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TRANSFER OF RAILWAYS (IRELAND) ACT 1890 - SECT 12

Power to railway company to guarantee payment or punctual payment on baronial guaranteed shares.

12. The railway company shall have power to enter into any agreement with or
to give any guarantee to the holders of baronial guaranteed shares, that the
dividends at the guaranteed rate on such shares shall be paid on any date or
dates to be fixed by the railway company, or otherwise to guarantee or
undertake the payment or punctual payment of the dividends on such shares. And
the railway company shall have power by any such agreement or guarantee or for
the purposes thereof, to charge or bind all or any of the undertakings and
property of the railway company other than the transferred undertaking, and
shall have power, from time to time, to apply any of the income or profits, or
accumulated income or profits of all or any of the undertakings or property of
the railway company, in advancing or paying to the holders of the baronial
guaranteed shares the amount of the dividends thereon at the rate aforesaid,
as the same shall from time to time become due, or upon such date or dates as
shall be fixed by the railway company, but any such charge or obligation upon
the undertakings and property of the railway company, created by any such
agreement or guarantee, and any such application of the income or profits
thereof in payments of such dividends shall be subject to the rights of the
holders of any existing debentures, debenture stock, guaranteed or preference
stock or shares of the railway company, and in the event of
the railway company advancing or paying any sum in respect of such dividends,
out of any source other than the net profits of the transferred undertaking,
such advance or payment shall not prejudice or affect the liability of any
[county districts] in respect of such dividends, or any presentment to be made
in respect thereof, but the railway company shall be entitled to receive in
repayment of any such advance or payment any sums chargeable upon such [county
districts] in respect of such dividends so advanced or paid by
the railway company, and which the said [county districts] would have been
liable to pay if the amount of such dividends had not been advanced or paid by
the railway company.

© 1890 Crown Copyright

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