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ABANDONMENT OF RAILWAYS ACT 1850 - SECT 28 

Reduction of capital on abandonment.

28. When the said Commissioners of Railways, by any such warrant as aforesaid,
authorize the abandonment of a part only of the railway of any railway
company, they may, if they think fit, require that the capital authorized to
be raised by such company in respect of such railway shall be reduced to such
extent and in such manner as the said commissioners think fit, and so that
such reduction do not bear a greater proportion to the whole capital so
authorized to be raised than the cost of the part of the railway so authorized
to be abandoned would have borne to the cost of the whole railway; and they
may also, if they think fit, in like manner reduce the amount which such
company are authorized to borrow on mortgage or bond, and every such reduction
shall be expressed in the said warrant; and in every such case the capital of
such company, and their power of borrowing money, shall be reduced and limited
in conformity with the directions for that purpose contained in such warrant;
and such company shall have all the same powers for enforcing the payment of
calls in respect of the shares in the capital when reduced in the manner
required by the said commissioners, and for enforcing the forfeiture of any
such shares in default of payment of such calls, as such company would have
had in respect of the original capital of such company if this Act had not
been passed: Provided always, that nothing herein contained shall authorize
the said company to reduce or interfere with any amount of capital paid up or
called for before the eleventh day of February one thousand eight hundred and
fifty, and entitled to any preferential or guaranteed dividend or interest.

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© 1850 Crown Copyright

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