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ABANDONMENT OF RAILWAYS ACT 1869 - SECT 5

Application of deposit, &c.

5. If the warrant for the abandonment was made on condition that the money
deposited as security for the completion of the railway, or the stocks, funds,
or securities in which the same is invested, or the money secured by any bond
conditioned for the completion of the railway, or for payment of money in
default thereof, should be applied as part of the assets of the company,
the court may, if it think fit, direct that such money, stocks, funds, and
securities shall not be applicable for the payment of any debt or part of a
debt which, regard being had to what is fair and reasonable as between all the
parties interested under all the circumstances of the case, appears to
the court to have been incurred on account of the promotion of the company.

Any person who provided such money or any part thereof, or who entered into
such bond, may, subject to any directions or rules of the court, attend all
proceedings under this section and other proceedings in the winding-up, and
apply to the court to act under this section.

© 1869 Crown Copyright

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