Great Northern Railway (Ireland) Transfer Act 1877

JurisdictionIreland
Citation1877 c. lxxi


Great Northern Railway (Ireland) Transfer Act 1877

(40 & 41 Vict.) c. lxxi

An Act to transfer to the "Great Northern Railway Company "(Ireland)" the Banbridge Junction Railway, the Banbridge, Lisburn, and Belfast Railway, the Banbridge Extension Railway, and the powers of the Dungannon and Cookstown Railway Company, and to grant further powers with respect to the two last-named undertakings; and for other purposes.

[28th June 1877]

[40 & 41 Vict.] Great Northern Railway (Ireland) [Ch. lxxi.] Transfer Act, 1877. CHAPTER lxxi. An Act to transfer to the "Great Northern Railway Company a.d. 1877. " (Ireland)" the Banbridge Junction Railway, the Ban- bridge, Lisburn, and Belfast Railway, the Banbridge Exten sion Railway, and the powers of the Dungannon and Cookstown Railway Company, and to grant further powers with respect to the two last-named undertakings; and for other purposes. , [28th June 1877.] W HEREAS by " The Banbridge Junction Railway Act, 1853," ^ble a company was incorporated (herein-after referred to as the Banbridge Banbridge Junction Company) for making a railway (section 29), Junction commencing by a junction with the Dublin and Belfast Junction j^7 Railway at or near to the town of Scarvagh, in the county of i6&i7Vict. Armagh, and terminating at or near the town of Banbridge, in the ig^o'y^ county of Down; and by " The Banbridge Junction Railway Act, c. xxxiv. 1856 " (section 22), the Dublin and Belfast Junction Railway Company (who are herein-after referred to as the "Belfast Junction Company ") were authorised to subscribe the sum of £5,000 towards the said undertaking, and they have subscribed the said sum and are holders in respect thereof of ordinary shares in the capital of the Banbridge Junction Company; and in pursuance of powers contained in " The Banbridge Junction Railway (Lease) Act, 23 & 24 Vict. 1860," a lease of the said undertaking has been granted to the c" 1JC" Belfast Junction Company for a term of 21 years from the 23rd day of March 1859, subject to the yearly rent of £2,000 : And whereas in the year 1857 the Banbridge Junction Company being unable to raise the capital necessary to complete their railway, a sum of £17,836 5s. was advanced to them by the Belfast Junction Company, and preference shares were created under the powers of the said Act of 1856 by way of security for the said advance; and those shares are now in the hands of persons who hold the same on behalf of the Great Northern Railway Company (Ireland), and there [£ocal.-7^] A 1 [Ch. lxxi.] Great Northern Railway {Irelcmd) [40 & 41 Vict.] Transfer Act, 1877. A.P. 1877. are no other preference shares in the capital of the Banbridge Junction Company: And whereas the Banbridge Junction Company owe and have outstanding upon mortgage of their undertaking a sum of £17,350 : And whereas the Belfast Junction Company is now merged in and forms part of the Great Northern Railway Company (Ireland), and it has been agreed between that company and the Banbridge Junction Company that the undertaking of the last-named company should be sold and transferred to the Great Northern Railway Company (Ireland), upon the terms and conditions herein-after contained, and it will conduce to the public convenience that the said transfer should be made: Banbridge, And whereas by " The Banbridge, Lisburn, and Belfast Railway BdfosTkan- Act, 1858," a company (herein-after referred to as the Banbridge way. and Lisburn Company) was incorporated for making a railway, 21 & 22 Vict, commencing in the parish of Seapatrick, in the county of Down, and terminating by a junction with the Ulster Railway in the town- land of Knockmore, in the county of Antrim, together with a short junction line at or near the town of Banbridge to connect the line herein-before described with the Banbridge Junction Railway, and by the 45th section of the said Act of 1858 power is given to the company thereby incorporated to enter, into working agreements 23 & 24 Vict, with the Ulster Railway Company; by an Act passed in the year c- vi* 1860 the Ulster Railway Company were authorised and required to subscribe, and they have subscribed, £25,000 towards the capital of the Banbridge and Lisburn Company, and in consideration of that subscription they hold shares to that extent called " first four per 25 & 26 Vict, centum preference shares "; and by virtue of an Act passed in the c. cviii. year 1862 a lease of the undertaking of the Banbridge and Lisburn Company has been granted to the Ulster Railway Company for a term of 21 years from the 13th day of July 1863 ; the mortgage debt of the Banbridge and Lisburn Company amounts to £48,950, but they have not issued any debenture stock, and in addition to the said first four per centum preference shares there are 1,500 other preference shares of the nominal value of ten pounds each in the capital of that company, amounting to £15,000, and entitled to a dividend at the rate of 5 per centum per annum, of which last-mentioned preference shares 1,098 have been issued, and the holders of more than four fifths of the said last-mentioned preference shares have agreed in writing to the provisions affecting them herein-after contained: And whereas the Ulster Railway Company is now merged in and forms part of the Great Northern Railway Company (Ireland), and it has been agreed between that company and the Banbridge and 2 [40 & 41 Vict.] Great Northern Railway {Ireland) [Oh. Ixxi.] Transfer Act, 1877. Lisburn Company that the undertaking of the last-named company A-D. 1877. should be sold and transferred to the Great Northern Railway Com-pany (Ireland), upon the terms and conditions herein-after contained, and it will conduce to the public convenience that the said transfer should be made: And whereas by " The Dungannon and Cookstown Railway Act, Dungannon 1874," a company was incorporated for the purpose of making a j*"wn ^jT railway from the Portadown, Dungannon, and Omagh Junction way. Railway (which is in the said Act and herein-after called "the ^ cfx^jVict" Portadown Railway "), near the town of Dungannon, to the Belfast and Northern Counties Railway, near the town of Cookstown; and by the 13th section of the same Act the Ulster Railway Company and the Portadown Railway Company were each authorised to subscribe £10,000 towards the capital authorised by the same Act, and by the 50th section those two companies were authorised to enter into traffic arrangements with the Dungannon and Cookstown Railway Company: And whereas the undertaking of the Portadown Railway Com- 38 & 39 Vict. pany was by an Act passed in the year 1875 amalgamated with the c'- XXXV1U Ulster Railway Company: And whereas the Dungannon and Cookstown Railway Company have raised the sum of £1,889 by calls on shares, and they have received the sum of £7,200 in advance of calls, and have raised no further capital, and they have entered into a contract for making the said railway; and it has been agreed between the Great Northern Railway Company (Ireland) and the Dungannon and Cookstown Railway Company that the undertaking of the Dungannon and Cookstown Railway Company, and the powers, duties, and liabilities conferred and imposed by the said Act of 1874 should be transferred to the Great Northern Railway Company (Ireland), upon the terms and conditions herein-after contained, and it is expedient that such transfer should be made : And whereas by "The Banbridge Extension Railway Act, 1861," Banbridge j -, P i . -i ! Extension a company was incorporated for making a railway, commencing by Raiiwav, a junction with the Banbridge, Lisburn, and Belfast Railway, at or 24 & 25 Vict. near the town of Banbridge, and terminating in the townland of c- XXX1X Lackan, in the parish of Drumballyroney, near Ballyroney Bridge, with a short siding to connect the said main line with the Banbridge Junction Railway, and with a branch railway to Rathfriland, to join an intended Downpatrick and Newry Railway, the powers to construct which have long expired: And whereas the Banbridge Extension Railway has never been 38 & 39 Vict. completed, and by virtue of "The Banbridge Extension Railway c' V1# (Sale) Act, 1875," the incomplete undertaking of the said Company, A 2 3 [Ch. Ixxi.] Great Northern Railway.{Ireland), [4$&4iL Vict.] TransferAct, 1877. A.D. 1877. and all its lands, rights, powers, and authorities, have been trans -ferred, pursuant to the sale thereof by the order of the Court of Bankruptcy in Ireland, to William Boyle Glenny (herein-after called ''the purchaser"), freed from all mortgages, charges, debts, incumbrances, and liens affecting the same, excepting for unpaid purchase money for land (sec. 11) ; and the same Act provides (section 7) that "it shall not be lawful for the purchaser or purchasers or for " any body corporate or company who may become the proprietor " or proprietors of the said undertaking and premises to use the " same or any part thereof otherwise than for the purposes of a " railway " : And whereas it has been agreed between the purchaser and the Great Northern Railway Company (Ireland) that the said incomplete undertaking and premises acquired by the purchaser under the said Sale Act, 1875, should be transferred to the said Company upon the terms and conditions herein-after contained; and it is expedient that such transfer should be made, and that the Company should be authorised and required to complete the main line of railway from Banbridge, as herein-after described, and that the powers for that purpose, both of taking lands and executing works, should be revived and extended : Capital. And whereas it is expedient that the Great Northern Railway Company (Ireland), who are herein-after referred to as " the Company," or " the purchasing Company," should for the purposes aforesaid, and for the general purposes of their undertaking, be enabled to raise additional capital by shares or stock and by loan, and that the other provisions herein-after contained...

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