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Power for Public Works Loan Commissioners, with the Consent of Treasury, to take possession of the Railway, &c. between Athlone and Galway, and to transfer the same, and all the Company’s Interest, Rights, and Privileges therein or relating thereto, to other Parties, if the Railway from Mullingar to Galway be not completed by 31st Dec. 1851.
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XXXII. And be it enacted, That in case the said Railway between Mullingar and Galway shall not be completed by the said Railway Company and opened for the Use of the Public on or before the Thirty-first Day of December One thousand eight hundred and fifty-one, and in case any Monies shall have been advanced to the said Railway Company under the Provisions of this Act, and which shall be unpaid, then and thereupon it shall be lawful for the Public Works Loan Commissioners, with the Consent of the Commissioners of Her Majesty’s Treasury, at any Time after the said Thirty-first Day of December One thousand eight hundred and fifty-one, and notwithstanding any subsequent Receipt of Interest or Principal, to enter upon and take possession of the entire Line of Railway belonging to the said Company between Athlone and Galway, or so much thereof as shall be completed, and all Lands and Hereditaments acquired or agreed to be acquired by the said Railway Company for the Purposes of the said Line, and any Stations or Buildings belonging to or intended to be appropriated to the said Line, and thenceforth to hold the same freed and discharged from all Claim and Demand whatsoever both at Law and in Equity of the said Railway; and the said Public Works Loan Commissioners, with such Consent as aforesaid, may transfer the said Line, Property, and Effects to any Company or Partnership or Party, subject nevertheless to the Payment by such Transferee of the Monies due to the said Public Works Loan Commissioners, and Interest, in all respects as is or shall be provided with respect to the Payment thereof by the said Railway Company; and thereupon such Transferee shall be entitled to have the said Line, Property, and Effects for his own Use, freed and discharged from all Claims and Demands whatsoever of the said Railway Company; and, as regards the said Line from Athlone to Galway, and the Property therein, such Transferee shall have all and every the Rights, Powers, and Privileges by any of the said recited Acts or this Act given or vested in the said Railway Company, and in all respects as if the same were herein repeated and conferred on or given to such Transferee, to the end and intent that such Transferee may complete the said Line, and acquire Lands and Hereditaments for that Purpose, and work the same, and receive and take Tolls in respect thereof, in all respects as the said Railway Company is by the said Acts or any of them, or this Act, authorized to do, and may in respect of such Railway from Athlone to Galway stand in the Place of the said Railway Company; and all the Powers and Provisions herein contained with respect to the Securities to be given as aforesaid, and the Powers and Provisions applicable to the said Railway Company, shall apply to such Transferee, and the said several Baronies and Half Baronies, and County of the Town of Galway shall in all respects be liable to contribute and pay to such Transferee the Monies they would (but for such Transferee) be liable to pay to the said Railway Company, and the same shall be raised and paid accordingly as herein-before is directed, in all respects as if the same were payable to the said Railway Company; and any such Transfer may be made on such Terms and Conditions as the said Public Works Loan Commissioners, with such Consent as aforesaid, may think fit; and on any such Transfer the said Transferee shall in all respects stand in the Place of the said Railway Company as regards the Liability or the Securities to the said Public Works Loan Commissioners, and as if the same had been made to the said Public Works Loan Commissioners by such Transferee instead of by the said Railway Company, except so far as the same may be altered by reason of any special Terms and Provisions made on such Transfer.
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