Railways Construction Facilities. (1.). They shall not exercise the said Powers of borrowing any Money until the whole of the Share Capital authorized by the Certificate is subscribed for or taken, and until One Half thereof is actually paid up, and until they prove to the Justice who is to certify under Section 40. of The Companies Clauses Consolidation Act, 1845, or (in Scotland) to the Sheriff who is to certify under Section 42. of The Companies Clauses Consolidation (Scotland) Act, 1845, as the Case may be, before he so certifies, that Shares for the whole of the Capital are issued and accepted, and that not less than One Fifth Part of the Amount of each separate Share has been paid up on account thereof before or at the Time of the Issue or Acceptance thereof, and that all such Shares were taken in good Faith, and are held by the Subscribers or their Assigns, those Subscribers or their Assigns being legally liable for the same (of which Matters the Certificate of the Justice or Sheriff shall be sufficient Evidence): (2.) They shall not borrow a larger Sum in the whole than One Third of the Amount of the Share Capital authorized by the Certificate: (3.) They shall not out of Money raised under the Certificate by Calls or borrowing pay Interest or Dividend to a Shareholder on the Amount of Calls made on his Shares, whether created under the Certificate or otherwise; (but this Provision shall not prevent them paying to a Shareholder under the Certificate such Interest on Money advanced by him beyond the Amount of Calls actually made, as is allowed by the Companies Clauses Acts): (4.) They shall not out of Money so raised pay or deposit any Money that may be required to be paid or deposited in relation to any Application to Parliament or the Board of Trade: (5.) They shall apply every Part of the Money so raised only for Purposes for which it is by the Certificate authorized to be applied. 30. Contracts relative to the Purchase or taking of Lands Contracts by for the Railway, entered into by the Promoters before the Incor- Promoters poration of the Company by the Certificate, shall be as binding binding on Company. on the Company as if they had been entered into by the Company. Construction of Railway. 31. The Railways Clauses Acts shall be incorporated with the Incorporation Certificate (which shall be deemed the Special Act), except of Railways as may be therein excepted, and except as to the following Clauses Acts Provisions; namely, in Certificate, except as to (1.) Such of the Provisions with respect to the Construction of compulsory the Railway and the Works connected therewith as relate Powers, &c. to the Correction of Errors and Omissions in Plans or to Plans and Sections of Alterations: (2.) With Restriction on Railways Construction Facilities. (2.) With respect to the temporary Occupation of Lands near the Railway during the Construction thereof: (3.) With respect to leasing the Railway: and subject to the following Provisions; namely, (1.) Nothing herein shall confer Power for the taking or using of Lands for Deviation or for any other Purpose, otherwise than by Agreement: (2.) Any Provision referring to the Datum Line described in the Section approved of by Parliament shall be read as referring to the Datum Line described in the Section approved of by the Board of Trade. 32. Where the Promoters desire to make any Alteration in the Alterations of deposited Plan or Section, they may do so with the Consent of Plan or Section. the Board of Trade; but the Board of Trade shall not settle a Draft of a Certificate without being satisfied that all Parties interested in Lands liable to be affected by or in consequence of the Alteration consent thereto. Provision respecting Gange. Promoters to deposit Eight per Cent. on Estimate in Court of 33. Every Railway made under this Act in England or Scotland shall be made on the Gauge of Four Feet Eight Inches and Half an Inch, unless in any Case the Certificate prescribes the making of the Railway on the Gauge of Seven Feet or on both those Gauges. Every Railway made under this Act in Ireland shall be made on the Gauge of Five Feet Three Inches. Provisions to secure Completion of Railway. 34. After the Certificate is ready to be issued, and before the same is issued by the Board of Trade, the Promoters, unless they are a previously existing Company possessed of a Railway open for public Traffic, shall, within such Time as General Rules under Chancery, &c. this Act direct, pay as a Deposit a Sum of Money not less than Eight per Centum on the Amount of their Estimate of the Expense of the Construction of the Railway, as follows; namely, Where the Railway or any Part thereof will be situate in England,-into the Bank of England, in the Name and with the Privity of the Accountant General of the Court of Chancery in England: Warrant of Board of Trade for Payment into Court. Where the Railway will be situate wholly in Scotland,—either into the Bank of England in manner aforesaid, or (at the Option of the Promoters) into a Bank in Scotland established by Act of Parliament or Royal Charter, in the Name and with the Privity of the Queen's Remembrancer of the Court of Exchequer in Scotland: Where the Railway will be situate in Ireland,-into the Bank of Ireland, in the Name and with the Privity of the Accountant General of the Court of Chancery in Ireland. 35. The Board of Trade may issue their Warrant to the Promoters for such Payment into Court, which Warrant shall be a sufficient Authority for the Persons therein named, or the Majority or Survivors of them, to pay the Money therein mentioned into the Bank therein mentioned, in the Name and with the Privity of the Officer therein mentioned, and for that Officer to receive Railways Construction Facilities. receive the same, to be placed to his Account there, ex parte the Railway therein mentioned, according to the Method (prescribed by Statute, or General Rules or Orders of Court, or otherwise,) for the Time being in force respecting the Payment of Money into the said Courts respectively, and without Fee or Reward. Promoters to Bills, &c. 36. Provided, that in lieu, wholly or in part, of the Payment Liberty for of Money, the Promoters may bring into Court as a Deposit an equivalent Sum of Bank Annuities, or of any Stocks, Funds, or bring in Exchequer Securities on which Cash under the Control of the respective Court is for the Time being permitted to be invested, or of Exchequer Bills, (the Value thereof being taken at the Price at which the Promoters originally purchased the same, as appearing by the Broker's Certificate of that Purchase); and in that Case the Board of Trade shall vary their Warrant accordingly. 37. At any Time when the Office of the Accountant General of the Court of Chancery in England or Ireland is closed, a Deposit under this Act may nevertheless be made, in such Manner as General Orders of the respective Courts authorize and direct. 38. Where Money is so paid into the Court of Chancery in England or Ireland, the Court may, on the Application of the Persons named in the Warrant of the Board of Trade, or of the Majority or Survivors of them, order that the same be invested in such Stocks, Funds, or Securities as the Applicants desire and the Court thinks fit. Provision for Offices of Power for Investment. Fund" and 39. In the subsequent Provisions of this Act, the Term "the Interpretation "Deposit Fund" means the Money deposited, or the Stocks, of "Deposit Funds, or Securities in which the same is invested, or the Bank Annuities, Stocks, Funds, Securities, or Exchequer Bills depo- in following sited, as the Case may be; and the Term "the Depositors" means the Persons named in the Warrant of the Board of Trade authorizing the Deposit, or the Majority or Survivors of those Persons, their Executors, Administrators, or Assigns. 40. The Court in which the Deposit is made shall, on the Application of the Depositors, order the Deposit Fund to be paid, transferred, or delivered out to the Applicants, or as they direct, in any of the following Events; namely, (1.) If, within the Time in the Certificate prescribed, and if none is prescribed, then within Five Years from the Commencement of the Operation of the Certificate, the Company, or Persons thereby empowered to make the Railway complete it and open it for public Traffic; or (2.) If, within the same Time, they (being a Company) prove to the Satisfaction of the Board of Trade that One Half of their nominal Capital authorized by the Certificate is paid up, and that they have expended a like Amount for the Purposes of the Certificate; or (3.) If, at any Time after the issuing of the Certificate, they execute and deliver to the Solicitor of Her Majesty's Treasury a Bond with a Surety or Sureties (such Bond being prepared to the Satisfaction of, and such Surety or Sureties being approved by, the said Solicitor) in a penal Sum of Twice the Amount of the Money required to be deposited, conditioned Provisions. Repayment of Forfeiture of Deposit on Non-completion of Railway, &c. Application of Money recovered on Bond. Depositors to receive Dividends accruing while Fund in Court. Proof as to Protection to Board of Trade in case of Error, &c. Railways Construction Facilities. conditioned to the Effect following, namely,-for Payment (1.) complete the Railway and open it for public Traffic; or then and in every such Case the Deposit Fund shall, from and 42. Where any such Bond as aforesaid is given, the Amount recovered thereon shall be paid to the Account of Her Majesty's Exchequer, and shall be carried to and form Part of the said Consolidated Fund. 43. The Depositors shall be entitled to receive Payment of the Interest or Dividends from Time to Time accruing on the Deposit Fund while in Court; and the Court in which the Deposit is made may from Time to Time, on the Application of the Depositors, make such Order as seems fit respecting the Payment of the Interest or Dividends accordingly. 44. The Certificate of the Board of Trade that such Proof as aforesaid respecting the Capital and Expenditure of any Company has been given to the Satisfaction of the Board of Trade, and the Certificate of the Solicitor of Her Majesty's Treasury that such Bond as aforesaid has in any Case been prepared, executed, and delivered to his Satisfaction, shall respectively be sufficient Evidence of the Matters therein certified. 45. The issuing in any Case of any Warrant or Certificate relating to Deposit or to the Deposit Fund, or any Error in any such Warrant or Certificate or in relation thereto, shall not make the Board of Trade, or the Person signing the Warrant or Certificate on their Behalf, in any Manner liable for or in respect of the Deposit Fund, or the Interest of or Dividends on the same, or any Part thereof respectively. 46. Any Railways Construction Facilities. 46. Any Application under this Act to the Court of Chancery Mode of Ap in England or Ireland shall be made in a summary Way in such plication to Mauner as General Orders of those Courts respectively direct. Courts. Orders. 47. The Lord Chancellor of Great Britain with the Advice Power for and Assistance of the Lords Justices of the Court of Appeal in Courts to Chancery and the Master of the Rolls and the Vice Chancellors, make General or any Two of those Judges, and the Lord Chancellor of Ireland with the Advice and Assistance of the Lord Justice of the Court of Appeal in Chancery in Ireland and of the Master of the Rolls in Ireland, may respectively from Time to Time make such General Orders as seem fit for the Regulation of the Practice under this Act of the Court of Chancery in England and Ireland respectively. none failing to open new Railway in certain Cases. 48. Where a Certificate is obtained by a previously existing Penalty on Company possessed of a Railway open for public Traffic, then, if Company the Company fail to complete the Railway and open it for public Traffic within the Time in the Certificate prescribed, and if is prescribed, then within Five Years from the Commencement of the Operation of the Certificate, the Company shall be liable to a Penalty of not less than Twenty Pounds and not exceeding Fifty Pounds for every Day during which such Failure continues, except only in respect of any Time during which it appears from a Certificate of the Board of Trade that the Company were prevented from completing the Railway or opening it for public Traffic by unforeseen Accident or Circumstances beyond their Control, but the Want of sufficient Funds shall not be deemed a Circumstance beyond their Control within the Meaning of this Provision. Tolls and Charges for Use of Railway. 49. The Proprietors of the Railway may demand and take Tolls, &c. in in respect of the Railway, Tolls and Charges not exceeding the Schedule. Sums specified in the Schedule to this Act, subject and according to the Regulations therein specified. 50. The Board of Trade may nevertheless by the Certificate vary the Tolls and Charges and Regulations specified in the Schedule to this Act, or any of them, if in any Case it seems to them necessary or proper, under the Circumstances, to do so. Application of General Railway Acts. 51. The Enactments described in the Schedule to this Act, and any Enactments amending, perpetuating, or otherwise affect ing any of them, so far as the same are in force at the passing of this Act, shall extend and apply, as the Case may require, to the Railway, and to the Company or Persons empowered by the Certificate to make the Railway, and shall in all respects operate in relation thereto respectively as if they were expressly repeated and re-enacted in this Act, subject, nevertheless, and according to the following Variations and Provisions; namely, (1.) For the Purposes and within the Meaning of any of those Enactments, the Railway shall be deemed to be a Railway made and constructed and carried on under the Authority 27 & 28 VICT. Kk of Power for Enactments in Schedule applied to the Railway and Company, subject to Variations. |