Image from web page 197 of “Legislative legislation of railway finance in The united kingdomt” (1911)
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Title: Legislative regulation of railway finance in England
12 Months: 1911 (1910s)
Writers: Wang, Ching-Chun, 1883-
Subjects: Railroads and state Railroads Theses
Adding Library: University of Illinois Urbana-Champaign
Digitizing Sponsor: University of Illinois Urbana-Champaign
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hemortgagees depended. The balance provided: 3. The undertaking as difined because of the Companies Glauses J Consolidation Act, 1845, and all sorts of the machines, carriages, wagons andother plant, movable and inmovable (including work-shops), utilized orrequired for the proper management and working of this railv;ay, andbelonging toward railroad organization, will probably be protection the paymentand whilst the situation may require, when it comes to repayment, of the principalmoney regarding the debenture financial obligation; therefore shall maybe not hereafter be lawfulfor anyone to seize and take in execution, in pleasure of anydebt or claim, (apart from prices or fees, or rent fees in respectof which discover an electric of stress, or settlement for personalinjury, or reduction) incurred or made following the passage of this work,such undertaking, machines, carriages, wagons, or other plant, in-cluding workshops as aforesaid. 1. Hansard, vol. 185, p. 781. 2. The bill was introduced on Feb. 12, 1867. Hansard, vol. 185,pp. 297-299. 3. Hansard, vol, 185 p. 781.
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As is seen from th< passageway, the balance couldn’t assist thedebenture-holder to his key. It only protected him their in-terest. For, obviously, it had been only the sale of range in vh ichhis cash ended up being sunk which may pay the home loan if the credit ofthe undertaking was so damaged that no brand-new loan provider would come for-ward to replate the old ones. But this actually was not veryobjectionable, since provided that one got their interest frequently,he generally would not stress much about his principal. This is es-pecially true in The united kingdomt at that moment, as soon as the individuals were veryent erpri sing. This measure ended up being regarded as both prompt and helcful in establishing the desirability of debentures. No-one could question, 1 remarked the Economist, this enactment is beneficial. Itamounts to protecting the attention associated with mortgages from all danger,if the range yields money enough to pay it, since the entire earn-ing device is kept together and intact to help make what gains itcan. It absolutely was in addition believed in Parlia
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