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ment of such Shareholders, for amount of

beyond Sum due from them,


Company may borrow

Mortgage or


entitled to any such Execution, at all reasonable Times,

to inspect the Register of Shareholders, without Fee. Reimburse. 37. If by means of any such Execution, any ShareSharo-* sum holder shall have paid any Suni of Money beyond the

toft Amount then due from him in respect of Calls, he shall Execution forthwith be reimbursed such additional Sum by the due from Directors out of the Funds of the Company. . Borrowing And with respect to the Borrowing of Money by the

Company on Mortgage or Bond, be it enacted as follows:

38. If the Company be authorized by the special Act Money, on to borrow Money on Mortgage or Bond, it shall be lawBond, under ful for them, subject to the Restrictions contained in

the special Act, to borrow on Mortgage or Bond such Sums of Money as shall from Time to Time, by an Order of a General Meeting of the Company, be authorized to be borrowed, not exceeding in the whole the Sum prescribed by the special Act; and for securing the Repay. ment of the Money so borrowed, with Interest, to mortgage the Undertaking and the future Calls on the Shareholders, or to give Bonds in manner herein-after

mentioned". Power to re- 39. If, after having borrowed any part of the Money paying ori- so authorized to be borrowed on Mortgage or Bond, the

Company pay off the same, it shall be lawful for them again to borrow the Amount so paid off, and so from Time to Time; but such Power of reborrowing shall not be exercised without the Authority of a General Meeting of the Company, unless the Money be so reborrowed in

order to pay off any existing Mortgage or Bond. Evidence of 40. Where by the special Act the Company shall be being paid restricted from borrowing any Money on Mortgage or uporofit to Bond until a definite Portion of their Capital shall be

subscribed or paid up, or where by this or the special Act the Authority of a General Meeting is required for such borrowing, the Certificate of a Justice that such

ginal loan.


a § 41 et seq.

& 38, 39.

Consideration and

definite Portion of the Capital has been subscribed or paid up, and a Copy of the Order of a General Meeting of the Company authorizing the borrowing of any Money, certified by One of the Directors or by the Secretary to be a true Copy, shall be sufficient Evidence of the Fact of the Capital required to be subscribed or paid up having been so subscribed or paid up, and of the Order for borrowing Money having been made; and upon Production to any Justice, of the Books of the Company, and of such other Evidence as he shall think sufficient, such Justice shall grant the Certificate aforesaid.

41. Every Mortgage and Bond for securing Money Form of borrowed by the Company shall be by Deed under the and Bonds : Common Seal of the Company, duly stamped, and Com wherein the Consideration shall be truly stated; and Stamp. every such Mortgage Deed or Bond may be according to the Form in the Schedule (C.) or (D.)" to this Act annexed, or to the like Effect.

42. The respective Mortgagees shall be entitled one Rights of with another, to their respective Proportions of the Tolls, i Sums, and Premises comprised in such Mortgages, and to amounts of the future Calls payable by the Shareholders, if com- without reprised therein, according to the respective Sums in such priority. Mortgages mentioned to be advanced by such Mortgagees respectively; and to be repaid the Sums so advanced, with Interest, without any Preference one above another by reason of Priority of the Date of any such Mortgage, or of the Meeting at which the same was authorized.

43. No such Mortgage (although it should comprise Calls; future Calls on the Shareholders) shall, unless expressly or, notwithso provided, preclude the Company from receiving and applying to the Purposes of the Company any Calls to be made by the Company.

44. The respective Obligees in such Bonds shall, pro- Rights of portionally according to the Amount of the Monies under Bonds,



ul Mortgagees,

in proportion

of Bonds, - without re


standing Mortgages.

without preference for priority.

* Form of Mortgage Deed, Schedule C, p. 117. Form of Bond, Schedule D, p. 118.

open to inspection,

secured thereby, be entitled to be paid, out of the Tolls or other Property or Effects of the Company, the respective Sums in such Bonds mentioned, and thereby intended to be secured, without any Preference one above another by reason of Priority of Date of any such Bond, or of the Meeting at which the same was autho

rized, or otherwise howsoever. Register of 45. A Register of Mortgages and Bonds shall be kept Mortgages by the Secretary, and within Fourteen Days after the to bo kept; Date of any such Mortgage or Bond, an Entry or

Memorial, specifying the Number and Date of such
Mortgage or Bond, and the Sums secured thereby, and

the Names of the Parties thereto, with their proper and to be Additions, shall be made in such Register; and such

. Register may be perused at all reasonable Times by any

of the Shareholders, or by any Mortgagee or Bond Creditor of the Company, or by any Person interested

in any such Mortgage or Bond, without Fee or Reward. Transfers of 46. Any Party entitled to any such Mortgage or and Bonds; Bond may from Time to Time transfer his Right and

Interest therein to any other Person; and every such
Transfer shall be by Deed duly stamped, wherein the
Consideration shall be truly stated; and every such
Transfer may be according to the Form in the Schedule

(E.) to this Act annexed', or to the like Effect. Transfers of 47. Within Thirty Days after the Date of every such and bonds to Transfer, if executed within the United Kingdom, or be produced otherwise within Thirty Days after the Arrival thereof for registry; in the United Kingdom, it shall be produced to the

Secretary“, and thereupon the Secretary shall cause an Entry or Memorial thereof to be made in the same Manner as in the Case of the original Mortgage; and after such Entry, every such Transfer shall entitle the Transferee to the full Benefit of the original Mortgage or Bond in all respects; and no Party, having made


consideration, and stamp.

to Company,

• Or Clerk; 83: see note in p. 63.
• Form of Transfer of Mortgage or Bond, Schedule E, p. 118.

scribedny may derby secured or Bond "soke void, r.

try, Company

sible to Transferee.

to dividends.



o tamad Interest to be


such Transfer, shall have Power to make void, release, or discharge the Mortgage or Bond so transferred, or any Money thereby secured; and for such Entry the feo. Company may demand a Sum not exceeding the prescribed Sum, or where no Şum shall be prescribed, the Sum of Two Shillings and Sixpence; and until such Until regisEntry the Company shall not be in any Manner respon- not respons sible to the Transferee in respect of such Mortgage.

48. The Interest of the Money borrowed upon any Interest on such Mortgage or Bond shall be paid at the Periods Monies borappointed in such Mortgage or Bond, and if no Period periods of be appointed, half-yearly,—to the several Parties entitled in preference thereto, and in preference to any Dividends payable to to the Shareholders of the Company.

49. The Interest on any such Mortgage or Bond Transfers of shall not be transferable, except by Deed duly stamped. sta

50. The Company may, if they think proper, fix a Repayment Period for the Repayment of the Principal Money so be borrowed, with the Interest thereof; and in such Case the Company shall cause such Period to be inserted in the Mortgage Deed or Bond; and upon the Expiration Time: of such Period, the Principal Sum, together with the Arrears of Interest thereon, shall, on Demand, be paid to the Party entitled to such Mortgage or Bond; and if Place. no other Place of Payment be inserted in such Mortgage Deed or Bond, such Principal and Interest shall be payable at the principal Office or Place of Business of the Company.

51. If no Time be fixed in the Mortgage Deed or Repayment Bond for the Repayment of the Money so borrowed, 60 the Party entitled to the Mortgage or Bond may, at the where no Expiration, or at any Time after the Expiration, of Twelve Months from the Date of such Mortgage or Bond, demand Payment of the Principal Money thereby secured, with all Arrears of Interest, upon giving Six on Six Months previous Notice for that Purpose; and in the like Case, the Company may at any Time pay off the either party. Money borrowed, on giving the like Notice; and every

of Money borrowed ;

of Money borrowed

Time fixed :

Notice by


Interest to cease on Expiration of

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Service of such Notice shall be in Writing or Print, or both, and

if given by a Mortgagee or Bond Creditor shall be delivered to the Secretary or left at the principal Office of the Company, and if given by the Company shall be given either personally to such Mortgagee or Bond Creditor, or left at his Residence, or if such Mortgagee or Bond Creditor be unknown to the Directors, or cannot be found after diligent Inquiry, such Notice shall · be given by Advertisement in the London or Dublin Gazette, according as the principal Office of the Company shall be in England or Ireland, and in some Newspaper as after mentioned".

52. If the Company shall have given Notice of their

- Intention to pay off any such Mortgage or Bond, at a Notice to pay Time when the same may lawfully be paid off by them", or Bond. “ then at the Expiration of such Notice all further Interest

shall cease to be payable on such Mortgage or Bond, unless, on Demand of Payment made pursuant to such Notice, or at any Time thereafter, the Company shall fail to pay the Principal and Interest due, at the Expira

tion of such Notice, on such Mortgage or Bond. Arrears of 53. Where, by the special Act, the Mortgagees of the

e Company shall be empowered to enforce the Payment

of the Arrears of Interest, or the Arrears of Principal ment of a and Interest, due on such Mortgages, by the Appoint

ment of a Receiver, then if within Thirty Days after the Interest accruing upon any such Mortgage has become payable, and after Demand thereof in Writing, the same be not paid, the Mortgagee may, without Prejudice to his Right to sue for the Interest so in arrear in any of the Superior Courts of Law or Equity, require

the Appointment of a Receiver, by an Application to be Arrears of made as herein-after providede; and if within Six Months

est. after the Principal Money owing upon any such Mort

gage has become payable, and after Demand thereof in Writing, the same be not paid, the Mortgagee, without

Arrears of Interest when to be recovered by Appoint


and Interest, ante

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