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In every Railway Bill, Tramway Bill, and Subway Bill, whereby the construction of any new line of Railway, Tramway, or Subway is authorised, or the time for completing any line already authorised is extended, promoted by an existing Railway Company, Tramway Company, or Subway Company, which is possessed of a Railway, Tramway, or Subway already opened for public traffic, and which has, during the year last past, paid dividends on its ordinary share capital, and which does not propose to raise under the Bill a capital greater than its existing authorised capital, there shall be inserted a Clause to the following effect, viz.:
(A.) If the Company fail within the period limited by this Act to complete the Railway or Tramway authorised to be made by this Act, the Company shad be liable to a penalty of 50l. a day for every day after the expiration of the period so limited until the said Railway, Tramway, or Subway is completed and opened for public traffic, or until the sum received in respect of such penalty shall amount, to five per cent, on the estimated cost of the works; and the said penalty may be applied for by any landowner or other person claiming to be compensated or interested in accordance with the provisions of the next following Section of this Act, and in the same manner as the penalty provided in the 3rd Section of the Act 17 & 18 Vict. c. 31, known as "The Railway and Canal Traffic Act, 1854," and every sum of Money recovered by way of such penalty as aforesaid shall be paid under the warrant or order of such Court or Judge as is specified in the said 3rd Section of the Act 17 & 18 Vict. c. 31, to an account opened or to be opened in the name and with the privity of the Paymaster-General for and on behalf of the Supreme Court in England, or the Accountant-General of the Supreme Court in Ireland (according as the Railway, Tramway, or Subway is situate in England, or Ireland), in the bank named in such order, and shall not be paid thereout except as hereinafter provided; but no penalty shall accrue in respect of any time during which it shall appear, by a certificate to be obtained from the Ministry of Transport, that the Company was prevented from completing or opening such line by unforeseen accident or circumstances beyond their control: Provided, That the want of sufficient funds shall not be held to be a circumstance beyond their control.
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Amendment made: Leave out the words
or the Accountant General of the Supreme Court in Ireland (according as the Railway, Tramway, or Subway is situate in England, or Ireland).