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ABANDONMENT OF RAILWAYS ACT 1850 - SECT 11

Application by shareholders favouring abandonment against validity of meeting.

11. Provided always, that if it appear to any of the shareholders of any such
company who shall have signed any such requisition, or been present at any
such meeting as aforesaid at which the proposal to apply to the said
commissioners to authorize the abandonment of the whole or part of a railway
shall have been negatived or alleged to be negatived, either that such meeting
was not duly called, or that the sense thereof was not duly taken according to
the true intent and meaning of this Act, and that if such meeting had been
duly called, and the sense thereof duly taken, the consent of such meeting to
the proposed application would have been given, it shall be lawful for any
such shareholders not being less in number than five, and holding in the
aggregate not less than one twentieth of the capital or stock of the company,
consisting of shares or stock whereon all calls for the time being have been
paid up, and which shareholders shall have paid all the calls then due on the
shares held by them, to apply to the said commissioners, setting forth in
writing the grounds on which they complain of the decision alleged to have
been come to at such meeting as aforesaid, and praying that a further meeting
may be called; and if it appear to the said commissioners, (after hearing the
parties complained of, if they desire to be heard,) that there is good reason
to believe that if such meeting had been duly called, and the sense thereof
duly taken, the consent of such meeting to the proposed application to the
said commissioners would have been given, the said commissioners shall
certifiy their judgment to that effect, and shall direct a further meeting to
be called by the directors of such company at the time and place to be
appointed by the said commissioners; and the said directors shall call such
meeting accordingly, or in default thereof it shall be lawful for the
shareholders who complained to the said commissioners of the proceedings of
the former meeting to call such meeting, and all the provisions of this Act
shall apply to any further meeting so directed to be called, in like manner as
to any original meeting herein-before authorized or required to be called.

© 1850 Crown Copyright

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