permit, and shall, with the right to a charge thereby created, be assignable by endorsement, either absolutely or by way of security, to any company or person that may agree to advance, by paying the same to the railway or canal company, the amount authorised to be charged, and notice of such assignment shall be given to the commissioners, and shall be registered by them. 27 & 28 Vict. c. 114, ss. 81-85. lend. 81. Every company empowered by Act of Parliament to lend Companies money for the improvement of land is hereby empowered to empowered to advance, by paying the same to the railway or canal company, any money authorised to be charged in manner aforesaid. solute order 82. When the railway or canal shall have been completed and Commisopened throughout for public traffic, and as many shares in the sioners abcapital of the railway or canal company subscribed for or held as and its condiaforesaid by the landowner as shall be equal in nominal amount to tions. the money authorised to be charged shall have been fully paid up, and the certificates for such shares shall have been deposited by the landowner with the commissioners, the commissioners shall, by an absolute order under their hands and seal, execute to the landowner or his assignees a charge upon the inheritance or fee of the lands in question of the amount authorised as aforesaid to be charged, and may, if the landowner shall so desire, include, with the principal money so charged, the costs, charges, and expenses of the application and orders, and of any advance which may have been made to him of the amount authorised to be charged, and such settled or taxed costs and interest as mentioned in the fiftieth section hereof, subject nevertheless to the proviso in the same section contained. lute order. 83. Such absolute order shall be made in the form in the Form and schedule (B.) to this Act annexed, or as near thereto as the effect of absocircumstances will permit, and all the provisions of this Act relating to absolute orders, whether in respect of the form or effect of such charges or orders or otherwise, except only the provisions for the apportionment and release of such charges, shall apply to absolute orders under the last preceding section as far as the circumstances admit. 84. The landowner shall forthwith give notice to the railway or Notice thereof canal company of the execution of such absolute order, and of the to be entered in register of deposit of such certificates with the commissioners, and thereupon shareholders. the company shall make an entry or memorial in their register of shareholders with respect to such shares of the fact of such absolute order having been executed. to be entitled 85. From the time of such notice, and during the whole term Person liable of the charge created by such absolute order, the person who for to pay charge the time being shall be bound to make the periodical payments of for the time such charge shall be entitled to the said shares, and if the same being to the shares, shall not at the time being be registered in his name, the person T, L L 27 & 28 registered as the holder thereof shall, as between himself and Vict. c. 114, the person so entitled, hold them in trust for such last-mentioned ss. 86-88. and to have his own name. person. 86. The person so for the time being entitled may at any time them stand in require the person registered as the holder of the said shares or his representatives to transfer to him the said shares, and such transfer shall thereupon be made accordingly, but at the expense in all respects of the transferee; and upon the production of such transfer duly stamped, and of a certificate by the commissioners under their hands and seal that the transferee is the person at the time being bound to make the periodical payments of the said charge, the railway or canal company shall register such transfer. Entire shares to belong to parties in proportion to their pay be released to them from 87. With the exception of such transfers as may from time to time be made for the purpose of transferring the shares to the person so for the time being entitled thereto, the said shares shall not under any circumstances be transferred or disposed of by the registered holder, whether he be the person for the time being entitled thereto or not, during the term of the said charge; but during the term of such charge the registered holder for the time being of the said shares shall have all the other rights and powers of a shareholder in the railway or canal company in respect of the said shares; and the railway or canal company shall not be bound to see to the application of any dividend received by such registered holder, but as between himself and the person or persons for the time being entitled to such shares he shall hold any dividend which may be received by him in trust for the person who, at the time when such dividend became payable, was the person entitled to the said shares. 88. Whenever any person or those whom he legally represents as their executor or administrator shall have been bound to make, and shall have made, such and so many periodical payments of the charge as to repay thereby principal money which, in proportion ments, and to to the whole amount of principal money charged and the whole number of the said shares, shall correspond to any integral number time to time. of shares, with or without a fraction over, it shall be lawful for the commissioners, on the application of such person, made either during the term of the charge or within two years after its expiration, to certify that fact under their hands and seal, and by the same certificate to appropriate to such person certain specified shares to such integral number, and to deliver to him the corresponding share certificates; and upon the production to the railway or canal company of such certificate by the commissioners and share certificates, it shall be lawful for such person, if he shall not already be the registered holder, to require such shares to be transferred to him, and the railway or canal company shall make an entry or memorial on their register of shareholders of such shares being freed from the provisions of this Act, or of the term of the charge other having expired, as the case may be, and such shares shall thence- 27 & 28 Vict. c. 114, 8. 89. claimed within two years from 89. The shares composing the said residue shall at the end of Shares not two years after the expiration of the term of the charge belong to the person who shall have been bound to make the last periodical payment of the charge, or to his executors or administrators, on expiration of such payment being made: and the commissioners shall deliver to term to belong him or them the corresponding share certificates, and certify the bound to title to the shares under their hands and seal in accordance with make last the above provision; and upon the production to the railway or canal company of the share certificates and such certificate by the commissioners, such person as aforesaid, or his executors or administrators, shall have the said shares transferred to him or them, so far as he or they shall not be already the registered holder or holders thereof; and the railway or canal company shall make an entry or memorial on their register of shareholders of the term of the charge having expired, and thenceforward the said shares shall be held and transferred in the same manner as any other shares in the same company. Sections 90 and 91 are repealed by the Statute Law Revision Act, 1875 (38 & 39 Vict. c. 66). to person payment of charge. SCHEDULES TO WHICH THE FOREGOING ACT REFERS. (Proper Heading.) SCHEDULE (A.) Provisional Order. The Inclosure Commissioners for England and Wales, in pursuance of "The Improvement of Land Act, 1864," do, by this order under their hands and seal, sanction the proposed improvements expressed upon the terms and conditions that such improvements be executed in the manner mentioned or specified in the said contract, and at an expense not exceeding the sum of and do hereby declare and provisionally order that it is right and proper, and for the benefit of the parties interested in the lands mentioned in the schedule hereto, that the inheritance or fee of such lands should be charged with the said sum of together with the costs, charges, and expenses preparatory or in relation to and consequent on the said contract and the application for this order, and that the same should, to the whole amount of such respective monies, [or should, to any amount not exceeding 27 & 28 Schedules. as the case may be,] be charged in the manner following; (that is Vict. c. 114, to say,) [here express how the amount is to be repaid with interest]. In witness whereof they have hereunto affixed their hands and seal, this in the year of our Lord one thousand eight hundred and day of [Here insert name of landowner] of [here insert address]. Loan of pounds for the improvement of in the county of in the parish The Inclosure Commissioners for England and Wales, in pursuance of "The Improvement of Land Act, 1864," do, by this absolute order under their hands and seal, charge the inheritance or fee of the lands mentioned in the schedule hereto with the payment to of the yearly sum of pence, payable half-yearly on the and and the day of pounds day of in every year, for the term of shillings years, and being a proportionate repayment, according to the table annexed, of the capital sum of pounds, with interest at per cent. per annum, the first half-yearly payment to be made on the day of The Inclosure Commissioners for England and Wales, in pursuance of "The Improvement of Land Act, 1864," do, by this order under their hands and seal, in consideration of £ them paid by A.B. of to transfer to and vest in the said A.B., his executors, administrators, and assigns, shares of and in and now In witness whereof they have hereunto affixed their hands and seal, this hundred and day of in the year one thousand eight 27 & 28 Vict. c. 114, Schedules. |