Prophecy Developing Proposes Share Consolidation, Enters Towards Debt Negotiation

Image from page 197 of “Legislative regulation of railway finance in England” (1911)
debt combination
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Identifier: legislativeregul00wang
Title: Legislative legislation of railway finance in England
Year: 1911 (1910s)
Writers: Wang, Ching-Chun, 1883-
Topics: 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 that: 3. The task as difined by the Companies Glauses J Consolidation Act, 1845, and all the engines, carriages, wagons andother plant, movable and inmovable (including work-shops), utilized orrequired the correct management and working associated with railv;ay, andbelonging into railroad business, will probably be security for the paymentand as case might need, for payment, associated with the principalmoney associated with debenture financial obligation; also it shall perhaps not hereafter be lawfulfor anyone to seize or take in execution, in satisfaction of anydebt or claim, (except that rates or taxes, or rent charges in respectof which discover a power of distress, or compensation for personalinjury, or loss) incurred or made after the passing of this work,such task, machines, carriages, wagons, or any 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< passage, the balance did not assist thedebenture-holder to his key. It only protected him their in-terest. For, obviously, it absolutely was only the purchase of the line in vh ichhis money ended up being sunk that could pay the mortgage whenever credit ofthe undertaking was so damaged that no brand-new lender would come for-ward to replate the old people. But this the truth is had not been veryobjectionable, since provided that one received his interest on a regular basis,he frequently couldn’t be concerned much about his key. This is es-pecially real in The united kingdomt during those times, if the individuals were veryent erpri sing. This measure ended up being regarded as both appropriate and helcful in setting up the desirability of debentures. No-one could question, 1 remarked the Economist, that this enactment is effective. Itamounts to protecting the attention of mortgages from all risk,if the range yields cash enough to spend it, because entire earn-ing device is held together and undamaged to help make just what gains itcan. It had been in addition experienced in Parlia

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