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PARLIAMENTARY DEPOSITS AND BONDS ACT 1892

PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - LONG TITLE

An Act to authorise the release of certain Deposits, and the
cancellation of certain Bonds, made or given to secure the
performance of undertakings authorised by Parliament.{1}
[27th June 1892]
Power to release deposits.

PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - SECT 1

1.(1) Where in pursuance of any general or special Act of
Parliament, or of any rules made thereunder, moneys or securities
have been deposited with, or are standing in the name of, the
Paymaster-General to secure the completion by any company of any
undertaking authorised by Parliament, or by any certificate issued
under the authority of an Act of Parliament, and the undertaking
has not been completed within the time limited in that behalf, the
High Court may, notwithstanding anything in any such general or
special Act or rules, order that the moneys or securities (in this
Act called the deposit fund), or any part thereof, be applied
towards compensating any landowners or other persons whose property
has been interfered with or otherwise rendered less valuable by the
commencement, construction, or abandonment of the undertaking, or any
portion thereof, or who have been subjected to injury or loss in
consequence of any compulsory powers of taking property given in
connexion with the undertaking, and have received no compensation or
inadequate compensation for such injury or loss; and also, in the
case of a tramway company, towards compensating the road authorities
for the expenses incurred by them in taking up any tramway or
materials connected therewith placed by the tramway company in or on
any road vested in or maintainable by the road authorities, and in
making good all damage caused to such roads by the construction or
abandonment of the tramway.

(2) Subject to payment of any such compensation, and notwithstanding
any provision as to forfeiture to the Crown, the High Court may,
if a receiver has been appointed, or the company is insolvent and
has been ordered to be wound up, or the undertaking has been
abandoned, order that the deposit fund or any part thereof be paid
or transferred to the receiver or to the liquidator of the company,
or be applied as part of the assets of the company for the
benefit of the creditors thereof.

(3) Subject to such application as aforesaid the High Court may,
after such public notice as to the Court seems reasonable, order
that the deposit fund or any part thereof be paid or transferred
to the depositors or the persons claiming through or under them.

(4) If any money or securities deposited with or standing in the
name of the Paymaster-General for the purposes of this section on
or before the thirty-first of March one thousand eight hundred and
ninety are not claimed by or on behalf of the depositors thereof
within ten years after the passing of this Act, the Treasury may
pay or transfer the same to the National Debt Commissioners to be
applied by them towards the reduction of the National Debt.

(5) This section shall apply to any person or body of persons
authorised by Parliament or by any such certificate as aforesaid to
carry out an undertaking as if he or they were a company.

PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - SECT 2
Power to cancel bonds.

2. Where in pursuance of any general or special Act of Parliament
any bond has been given to secure the completion of any undertaking
authorised by Parliament, or by any certificate issued under the
authority of an Act of Parliament, and the undertaking has not been
completed within the time limited in that behalf, the money thereby
secured shall be applicable to the same purposes as the deposit
fund hereinbefore mentioned, and the Treasury may, if they think
fit, cancel the bond on proof to their satisfaction that the money
thereby secured has been applied or is not required for those
purposes.

PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - SECT 4
Application to Ireland.

4. In the application of this Act to Ireland

The expression "Paymaster-General" shall mean the Accountant-General of
the Supreme Court

The expression "tramway" shall include railway.

PARLIAMENTARY DEPOSITS AND BONDS ACT 1892 - SECT 5
Short title.

5. This Act may be cited as the Parliamentary Deposits and Bonds
Act, 1892.