The Sun.
London, England, 1847-02-09 00:00:00

. -igmi
jecnftorofthteheinstaeire
asCt°;rith;
equer Bills
............—.. _
,at
rate
sounder this
wed
aodnraEaxch
after such a rate as in the jut„
sioners would compensate the put,
• seceritines,Ewxocuilled-
timd being payable on moneys both. ,
or otherwise, for the purpose of. makinh
Act, or for the interest which at the cam.
have
Bills, or the current prices of the publio _owed by the
have been payable if such money had been hot,
public for making such advances.
ORDINARY REMEDIES OF DIORTGAGEES TO BE Lam.
UNDER THE SECURITIES.
28. And be it enacted that the person or persons to wlOl3l
uy such security as aforesaid shall be made shall and Ins)-
give and exercise, under the direction of the Commissioners'
of the Treasury, all such rights and remedies for enforcing
the payment of the principal and interest due on such secu-
rities as the mortgagees of the company by whom such
securities were given would have had under the Companies'
Clauses Consolidation Act, 1845, in case such company -were
subject to the last-mentioned Act, and the securities had been
made under the provisions of such Act, and the mortgagees;
under such mortgages had been empowered to enforce the
payment of the arrears of principal and interest due on such
mortgagee, by the appointment of a receiver, and such rights
and remedies shall be in addition to the rights and remedies
hereby expressly given.

PROVISION FOR PROTECTION OF PRIOR MORTGAGEES.
29. And be it enacted, that the security to be given by
any railway company for advances to be made to them under
the authority of this Act shall be made subject and without
prejudice to any mortgage or other security previously given
by such company to any person who may have lent them
money under the authority of the Act relating to such com-
pany, and the interest upon such last mentioned securities
shall be paid in preference to the interest upon any security
given under the authority of this Act. Provided always,
that it shall be lawful for the parties holding any securities,
to which such priority is given as aforesaid, to give notice to
and require such company to pay off the monies due thereon,
and such company shall, and they are hereby required,
within after the receipt of such
notice, to pay off such monies accordingly, and it shall be
lawful for them to appropriate any part of the monies which
may have been or may be advanced to them under the au-
thority of this Act for such purpose : Provided also, that theP
Commissioners of the Traasury shall have all the same powers
of paying off the monies due upon any security to which
such priority is given as aforesaid as may be vested in the
railway company to whom such advance shall be made.
AFTER SECURITY MADE UNDER THE ACT, Poweas OF BOR-
ROWING NOT TO BE EXERCISED BY THE COMPANY WITH..
THE CONSENT OF THE COMMISSIONERS.
30. And be it enacted, that after any security shall have
been made under the provisions of this Act, and until the
whole of the money thereby secured shall have been dis-
charged, no power of borrowing money, which by the Act
incorporating such company, or otherwise shall be vested in
such company, shall be exercised without the consent of
the Commissioners of she Treasury ; and it hall be lawful
for such company, with the consent of the Commissioners of
the Treasury, to borrow, on mortgage or bond, in such
manner as a company may borrow. ander the said Companies'
Clauses Consolidatiun Act, 1845 (where authorised by the
special Act to borrow money on mortgage or bond), such
sums of money as may be necessary to pay off the monies
owing on the security to be made under this Act, or with
such consent as aforesaid to raise such sums of money by
creating new shares of the company, according to the pro-
visions of the said Companies' Clauses Consolidation Act,

1845, with respect to the conversion of borrowed money into
capital.
Em POW EKING THE COMMISSIONERS OVTREASURY, IN CASE
OF INABILITY OF COMPANY TO COMPLETE WORKS, TO
TAKE TO THEM ON BEHALF OF THE PUBLIC, AND TO COM-
POETS THE WORKS_, AND SELL THE UNDERTAKING ; AND
UNTIL SALE, TO LEASE THE RAILWAY, OR LET THE
TOLLS. _

31. And be it enacted, that where, after an advance shall
have been made to a company under the authority of this
Act, the Commissioners of Railways shall certify to the Com-
missioners of the Treasury that the works of such company
have been suspended, or•ceased to be effectually prosecuted •
for a period of not less than six months, or where default
shall have been made by the company for a period of not
less than three months after demand shall have been made

in writing, in payment of any interest due on such advance,
or in repayment of the principal thereof, or of any part

thereof, at the time and in manner by this Act and by
the said assignment of mortgage required, it shall be lawful
for the Commissioners of the Treasury, if th-y shall think
fit, by notice, to be published in two successive weeks in the
Dublin Gazette, to declare their intention to cause the under-
taking and works of the company to be vested in trustees OR
behalf of her Majesty, as from such time as in such adver-
tisement shall be mentioned, and when such notice shall
have been given, from and immediately after the time in
such notice mentioned in this behalf all the railways of such
company, and all the works made by or for the use of such
company, and all lands, hereditaments, easements, rights,
powers, and privileges whatsoever, and the benefit of all
contracts, agreements, and proceedings, and all personal
estate and effects, and all debts and monies which the said
company may have been seised and possessed of, or entitled
to, at law or in equity, immediately before the time men-
tioned in such notice as aforesaid, shall be vested in and
belong to such person or persons as the Commissioners of
the Treasury, by any deed by them executed, shall declare,
in trust for her Majesty, without any further or other con-
veyance or assurance, subject only to the payment and per-
formance of all debts and contracts which may have been
lawfully contracted by such company before such notice,
and to such provisions as are hereinafter contained for the
benefit of the shareholders of such company; and the person
or persons in whom such undertaking and works shall be
vested in trust for her Majesty, as aforesaid, shall have the
same powers far the making and maintaining such railway
and works, and all powers of taking land and other powers
auxiliary or in any wise in relation to such undertaking, as
were vested in such company.
32. And be it enacted, that where the railway and works
of any company shall have become vested in trustees in trust
for her Majesty as aforesaid, it shall be lawful for the Com-
missioners of the Treasury, if the completion cf such rail-
way and works shall.be recommended by the Commissioners
of Railways, to cause the same to be completed, under
the direction of the Commissioners of Railways, and to
advance for that purpose such monies as may be ne-
cessary out of the monies which may be disposable under
this Act, or out of other monies which may be placed at
heir disposal by Parliament for this purpose ; and when
such railway and works shall have been completed as afore-
said, it shall be lawful for the Commissioners of the Trea-
sury to sell and dispose of such railway and works, and the
undertaking thereof, for such price and subject to such con-
ditions as the Commissioners of the Treasury may think ad-
viseable, to any company or persons, and by deed of assign-
ment to vest in the purchasers all such railways and works,
and all property, real and personal, connected therewith,
and all rights, powers, and privileges in anywise in relation
thereto, which might have been exercised by the company
authorised to make and maintain the same in case the same
had not been vested in trust for her Majesty as aforesaid,
and subject to such and the like restrictions and lia-
bilities in all respects as such last mentioned com-
pany would have been subject to in case they had con-
Untied entitled to such railway, works, and undertaking;
and the purchase-money for such railway, works, and under-
taking shall be applied in payment and satisfaction of all
debts and liabilities, if any, which shall be payable thereout
and in repayment to the said Commissioners of all advanced
made by them in respect. thereof, together with all arrears of
interest thereon, and if any surplus shall remain, it shall be
paid and distributed pro rata among the shareholders of the
last mentioned company.
33. And be it enacted, that until such railway and works
shall have been disposed of as aforesaid, -it shall be lawful for
the Commissioners of the Treasury to lease the same in man.
ner provided by the Railways Clauses' Consolidation Act,
1845, with respect to leasing the railway, and such lease
shall have like effect, and shall vest in the lessee, his officers
and servants, the same powers and privileges, and subject
such lessees, his officers and servants, to the same res-
trictions and regulations as if the Act by which the
company for making such railway was incorporated had au-
thorised the company to lease the same to any company
or person in the manner by the said Railways Clauses' Con-
solidation Act, 1845, provided, and such company had con-
tinued possessed of such railway and works, and had made
such lease; or it shall be lawful for the Commissioners of the
Treasury to let or lease the tolls and rates payable on such
railway or works, or to make and enter into any contract or
agreement with any company or persons for working and
using such railway and works for such rents or considerations,
and with or without covenants for the maintenance and re-
pair of the railway and works, and subject to such other
covenants and conditions as the Commissioners of the Trea-
sury, with the advice of the Commissioners of Railways may
think fit and agree with the lessees thereof; and any dear
annual rent or profit which shall accrue to the commissioners
from the railway or works, under any such lease or contract,
shall be applied in payment of interest upon all advances
made by the commissioners in respect of such railway, works,
orundertaking, and of all lawful debts or obligations, if any,
affecting the some, and in accumulating such a sinking fund
as shall be sufficient to provide for the repayment of. the
principal moneys of such advances at the time or times and
in the manner appointed in the security for the same, and the
surplus, if any, shall be divided, pro rata among the share-
holders of the company authorised to make the railway and
works.
PROVIDING FOR REPAYMENT OF MONIES RECOVERED UNDER
ANY SECURITIES.

34. And be it enacted, that all monies which shall be re-
paid under any security made under the provisions of this
Act, and all monies which shall be paid by purchasers,
lessees, and others upon any sale, or in respect of any lease,
letting, or contract under the provisions of this Act, shall be
Paid into the Bank of Ireland to the said " Railway Ad-
vances or Repayment Account," and such Monies, or so
much thereof as shall not under the provisions hereinbefore
contained be payable to the shareholders of the com-
pany, shall from time to time be carried to and form part of
the Consolidated Funa of the United Kingdom of Great
Britain and Ireland.
RECEIPTS OF TREASURY COMMISSIONERS TO AZ SUFFICIENT
DISCHARGES.
35. And be it enacted, that in the event of any such sale
or lease as aforesaid the receipt of the Commissioners of thts
Treasury shall be a valid and effectual discharge f...A2..:,
monies therein specified which shall be paid by vra.svho:nf pn",;,
chase money or rent, and the purchaser
or meaoilies, or be
be bound to see to the application
answerable for the misapplication ornsfnl:i
and in the event of any
~surplustoe contained to the share-
under the provisions bereinbe pasuiVit. agtitoon
btleierpeaoifd;
the Commissioners of the
holders of any paid to the directors of
Treasury same be divided pro rata among
the company, v!
mhemdisirdeocntoersrs,shall be a valid
by
ihtnine company for the time being entitled
the shareholders o
may CaraiUSlOWtalLiCriftonYbe
and effectual discharge
who shall not
pttheofcot
be bound to see to application of the sum or sums therein
to the same, and the recoefi
specified to be received, or any part thereof, and shall not
be answerable for the misapplication or non-application
thereof or of any part thereof.
n certificate,o s ectirity givenor ot
herunder
SECURITIES, &c., EXEMPT FROM STAMP init.
.aAn,lininobecointveenyaacntecde: tlheasate,
Ac3t6,
instru-
ment made under this Act shall b
stamp duty. e c h
argeable with any

INTERPRETATION CLAUSE.
37. And be it enacted, that for the purposes of this Act,
the following words and expressions shall have the several
meanings hereby assigned to them, unless there be some-
thing in the context repugnant to such construction ; that is
to say, the words " Commissioners of the Treasury " shall
mean the Lords Commissioners of her Majesty's Treasury of
the United Kingdom of Great Britrin and Ireland for the
time being, or any three or more of them. or the Lord High
Treasurer of the United Kingdom of Great Britain and
Ireland for the time being; the word "person" shall mean
and include any body corporate, aggregate, or sole, as well
as an individual ; any word importing the singular number
only shall extend to and include several persons or things
as well as one person or thing; and any word importing the
plural number shall extend to and include one person or
thing. as well as several persons or things respectively; and
any word importing the masculine gender only shall mean
and include a female as well as a male.
ACT ,t Vl' BE REPEALED OR ALTERED IN Tras SESSION.
\ d, tl:at this Aet.may be repc aled... or
uitered in tile piebcht s. &ton.

The Archbishop of Canterbury. had an
de* with Earl Grey, at the Colonial-Office.

intervie Yeat