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Application of moneys recovered by way of penalty.
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33.—Every sum of money so recovered by way of penalty as aforesaid shall be applicable and after due notice in the Iris Oifigiúil shall be applied towards compensating any landowners or other persons whose property may have been interfered with or otherwise rendered less valuable by the recommencement reconstruction or abandonment of the said railways or any portion thereof and also in compensating all road authorities for the expense incurred by them in taking up any of the said railways or materials connected therewith placed by the Company in or on any road vested in or maintainable by such road authorities respectively and in making good all damage caused to such roads by the construction or abandonment of such railways and shall be distributed in satisfaction of such compensation as aforesaid in such manner and in such proportions as to the High Court may seem fit and if no such compensation shall be payable or if a portion of the sum or sums of money so recovered by way of penalty as aforesaid shall have been found sufficient to satisfy all just claims in respect of such compensation then the said sum or sums of money recovered by way of penalty or such portion thereof as may not be required as aforesaid shall if a receiver has been appointed or the Company is insolvent and has been ordered to be wound up or the railway or railways in respect of which the penalty has been incurred or any part thereof has been abandoned be paid or transferred to such receiver or to the liquidator or liquidators of the Company or be applied in the discretion of the Court as part of the assets of the Company for the benefit of the creditors thereof and subject to such application shall be repaid or retransferred to the Company.
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