Railways Construction Facilities Act, 1864

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Forfeiture of deposit, and transfer to Consolidated Fund, on non-completion of railway, &c.

41. If the company or persons empowered by the certificate to make the railway do not 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, do one or other of the following things, namely,—

(1) complete the railway and open it for public traffic; or

(2) give (being a company) such proof as herein-before mentioned respecting their capital and expenditure; or

(3) execute and deliver such a bond as is herein-before described,

then and in every such case the deposit fund shall from and after the expiration of the time aforesaid be forfeited to Her Majesty, and shall accordingly be paid, transferred, or delivered out to or for the account of Her Majesty's Exchequer, in such manner as the court in which the deposit is made thinks fit to order, on the application of the Solicitor of Her Majesty's Treasury, on notice to such parties (if any) as the court thinks fit; and the deposit fund when so paid, transferred, or delivered, or the proceeds thereof, shall be carried to and form part of the Consolidated Fund of the United Kingdom.