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ABANDONMENT OF RAILWAYS ACT 1869

ABANDONMENT OF RAILWAYS ACT 1869 - LONG TITLE

An Act to amend the Law relating to the Abandonment of Railways
and the Dissolution of Railway Companies.{1}
[11th August 1869]
Preamble rep. by SLR 1893 (No.2)

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 1
Short title.

1. This Act may be cited as "The Abandonment of Railways Act,
1869."

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 2
Interpretation.

2. In this Act "the court" means [the High Court of Justice in
Northern Ireland].

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 3
Construction.

3. This Act shall be construed as one, ... so far as it extends
to ... Ireland with the Abandonment of Railways Act, 1850, as
amended by the Railway Companies Act, 1867, and those Acts are in
this Act referred to as the principal Acts.

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 4
Petition for winding up of railway company may be presented under
1862 c.89 and 1867 c.131.

4. Where a warrant has been granted under the principal Acts for
the abandonment of the whole railway of any railway company, a
petition for winding up the affairs of such company may be
presented under the Companies Acts, 1862 and 1867, by the company,
or by any person who under the last-mentioned Acts is authorized to
present a petition for winding up a company, or by any person upon
whose application the Board of Trade may proceed in pursuance of
... the Railway Companies Act, 1867, ... and for that purpose the
railway company whose railway is so authorized to be abandoned shall
be deemed to be an unregistered company which may be wound up
under the Companies Acts, 1862 and 1867, and the provisions of the
principal Acts which remain in force relating to winding up shall
be construed as if the Companies Acts, 1862 and 1867, and the
winding up provided by this section, were therein referred to.

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.

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.

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 7
Saving for rights to residue of deposit.

7. Nothing in the principal Acts or in this Act shall affect any
right to that part of the money deposited as security for the
completion of the railway, or of the stocks, funds, or securities
on which the same is invested, or of the money secured by any
bond conditioned for the completion of the railway, which is not
applied in payment of the debts and liabilities of the company, or
required for that purpose.

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 8
Application for abandonment by judgment creditor.

8. Where a company, no part of the railway of which is open for
traffic, has been required by any judgment or order of any court
to pay a sum of money to any person or body corporate, and has
made default in such payment, the Board of Trade may proceed under
the principal Acts, upon the application of such person or body, in
the same manner as if such person or body were mentioned in that
behalf in the said section.

ABANDONMENT OF RAILWAYS ACT 1869 - SECT 9
Notices under 1850 c.83 s.17.

9. The notice given in pursuance of section seventeen of the
Abandonment of Railways Act, 1850, may, where there is no secretary
of the company, or no office of the company, require claims or
demands to be sent to such person or to such place as the Board
of Trade direct.

S.10 rep. by SLR 1883