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RAILWAY COMPANIES ACT 1867 - SECT 23

Penalties for neglect, and recovery and application thereof.

23. All money borrowed or to be borrowed by a company on mortgage or bond or
debenture stock, under the provisions of any Act authorizing the borrowing
thereof, shall have priority against the company and the property from time to
time of the company over all other claims on account of any debts incurred or
engagements entered into by them after the passing of this Act: Provided
always, that this priority shall not affect any claim against the company in
respect of any rentcharge granted or to be granted by them in pursuance of the
Lands Clauses Consolidation Act, 1845, or the
Lands Clauses Consolidation Acts Amendment Act, 1860, or in respect of any
rent or sum reserved by or payable under any lease granted or made to the
company by any person in pursuance of any Act relating to the company which is
entitled to rank in priority to, or pari passu with, the interest or dividends
on the mortgages, bonds, and debenture stock; nor shall anything herein-before
contained affect any claim for land taken, used, or occupied by the company
for the purpose of the railway, or injuriously affected by the construction
thereof, or by the exercise of any powers conferred on the company.

© 1867 Crown Copyright

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