§ 128. A clause shall he inserted in every Railway Bill prohibiting the payment of any interest or dividend out of any capital which the company have been or may be authorised to raise, either by means of calls, or of any power of borrowing, to any shareholder on the amount of the calls made in respect of the shares held by him, except such interest on money advanced by any shareholder beyond the amount of the calls actually made as in conformity with the Companies Clauses Consolidation Act, 1845, or the Companies Clauses Consolidation (Scotland) Act, 1845, as the case may he; and except such interest (if any) as the Committee on the Bill may, according to the circumstances of the case, think fit to allow, subject always to the following conditions:—
§ (1.) That the rate of interest allowed by the Committee do not in any case exceed four three per centum per annum;
§ And the company shall may be authorized by the Bill to pay interest accordingly, but not further or otherwise.
§ If in any case the Committee on the Bill do not think fit to allow any such interest, thon there shall he inserted in the Bill provisions making liable to penalties, recoverable summarily, any director or officer of the company who shall, directly or indirectly, pay or procure to be paid any interest or dividend prohibited as aforesaid, and making illegal and void any contract entered into by the company, or the directors thereof, or any of them, under which payment of any interest or dividend prohibited an afore said shall be, directly or indirectly, provided for.