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TRAMWAYS (IRELAND) ACT 1860 - SECT 29

Security by promoters for completion of tramway.

29. Where the promoters are not an existing tramway company, and a tramway
company is constituted by the Order in Council authorizing the undertaking,
and also where the promoters are an existing tramway company, but are not
possessed of a tramway actually open for traffic, then and in every such case
the promoters shall give security for the completion of the proposed tramway
as follows:

[1.Within fourteen days after the making of the Order they shall either pay
into the Supreme Court a sum equal to five per centum of the estimated cost of
the undertaking, or deposit in the Court, or transfer into the name of the
Accountant General, Exchequer bills or other Government securities equal to
that sum at the price at which such bills or securities were originally
purchased by the promoters, which price shall be proved by the broker's
certificate of such purchase:

<2....]


<3.The [High Court], on the petition in a summary way of the persons or person making such payment, deposit, or transfer, or the majority of such persons, or the survivors or survivor of them, herein-after called the depositors or depositor, may order that any money so paid, or any interest or dividend accrued on any bills or securities so deposited or transferred, be invested in any such securities as the depositors or depositor may desire and the Court approve:


<4.In the following cases, and not otherwise, the [High Court], on the petition in a summary way of the depositors or depositor, shall order the money, bills or securities, so paid, deposited, or transferred, and any securities in which any investment may be made as aforesaid, and any interest or dividend accrued thereon respectively, to be paid or transferred to or into the names or name of the depositors or depositor; namely,


(1)If an Act of Parliament, confirming the Order in Council with respect to
which such payment, deposit, or transfer is made does not pass in the session
current at the date of the Order, or, if Parliament be not then sitting, then
in the session beginning next after that date:

(2)If such Act does so pass, and within the time limited for the completion of
the tramway the company open it for traffic, or prove to the Board of Works
that they have paid up one-half of their share capital, and have expended for
the purposes of the Order a sum equal to such half, or else execute a bond in
twice the amount paid into the Bank or represented by the deposit or transfer
aforesaid, conditioned for payment to Her Majesty, her heirs or successors, of
that amount, in the event of their failing either to open the tramway for
traffic, or to give such proof as aforesaid, within the time limited for the
completion of the tramway (such bond to be prepared to the satisfaction of and
deposited with the Board of Works, and to be made with a surety or sureties
approved of by the Board of Works):

<5.If an Act confirming the Order passes as aforesaid, and the time limited for completion of the tramway expires before it is opened for traffic, or before such proof as aforesaid is given, then the money, bills, or securities paid, deposited, or transferred, and any securities in which any investment may have been made as aforesaid, and any interest or dividend accrued thereon respectively, or the monies secured by any bond given as aforesaid, (or as the case may be,) shall, immediately on the expiration of the time so limited, be forfeited to Her Majesty, and be paid or transferred, by the officer or person in whose name the same shall then be standing, or by whom the same may be recovered and received, to the account of Her Majesty's Exchequer, and shall then be carried to and form part of the Consolidated Fund of the United Kingdom:


<6.The certificate of the Board of Works that a confirming Act of Parliament has or has not passed as aforesaid, or that the tramway has or has not been opened for traffic, or that such proof or such bond as aforesaid has or has not been given, shall be conclusive evidence thereof.

© 1860 Crown Copyright

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