 The lease was for an initial ten years with an option later to extend it.In fact the LR&DC became alarmed that other railway companies were taking an interest in the Vale of Towy, and they included conversion of the lease term to perpetuity in a general Act they obtained on 23 July 1860.In fact the Act "authorised" but did not compel the conversion of the lease term, and negotiations between the two companies were tense and protracted, and in July 1865 Vale of Towy shareholders rejected a draft lease that had been negotiated.