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Penalty on company possessed of a railway open for traffic, and obtaining certificate under this Act, in case of failure to open railway within prescribed time.
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48. Where a certificate is obtained by a previously existing company possessed of a railway open for public traffic, then, if the company fail to complete the railway and open it for public traffic within the time in the certificate prescribed, and if none is prescribed, then within five years from the commencement of the operation of the certificate, the company shall be liable to a penalty of not less than twenty pounds and not exceeding fifty pounds for every day during which such failure continues, except only in respect of any time during which it appears from a certificate of the Board of Trade that the company were prevented from completing the railway or opening it for public traffic by unforeseen accident or circumstances beyond their control; but the want of sufficient funds shall not be deemed a circumstance beyond their control within the meaning of this provision.
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