Railways Construction Facilities Act, 1864

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Repayment of deposit on completion and opening of railway, or on terms as to payment up of capital, &c., or execution of bond.

40. The court in which the deposit is made shall, on the application of the depositors, order the deposit fund to be paid, transferred, or delivered out to the applicants, or as they direct, in any of the following events; namely,—

(1.) If within the time in the certificate prescribed, and if none is prescribed, then within five years from the commencement of the operation of the certificate, the company or persons thereby empowered to make the railway complete it and open it for public traffic; or

(2.) If within the same time they (being a company) prove to the satisfaction of the Board of Trade that one half of their nominal capital authorized by the certificate is paid up, and that they have expended a like amount for the purposes of the certificate; or

(3.) If at any time after the issuing of the certificate they execute and deliver to the Solicitor of Her Majesty's Treasury a bond with a surety or sureties, (such bond being prepared to the satisfaction of, and such surety or sureties being approved by, the said solicitor,) in a penal sum of twice the amount of the money required to be deposited, conditioned to the effect following, namely,—for payment to Her Majesty, her heirs or successors, of the amount of the money required to be deposited, if the company or persons empowered by the certificate do not, within the time aforesaid, either complete the railway and open it for public traffic, or (being a company) give such proof as aforesaid respecting their capital and expenditure.