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Dissolution of promoters and vesting of undertaking in railway company.
53 & 54 Vict. c. 52.
26 & 27 Vict. c. 92.
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4. Upon the agreement for transfer being approved by the Railway and Canal Commission, the undertaking of the promoters shall become and be transferred to and vested in the railway company, and the promoters, if a public company, shall be dissolved, and all the powers of the promoters with respect to the transferred undertaking may be exercised by the railway company in their own name and under their own seal, or under the hands of their directors, secretary, officers, and servants, and the Railways (Ireland) Act, 1890, shall apply as if the undertaking were a light railway for the construction, maintenance, and working of which the Treasury have made an agreement with a railway company.
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Part V. of the Railways Clauses Act, 1863, relating to amalgamation, shall be incorporated with this Act, and in the construction of that part for the purposes of such incorporation:—
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(e) any grand jury presentment relating to the undertaking, and any Order in Council or Act of Parliament, confirming such presentment which shall be in force at the date of the approval of the agreement for transfer by the Railway and Canal Commission, shall be deemed to be special Acts relating to or affecting the dissolved company or their undertaking in force at the passing of the amalgamating Act.
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Provided always, that except as may be otherwise provided by the agreement for transfer, no debt due by the promoters shall become or be payable by, nor shall any clerk, officer, or servant of the promoters become or be a clerk, officer, or servant of the railway company.
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