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RAILWAY COMPANIES ACT 1867 - SECT 34

Cancellation of bonds for completion of railways, and release of deposits.

34. Where a warrant for abandonment is granted under the
Abandonment of Railways Act, 1850, as extended by this Act, the Treasury may
cancel and deliver up any bond entered into by or on behalf of a railway
company for securing the completion of a railway, or, in case the abandonment
be of part of the railway only, may cancel and deliver up such bond on
receiving another bond in lieu thereof, conditioned for payment of a due
proportionate part of the amount secured by such former bond; and any money
remaining deposited as security for the completion of the railway, or the
stocks, funds, or securities in which the same is invested, or any Bank
annuities, stocks, funds, securities, or Exchequer bills remaining deposited
as such security, or in case the abandonment authorized is of part only of a
railway, then such proportionate part as the Board of Trade thinks fit of such
money, stocks, funds, securities, annuities, or Exchequer bills shall be paid,
transferred, or delivered out to the persons who would be entitled to receive
the same if the railway had been completed and opened for public traffic; and
the Court of Chancery shall, on the application of those persons, order
payment, transfer, or delivery out thereof accordingly, on a certificate of
the Board of Trade certifying that such a warrant for abandonment has been
granted.

© 1867 Crown Copyright

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