The Sun.
London, England, 1847-02-08 00:00:00

ORDINARY REMEDIES OF MORTGAGEES TO I3E EXERCISED

UNDER THE SECURITIES.
28. And be it enacted that the person or persons to whom
any such security as aforesaid shall be made shall and may
have 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, 1815, 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
mortgages 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 or ratort 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 the
Commissioners of the Treasury 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, POWERS or 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 Csmmissioners of
the Treasury, to borrow, on mortgage or bond, in such
manner as a company may borrow under the said Companies'
Clauses Consolidatiun Act, 1845 (where authorised by the
special Act to borrow money on mortgage or bond), such
snms 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.
EMPOWERING THE COMMISSIONERS OF TREASURY, IN CASE
OF INABILITY OF COMPANY TO COMPLETE WORKS, TO
TAKE TO THEM ON BEHALF OF THE PUBLIC, AND TO COM-
PIIETE 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 oftliis
Act, the Commissioners of Railways shall certify to the Com-
missioners of the Treasury that the works of such
have been suspended, or ceased to be effectually p
rcoosme
cpuatneyd,
for a period of not less than six months, a
or whered o
default
shall have been made by the company for
less than three months after demand shall hasi-eeTeenntsan:;et
in writing, in payment of any interest due on such advance,
or in repayment of the principal thereof, or ofany part
thereof, at the time and in the manner by this Actandby
the said assignment of mortgage required, it shall be lawfulfor the Commissioners of the Treasury, if they 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 on
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, hereditamenta, 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 mere
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 for 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, lead 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 hadFon-
tinued entitled to such railway, works, and underta mg;
and the purchase-money for such railway, works, and under-
taking_a
..
shall be applied in payment and satisfaction of all
debts and liabilities, if any, which shall be payable
and in repayment to the said Commissioners ofallatdvances
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-
m r provided by the Railways Clauses Cousolidatio
1845, with respect to leasing the railway, and such n Act,
lease
shall have like effect, and shall vest in the lessee, his officers
and servants, the same powers and privileges, and subjectsubject
such lessees, his officers and servants, to the same res-
thesameres-
trictions and regulations as if the Act by
company for making such railway was incorporatedY hmadpaanuy-
thorised the company to lease the same to any
or person in the manner by the said Railways Con-
solidationcon-
Act, 1845, provided, and suchcoinPsCal3a'uhese4.Boa.'
tinued possessed of such railway and works, and had made
s of the
such lease; or it shall be lawful for the Cotnmissiron such
Treasury, to let or lease the tolls and rates payable
railway or works, or to make and enter into any
contractorking and
agreement with any company or persons for
wsiderations,
or
using such railway and works for such rents or con
c?
and
re-
and with or without covenants for the maintenance re
other
pair of the railway and works, and subject
covenants and conditions as the CommissioneTtaaqvctahyesTutreaay-
sury, with the advice of the Commissioners of IC 11
f and any clear
think fit and agree with the lessees
annual rent or profit which shall accrutehteore()thlee'acsoensonrto:iii
from the railway or works, under any such
n all advances
°trTts,
shall be applied in payment of interest
made by the commisssioners in respect of suacPh°fraaitlwioanys,-, witoariltsys:
or undertaking, and of all lawful debts or
affecting the some, and in accumulating sUbchjga
ttihtneesamte,h he
share-
surplus, sminekuitngotfutnhde
as shall ba sufficient to provide for the rep
3)or times and
principal moneys of such advances at tile
in the manner appointed in the security for
surplus, if any, shall be divided, pro rata al 1.!ng
holders of the company authorised to makethcerailway and
works.
PROVIDING FOR REPAYMENT OF MONIES RECOVERED UNDER
ANY SECURITIES.
hich re.
34. And be it enacted, that
ealulnder the monies .a,
provisisonshall ofbe this
paid under any ah
b purchaser
Act, and all m nies
underwhic shall be ps,
lessees, and others upon aid
any y
sale, or in respect of any lease,
letting, or contract
the provisions of this Act, shall be
paid into the Bank of Ireland to the said " Railway Ad-
vances or
oßepayment Account," and such monies, or so
much th.rel
shall not under the provisions hereinbefore
as
contained be payable to the shareholders of th
e coin-
pany, shall fromtime to time be carried to and form part of
the Consolidated Fund of the United Kingdom of Great
Britain and Ireland.
RECEIPTS OF T
, Ey COMHARG ESMISSIONERS TO AR SUFFICIENT
DISC.
35. And be it
enacttede, that in the event of any such sale
or lease as aforesaid the receipt of the Commissioners of the
a validibstenhdsheaffllebcteupaal
paid
(di isbcyhaWrga3e,
ofor p
aall
Treasury shall be
monies therein specifie
and the purchaser or lessee
such monies, or be
chase money or rent,applicationorotn.shall not
anyon-application thereof;
be bound to see to the
answerable for the misapplication
surplus 1
and in the event of any . sum ,aying to be paid
lserembetore contained
under the provisions , to the share-
holders.lyan3., the Commissionersrail
of the
se the same o e dividedal to the '
Treasury may cau, .
t shall be
he whom I.pro rata among
the company, s
the company for the tim b •
the shareholders of .
t of the
e eing entitled
to the same, and the receipdirectorsr shall be a valid
he co
and effectual discharge of the
t. mmissiones, who shall not
be bound to see to the applica ion of the sum or sum
any part
s therein
specified to be received, or .
a lic t. thereof, and shall not
be answerable for the is
pp a ion or non-application
thereof or of any part thereof
SECURITIES, &c., axEstrx FROM STAMp DUTY.
36. And be it enacted, that no security given d
un er this
Act, and no conveyance, lease, certificate, or other inst
ment made under this Act shall be chargeable ' ru-
with any
stamp duty.

Es.TERPRETATION CLAUSE.
37. And be it
that for the purposes of this Act,
that
shall have the several
enactedd '
the following words an
d to them, unless there be some-
thing in the context repugnant to such construction ; that is
"Commissioners of the Freasury " shall
'
to say, the words
mearithe Lords Commissioners of her Majesty's Treasury of
the United Kingdom of Great Britrin and Ireland for the
time being, or any
United three or
Kinmore of them. or the Lord High
Treasurer of the 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
a include a female as well as a male. shall mean
an
ACT MAY BE REPEALED OR ALTERED IN THIS SESSION.
38. And be it enacted, that this Act may be repealed or
altered in the present session,

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