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Promoters, unless they are a company with a railway open for traffic, to deposit eight per cent. on estimate of expense of construction of railway in Court of Chancery, &c. before issue of certificate.
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34. After the certificate is ready to be issued, and before the same is issued, by the Board of Trade, the promoters, unless they are a previously existing company possessed of a railway open for public traffic, shall within such time as general rules under this Act direct pay as a deposit a sum of money not less than eight per centum on the amount of their estimate of the expense of the construction of the railway, as follows; namely,
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Where the railway will be situate wholly in Scotland,—either into the Bank of England in manner aforesaid, or (at the option of the promoters) into a bank in Scotland established by Act of Parliament or Royal Charter, in the name and with the privity of the Queen's Remembrancer of the Court of Exchequer in Scotland :
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