Proceed ings of Committees on Bills. security for of the Line. jew line is authorized, or the time for completng any line already authorized is extended; if uch Bill be promoted by an existing Railway ompany, Tramway Company, or Subway completion ompany which is not possessed of a Railway, ramway, or Subway already opened for public raffic, or which has not during the year last ast paid dividends on its ordinary share apital; or by an existing Railway Company, Tramway Company, or Subway Company, when he capital to be raised under the Bill is greater han the existing authorized capital of the ompany, or by persons not already incororated, a clause to the following effect shall e inserted, viz: (B) Whereas, pursuant to the Standing rders of both Houses of Parliament, and to The Parliamentary Deposits Act, 1846," a um of £ being five per cent. upo. the mount of the Estimate in respect of the failway or Tramway, authorized by this Act, as been deposited with the Court, that is to ay, the Paymaster-General for and on behalf of the Supreme Court in England; [or Exchequer Bills, Stocks, or Funds to the amount of , have been deposited or transferred ursuant to the said Act, as the case may be], a respect of the application to Parliament for his Act (which Sum, Exchequer Bills, Stocks, Funds, as the case may be, is or are in this Act Proceedings of Committees on Bills. Act referred to as "the Deposit Fund"): of the portion of the said Railway [Tramway or Subway] opened as aforesaid, and the portion of the deposit fund which bears to he whole of the deposit fund the same proportion as the length of the said Railway Tramway or Subway] so opened bears to the ntire length of the said Railway [Tramway Subway] hereby authorized, the High Court hall, on the application of the depositors, order he said portion of the deposit fund so specified such certificate as aforesaid to be paid or ransferred to them, or as they shall direct; and he certificate of the Ministry of Transport shall, signed by the Secretary, or by an Assistant Secretary of the said Ministry, be sufficient vidence of the facts therein certified; and it hall not be necessary to produce any certificate this Act having passed, anything in the ecited Act to the contrary notwithstanding. In every Railway Bill, Tramway Bill, or Subway Bill, whereby the construction of any new line of Railway, Tramway, or Subway is authorized, or the time for completing any line lready authorized is extended, a clause to the ollowing effect shall be inserted : (C.) If the Company do not, previously to he expiration of the period limited by this Act or the completion of the Railway [Tramway Subway] hereby authorized to be made for the time for completion which is hereby extended) Proceedings of Committees on Bills. Proceedings of Committees on Bills. f extended) complete the said Railway [Tram payable Te pa 1 of the pr T payable, or if a portion of the deposit fund hor of the sum or sums of money recovered by way of penalty as aforesaid) shall have been found sufficient to satisfy all just claims in respect of such compensation, then the Deposit Fund (or the sum or sums of money recovered by way of penalty as aforesaid), or such portion thereof as may not be required as aforesaid, shall, if a receiver has been appointed, or the Company is insolvent and has been ordered to be wound up, or the undertaking [in the case of a penalty the Railway or Railways in espect of which the penalty has been incurred or any part thereof], has been abandoned, be paid or transferred to such receiver, or to the liquidator or liquidators of the Company, or be applied, in the discretion of the Court, as part of the assets of the Company for the benefit of the creditors thereof, and subject to such application, shall be repaid or retransferred to the depositors (Company): Provided, That until the Deposit Fund shall have been repaid to the depositors, or shall have become otherwise applicable as hereinbefore mentioned, any interest or dividends accruing thereon shall from time to time, and as often as the same shall become payable, be paid to or on the application of the depositors. N.B.-If the Clause lettered (A) is inserted in the Bill, the proviso at the end of the clause lettered Proceed ings of Committees on Bills. |