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Issue of loan notes and other securities by railway companies, otherwise than under authority of Acts of Parliament, prohibited.
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19. [Recital.] Any railway company issuing any loan note or other negotiable or assignable instrument purporting to bind the company as a legal security for money advanced to the said railway company, otherwise than under the provisions of some Act or Acts of Parliament authorizing the said railway company to raise such money and to issue such security, shall for every such offence forfeit to her Majesty a sum equal to the sum for which such loan note or other instrument purports to be such security: . . .
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