[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here:  BAILII >> Databases >> Northern Irish Legislation >> TRAMWAYS (IRELAND) ACT 1860

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

TRAMWAYS (IRELAND) ACT 1860 - SECT 17

Order may empower company to borrow, &c.

17. Any such Order may (where it seems to the Lord Lieutenant in Council
expedient) empower the company to borrow on mortgage or bond such money as in
the Order shall be specified (the same and every part thereof to be applied
only in carrying into execution the objects and purposes of the Order), and
may provide, in such manner as may seem fit, for the payment of interest on
and the discharge of the principal money borrowed, and for the appointment of
a receiver on behalf of mortgages: Provided always, that no such Order shall
empower the company to borrow more money in the whole than one third of the
amount of their share capital, or to borrow any money whatever until the whole
of their share capital is subscribed for, and one half of it is actually paid
up, and they prove to the justice who is to certify, under the provisions
contained in the fortieth section of the
Companies Clauses Consolidation Act, 1845, that all such capital has been
subscribed for bona fide, and is held by subscribers or their assigns, and for
which such subscribers or their assigns are legally liable.

© 1860 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/ta1860189/s17.html