby especially declared that "debenture stock" shall con-
stitute part of the obligations of the Company and not any part
of its capital stock, and shall be subject to assessment and taxa-
tion in the same manner as other obligations of the company
are subject to assessment and taxation.

SEC. 2. And be it enacted, That nothing in this act shall be
construed as repealing or impairing any power of the company,
which it may have had prior to the passage of this act, or as a
legislative interpretation as to the extent of the powers of the
company independent of this act; but it is hereby expressly
declared that the purpose of this act is to make explicit state-
ment as to certain powers hereafter to be possessed by the com-
pany, without any implication thereby either that the Company
does or that it does not possess such powers or any of them,
independent of the provisions of this act.

SEC. 2 1/2. And be it enacted, That nothing in this act con-
tained shall affect the rates or charges which the company shall
be authorized to make, or affect or impair in any way the power
of the Public Service Commission at any time to fix the rates
and charges which the company shall be authorized to make in
accordance with the provisions of the Public Service Commis-
sion Law.