The 1956 Agreement
The agreement between FRSL & FR Co.
"NOW THIS DEED WITNESSETH as follows
1. This agreement shall continue until determined in either of the following ways:
(a) By the Society at any time in writing under hand of its Secretary for the time being.
(b) By the Company if in the Company's opinion the Society fails to perform any of its obligations, such notice to be in writing under the hand of the Company for the time being.
2. The Company agrees that the Society may use the name "Festiniog Railway" in its title so long as this Agreement shall be subsisting.
3. The Company will devote such funds as it receives from the Society for the purpose of the Railway.
4. The Trustees are to have power at their absolute discretion to convey on whatever terms they think fit, and if necessary for no consideration at all, shares for qualification of any future Directors of the Festiniog Railway Company.
5. The Society will enlist as much volunteer help as possible to work on the resuscitation and running of the Railway under instruction of the Railway Company Staff.
6. The Company shall afford privilege travel on the Railway to Members of the Society on such terms as the Company shall from time to time determine.
7. The Company and the Society will arrange suitable representation by the one on the board of the other.
8. Mr. A.F. Pegler if he shall at any time wish to sell any of his holding of Preference Shares or Debentures of the Company shall give the Society the first opportunity of acquiring them or any part of them.
"IN WITNESS WHEREOF the Common Seal ofthe Festiniog Railway Company and the Festiniog Railway Society were hereunto affixed and the said Alan Francis Pegler has hereunto set his hand and seal the day and year first before written"
FRM No. 51 Winter 1970/71 page 14.