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ABANDONMENT OF RAILWAYS ACT 1869 - SECT 6

Transfer of deposit and assignment of bond.

6. Where the warrant for abandonment is 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, shall be applied as part of the assets of the company, the
following provisions shall have effect:

(1)The court in which the company is being wound up may order such money,
stocks, funds, or securities, or so much thereof as is required to be applied
as assets of the company, to be paid, transferred, or delivered out to the
official liquidator, and unless the court is satisfied that the same or any
part thereof are not required to be applied as assets, shall not order the
same or any part thereof to be paid, transferred, or delivered out to any
other person:

(2)The Treasury, upon the application of the official liquidator, made with
the sanction of the court, may, if they think fit, assign the bond to the
official liquidator, and upon such assignment the bond shall be deemed to have
been entered into with the official liquidator in his official name, and with
his successors in that office, and may, subject to the sanction of the court,
be enforced accordingly:

(3)Any bond so assigned may, after a sufficient sum has been paid thereunder
as assets of the company, be cancelled by the court.

© 1869 Crown Copyright

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