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THE

LAW AND PRACTICE

B J
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OF

INJUNCTIONS.

IN EQUITY

AND AT

COMMON LAW.

BY WILLIAM JOYCE, Esq.,

OF LINCOLN'S INN, BARRISTER-AT-LAW.

IN TWO VOLUMES.

VOL. II.

PAGES 779 TO 1560.

"PRÆTORES PAULATIM ASPERITATEM JURIS CIVILIS CORRIGENTES, SIVE QUOD
DEERAT IMPLENTES:"-INST. L. 3, T. 2, Cl. 3.

LONDON:

STEVENS & HAYNES,
Law Publishers,

BELL YARD, TEMPLE BAR.

1872.

CHAPTER VII.

COMPANIES (RAILWAY AND OTHER PUBLIC COMPANIES.)

SECT. 1. Railway Companies.

PART I.

railway company must not after the pur

issue shares

ceased; nor, to

coming

meeting.

1. The directors of a railway company are not justified in acting Directors of on an old resolution authorizing the issuing of shares, after the particular purpose for which the authority was given has ceased to be available; nor in issuing shares, supposing them to have the pose for which authority power, for the express purpose of creating votes to influence a given has coming general meeting, and an injunction will be issued to re- create votes to strain the issue of such shares, it not being a question of the influence a internal management of the company, but an attempt on the part general of the directors to prevent such management from being legitimately carried on (1). And although it is competent to directors of Directors of railway comevery railway company, on complying with the Wharncliffe order, to apply to Parliament for an extended line, or for any other ex- defraying tension of their powers, they will be restrained from defraying the expense of application to expenses of such application out of the assets of the company, and Parliament for from issuing new shares purporting to be shares in the com- powers, and pany, except for the purposes and under the powers of existing from issuing Acts (2).

pany will be

restrained

extension of

new shares except under existing powers.

hausting par

2. Where a railway company, after exhausting their parliamen- The issue of Lloyd's bonds, tary borrowing powers, issued bonds in the form known as Lloyd's (after exbonds, viz., an acknowledgment of debt and a covenant to pay liamentary with interest on a future day, partly to a contractor, the price of borrowing works performed by him for the company, and partly to persons able at a who supplied a parliamentary deposit, and at the time of the issue fut the company was promoting or contemplating a bill, which was for work done, ultimately passed, to enable them to raise further share and loan supplying par

(1) Fraser v. Whalley, Gartside v. Whalley, 2 H. & M. 10.

(2) Vance v. East Lancashire Railw. Co., 3 K. & J. 50.

powers) pay

future day to

& contractor

and to persons

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