PARLIAMENTARY DEPOSITS AND BONDS ACT 1892

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PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - SECT 1



1.(1) Where in pursuance of any general or special Act of Parliament, or of
any rules made thereunder, moneys or securities have been deposited with, or
are standing in the name of, the Paymaster-General to secure the completion by
any company of any undertaking authorised by Parliament, or by any certificate
issued under the authority of an Act of Parliament, and the undertaking has
not been completed within the time limited in that behalf, the High Court may,
notwithstanding anything in any such general or special Act or rules, order
that the moneys or securities (in this Act called the deposit fund), or any
part thereof, be applied towards compensating any landowners or other persons
whose property has been interfered with or otherwise rendered less valuable by
the commencement, construction, or abandonment of the undertaking, or any
portion thereof, or who have been subjected to injury or loss in consequence
of any compulsory powers of taking property given in connexion with the
undertaking, and have received no compensation or inadequate compensation for
such injury or loss; and also, in the case of a tramway company, towards
compensating the road authorities for the expenses incurred by them in taking
up any tramway or materials connected therewith placed by the tramway company
in or on any road vested in or maintainable by the road authorities, and in
making good all damage caused to such roads by the construction or abandonment
of the tramway.

(2) Subject to payment of any such compensation, and notwithstanding any
provision as to forfeiture to the Crown, the High Court may, if a receiver has
been appointed, or the company is insolvent and has been ordered to be wound
up, or the undertaking has been abandoned, order that the deposit fund or any
part thereof be paid or transferred to the receiver or to the liquidator of
the company, or be applied as part of the assets of the company for the
benefit of the creditors thereof.

(3) Subject to such application as aforesaid the High Court may, after such
public notice as to the Court seems reasonable, order that the deposit fund or
any part thereof be paid or transferred to the depositors or the persons
claiming through or under them.

(4) If any money or securities deposited with or standing in the name of the
Paymaster-General for the purposes of this section on or before the
thirty-first of March one thousand eight hundred and ninety are not claimed by
or on behalf of the depositors thereof within ten years after the passing of
this Act, the Treasury may pay or transfer the same to the National Debt
Commissioners to be applied by them towards the reduction of the National
Debt.

(5) This section shall apply to any person or body of persons authorised by
Parliament or by any such certificate as aforesaid to carry out an undertaking
as if he or they were a company.

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Northern Irish Legislation

PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - SECT 1