Act of Parliament
On 21 June 1836, Royal Assent was given to The Taff Vale Railway Company's Act, allowing for the creation of the Taff Vale Railway Company. The founding capital of the Company was fixed at £300,000, in £100 share units. The directors were Josiah Guest (who became its first chairman), Walter Coffin, Edward Lee, Thomas Guest, Thomas Guppy, Thomas Powell, Christopher James, Thomas Carlisle, Henry Rudhall, William Wait, William Watson, and Peter Maze.
The act authorised a railway from Merthyr to the Bute West Dock at Cardiff, with a branch to Cogan Pill, as well as connections to the tramroads of Penydarren, Dowlais, and Plymouth. Company profits were capped at 7% originally, increasable to 9% subject to a reduction in the rates and tolls charged for use of the line. The Act also capped the speed of the trains on the line to 12 mph (19 km/h), with stiff penalties for any speeding. These two clauses were later repealed. The branch to Cogan Pill, however, was abandoned in exchange for a long lease on Bute West Dock in Cardiff.
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