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RAILWAY COMPANIES ACT 1867 - SECT 32

Abandonment where three fifths of capital has not been subscribed.

32. Where it is shown to the satisfaction of the Board of Trade, with respect
to a company authorized to make a railway by Act of Parliament passed before
the present session, that no part or a part less than three fifths, of the
share capital of the company has been subscribed, the Board of Trade may, if
they think fit, proceed under the said Act of 1850, as extended by this Act,
on the application of any person named in the special Act incorporating the
company as a member or director thereof, or of any person named in the warrant
or order directing payment of any deposit under any Standing Order of either
House of Parliament, or of any person who has lent the amount of such deposit,
or any part thereof, or has entered into any bond conditioned for the
completion of the railway, or for payment of any money in default thereof, and
without the preliminary consent of a meeting of shareholders of the company.

© 1867 Crown Copyright

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