Cape Railway Dissolution Act 1873

Publication Date:January 01, 1873
 
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Cape Railway Dissolution Act 1873

(36 & 37 Vict.) c. xliii

An Act to confirm an Agreement between the Cape Railway Company and the Local Government of the Cape of Good Hope for the sale and transfer of the Company's under-taking, and to provide for the winding-up of the affairs of the Company; and for other purposes

[26th May 1873]

CHAPTER xliii. An Act to coiifirni nil Agreeniciit between the Cape Railway AD. 1853. - C`oi11~1a11y niid tho Local Coiwiiiiieiit of the Cape of Good IJolic for tlie sale niicl timisfer of the Coiiipniiy's uucler- taking, ancl to provide for the ~~-iiicliiig-u1) of the affairs of the Coiiilmiy ; niicl for other piirposscs. [act11 M:L? 1873.1 4 LEAS by tlie `` Cape Town Railn-aj- and Dock Act, 1855,'' IS & 19 Vict. -wlxc the ' Cape Tomn Railway ancl Dock Company (in this Act cl cxl* callcd the Conipany) were incorporated for niaking certain railmys niid docks in the Colony of thc Capc of Good Hope, and by `` The Cape Railway Act, 1867,'' further powers were confcrrcd upon the Conipany, and their naiiic was changcd to " The Cape Itailway Conipaiiy ;" and they ~vcrc authorised to enter into agreenieiits for various pui*poses with tlic Local Gorernmcnt of the Cape of Good IIopc (in this Act called thc Local Government), including the sale and transfcr of their undertaking to that Government : And whereas an agreement has been cliterecl into for the sale and transfer of the Company's undertaking to the Local Government, which agreement is set forth in the schedule to this Act annexed ; and it is expedient that the same should be confirmed, and that provision should be made for winding-up the affairs of the Company and for the distribution of their assets, ancl for dissolving the Company : And whereas the objects aforcsaicl cannot bo effcctecl without the authority of Parliament : May it therefore plcasc Pour Najcsty that it inay bc cnactcd ; and be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and of the Commons, in this present Parliament asscmbled, and by the authority of thc same, as follows : Act, 1873.'' 1. This Act may bc cited as " The Cape Railm-ay Dissolution silort title. [ Locu 1.-43.] A 1 [Ch, ~1iii.l The C'qc Xnil7cn1~ Dissoluticm Act, 1S73. r3G VICT.] A.D. 1SX. 2. The agrccmcnt set forth in the sclieclulc to tliis Act is hereby C'ol,,Gng confirniecl, but this Act sliall not operate to vest the undertaking, xgrcwnelrt or any part of it, in tlie Local Government. in ~c~hc.cl~tlc. Corn~~:llly to 3. The Company shall sell and coiivert into moncy all their rca1i.c tlicir property in England or clsemhcre which is not pwchascd by tlicb P~~P~~~Y~ 1)~ Local Gowrniiimt, except tlic debentures papable hy tlic Local dCbth, md dividc Gownmien t under the said agreement, and sliall out o tlic iiioncys rc+ll~. ln~~luccd liy such sal e aid conversion pay ancl cliscliargc all tlicir dclits and liabilities, including the costs of this Act, aid slid1 3x15 ai?d divide tlic rcsicluc o E sucli iiioiicy and also tbc said clchentnrcs to and ammy the sc~cral persons TI-110 sliall be or br entitled to 1)c tlic woisierccl sliarc~holdcus of tlie Coiupany, in prolmrtion to tlwir respective \harts in tlic capital of tlic Coiiipmy, or tlicir rcspectivc csecutms, adiiiinistrators, successors, or assigiis : Provided alwa~~s, that if tlie said moi1cys sliall not be sufficient to pay ancl cliscliarqe tlic debts and liabilities of tlic Company in full, the Company shall sell all or z1 suficient number of tlic saicl debentures to make up the clcficieacy. 4. For tlic puiyoses of such winding-up the receipt of the g:.uarcliaii or eoiiiniittce of tlie estate of any shareholder in tlie committee of sllilrclloltlcr to tlisc1i:irgc Coi1ippi1y who may be n minor, idiot, or lunatic, as tlic casc may c'( l~i1l~- bL', slin~ be an cffcctual clischarge to the Conipany ancl to tlic directors tlicreol' for so iiiuch of the nioney as in such receipt shall be exp~cssscd to be received, and shall exonerate tlic Gonipany aiid the directors thereof from any trust or obligation affecting the sliares ic respect of which such moncy shall be paid. l":Iy'Ll~'lltz 5. Providecl that where the Conipaiiy are for twelve months after into co~irt by ti ic passing of this Act unable after diligent inquiry to asccrtaiii (:olllp;ll'y. tlic person to ~~110111 any part thereof ought to be paid, or where any part tliercof is payable to a person who, or tlie guardian or coni- mittce of ~vliose estate, cannot give an effectual receipt for the same, the Coiiipaiiy inay pay the same into tlic Court of Chancery unclcr any Act for the tinic being in forcc for the relief of trustees. 6. The Company when tlicir affairs are wound up sliall be and 7. The costs, charges, and expciiscs of and preliminary and iiiciclcntal to the preparing, obtaining, and passing of this Act sliall be paid by the Company. 'I Uiisolution of' Coll11):'1lJ-. arc heycby dissolved. Fspen~sof Act. SCHEDULE refcrrcd to in thc foregoing Act. AGREEMENT BETWEEN THE CONPANY AND TIIE LOCAL GOVERNMEST. TJII~ INDENTURE, niaclc tlic 22nd day of November 1872, bctJveen tlie Cape Rdway Compmy of tlic onc part and the Governor of tlic Colony of tlic ('al)e of Good IIope, by Penrose Ctoo\:child Julyaii, C.B., mil \Yilli:im Clinrlcs Sm.g:.c:mnt, the Crown ngents for the said Colony, cllily nutlioriactl in that I)chalf, of the other part, witnebbctli that in prwaiice of " Tli~ Cape Town and 7Vellington W:iilwny Purchase Act, 1872," it is mutu:rlly covenanted and contracted between...

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