Railway Companies Act 1867
| Jurisdiction | UK Non-devolved |
| Citation | 1867 c. 127 |
Railway Companies Act, 1867.
(30 & 31 Vict.) C A P. CXXVII.
An Act to amend the Law relating to Railway Companies.
[20th August 1867]
B E it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, as follows:
Preliminary.
1 Short Title.
1. This Act may be cited as TheRailway Companies Act, 1867.
2 Extent of Act.
2. Except as in this Act expressly otherwise provided, this Act shall not extend toScotland.
3 Interpretation of Terms.
3. In this Act—
The Term ‘Company’ means a Railway Company; that is to say, a Company constituted by Act of Parliament, or by Certificate under Act of Parliament, for the Purpose of constructing, maintaining, or working a Railway (either alone or in conjunction with any other Purpose):
The Term ‘Action’ includes Suit or other Proceeding:
The Term ‘Judgment’ includes Decree, Order, or Rule:
The Term ‘Share’ includes Stock:
The Term ‘Person’ includes Corporation:
The Term ‘Court of Chancery’ or ‘Court’ means the Court of Chancery inEngland or Ireland, as the Case requires:
The Term ‘Gazette’ means, with respect toEngland, the London Gazette, and with respect to Ireland the Dublin Gazette.
Protection of Rolling Stock and Plant.
4 Restriction on Execution against Personal Property of Company.
4. The Engines, Tenders, Carriages, Trucks, Machinery, Tools, Fittings, Materials, and Effects, constituting the Rolling Stock and Plant used or provided by a Company for the Purposes of the Traffic on their Railway, or of their Stations or Workshops, shall not, after their Railway or any Part thereof is open for Public Traffic, be liable to be taken in Execution at Law or in Equity at any Time after the passing of this Act, and before the First Day ofSeptember One thousand eight hundred and sixty-eight, where the Judgment on which Execution issues is recovered in in Action on a Contract entered into after the passing of this Act, or in an Action not on a Contract commenced after the passing of this Act; but the Person who has recovered any such Judgment may obtain the Appointment of a Receiver, and, if necessary, of a Manager, of the Undertaking, of the Company, on Application by Petition in a summary Way to the Court of Chancery in England or in Ireland, according to the Situation of the Railway of the Company; and all Money received by such Receiver or Manager shall, after due Provision for the Working Expenses of the Railway and other proper Outgoings in respect of the Undertaking, be applied and distributed under the Direction of the Court in Payment of the Debts of the Company and otherwise according to the Rights and Priorities of the Persons for the Time being interested therein; and on Payment of the Amount due to every such Judgment Creditor as aforesaid the Court may, if it think fit, discharge such Receiver or such Receiver and Manager.
5 Determination of Questions respecting Executions.
5. If in any Case where Property of a Company has been taken in Execution a Question arises whether or not it is liable to be so taken notwithstanding this Act, the same may be heard and determined on an Application by either Party by Summons in a summary Way to the Court out of which the Execution issued, or if the Court is One of the Superior Courts of Law, then to a Judge of any One of those Courts, and such Determination shall be final and binding.
Arrangements.
6 Preparation and filing of Scheme of Arrangement.
6. Where a Company are unable to meet their Engagements with their Creditors the Directors may prepare a Scheme of Arrangement between the Company and their Creditors (with or without Provisions for settling and defining any Rights of Shareholders of the Company as among themselves, and for raising, if necessary, additional Share and Loan Capital, or either of them), and may file the same in the Court of Chancery inEngland or in Ireland, according to the Situation of the principal Office of the Company, with a Declaration in Writing under the Common Seal of the Company to the Effect that the Company are unable to meet their Engagements with their Creditors, and with an Affidavit of the Truth of such Declaration made by the Chairman of the Board of Directors and by the other Directors, or the major Part in Number of them, to the best of their respective Judgment and Belief.
7 Stay of Actions.
7. After the filing of the Scheme, the Court may, on the Application of the Company on Summons or Motion in a summary Way, restrain any Action against the Company on such Terms as the Court thinks fit.
8 Notice in Gazette.
8. Notice of the filing of the Scheme shall be published in the Gazette.
9 Stay of Executions,&c.
9. After such Publication of Notice no Execution, Attachment, or other Process against the Property of the Company shall be available without Leave of the Court, to be obtained on Summons or Motion in a summary Way.
10 Assent by Mortgagees, &c.
10. The Scheme shall be deemed to be assented to by the Holders of Mortgages or Bonds issued under the Authority of the Company's Special Acts when it is assented to in Writing by Three Fourths in Value of the Holders of such Mortgages or Bonds, and shall be deemed to be assented to by the Holders of Debenture Stock of the Company when it is assented to in Writing by Three Fourths in Value of the Holders of such Stock.
11 Assent by Holders of Rentcharge, &c.
11. Where any Rentcharge or other Payment is charged on Receipts of or is payable by the Company in consideration of the Purchase of the Undertaking of another Company, the Scheme shall be deemed to be assented to by the Holders of such Rentcharge or other Payment when it is assented to in Writing by Three Fourths in Value of such Holders.
12 Assent by Preference Shareholders.
12. The Scheme shall be deemed to be assented to by the Guaranteed or Preference Shareholders of the Company when it is assented to in Writing as follows:—If there is only One Class of Guaranteed or Preference Shareholders, then by Three Fourths in Value of that Class, and if there are more Classes of Guaranteed or Preference Shareholders than One, then by Three Fourths in Value of each such Class.
13 Assent by Ordinary Shareholders.
13. The Scheme shall be deemed to be assented to by the Ordinary Shareholders of the Company when it is assented to at an Extraordinary General Meeting of the Company specially called for that Purpose.
14 Assent by Leasing Company.
14. Where the Company are Lessees of a Railway the Scheme shall be deemed to be assented to by the Leasing Company when it is assented to as follows:
In Writing by Three Fourths in Value of the Holders of Mortgages, Bonds, and Debenture Stock of the Leasing Company:
If there is only One Class of Guaranteed or Preference Shareholders of the Leasing Company, then in Writing by Three Fourths in Value of that Class, and if there are more Classes of Guaranteed or Preference Shareholders in the Leasing Company than One, then in Writing by Three Fourths in Value of each such Class:
By the Ordinary Shareholders of the Leasing Company at an Extraordinary General Meeting of that Company specially Called for that Purpose.
15 Assent of Creditors, &c. not affected, unnecessary.
15. Provided that the Assent to the Scheme of any Class of Holders of Mortgages, Bonds, or Debenture Stock, or of any Class of Holders of a Rentcharge or other Payment as aforesaid, or of any Class of Guaranteed or Preference Shareholders, or of a Leasing Company, shall not be requisite in case the Scheme does not prejudicially affect any Right or Interest of such Class or Company.
16 Application for Confirmation of Scheme.
16. If at any Time within Three Months after the filing of the Scheme, or within such extended Time as the Court from Time to Time thinks fit to allow, the Directors of the Company consider the Scheme to be assented to as by this Act required, they may apply to the Court by Petition in a summary Way for Confirmation of the Scheme.
Notice of any such Application, when intended, shall be published in the Gazette.
17 Confirmation of Scheme.
17. After hearing the Directors, and any Creditors, Shareholders, or other Parties whom the Court thinks entitled to be heard on the Application, the Court, if satisfied that the Scheme has been within Three Months after the filing of it, or such extended Time (if any) as the...
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