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ABANDONMENT OF RAILWAYS ACT 1850 - SECT 16

In considering objections of shareholders to partial abandonment, commissioners to have regard to local circumstances.

16. Provided always, that in considering the objections which may be made by
any of the shareholders of any railway company to the proposed abandonment of
a part only of the railway of such company, and in determining the terms and
conditions on which the said commissioners may think fit to authorize any such
partial abandonment, the said commissioners shall have regard to the local
situation of the lands and residences of the shareholders so objecting, with
reference to the portion of railway proposed to be abandoned; and in the case
of any such shareholders being original subscribers to the undertaking, and
not being solicitors, agents, or engineers employed in promoting the same, and
whose places of residence or lands are adjoining or near the line of the
portion of railway so proposed to be abandoned, it shall be lawful for the
said commissioners, if they think fit so to do, in any direction which (under
the provision herein-after contained) they may give for reducing the capital
of the company authorized to construct such railway, to provide at the request
of any such last-mentioned shareholders, that the nominal amount of the shares
held by them in such company may be reduced to the amount then already paid up
by them respectively, or to such other extent as the said commissioners may
think fit to order in that behalf, or the said commissioners may, at the like
request, direct any such shares to be cancelled, and a part of the monies that
may have been paid up in respect of such shares, bearing such proportion to
the whole as the said commissioners, having regard to all the circumstances of
the case, shall think fit to determine, to be repaid to such shareholders.

© 1850 Crown Copyright

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