. Legislative regulation of railway finance in England . of shares ir. respect of his subscription 57. The capital so to be raised by the creation o^ newshares shall be considered a part of the general capital, andshall be subject tc the same provisions in all respects, whetherwith reference tc the payment of calls, or the forfeiture of shareson nonpayment of calls, or otherwise?, ■ :..<? Lands Clauses Act, 1845, 8 V. cap. 18, ss. (3 Companies Clauses Act, 1845, s. 121. jl. II Abandonment of Railways Act, 1850, 13 & 14 V. cap. 83, s. 28.^.|V On account of the fact that many-people
. Legislative regulation of railway finance in England . of shares ir. respect of his subscription 57. The capital so to be raised by the creation o^ newshares shall be considered a part of the general capital, andshall be subject tc the same provisions in all respects, whetherwith reference tc the payment of calls, or the forfeiture of shareson nonpayment of calls, or otherwise?, ■ :..<? Lands Clauses Act, 1845, 8 V. cap. 18, ss. (3 Companies Clauses Act, 1845, s. 121. jl. II Abandonment of Railways Act, 1850, 13 & 14 V. cap. 83, s. 28.^.|V On account of the fact that many-people subscribed to shareswithout any idea of ever paying for them, a provision v/as made inthe Railway Construction Facilities Act of 1864, (27 & 28 V. , s. 28) tc render it unlawful for any company tc issue any sharecreated under the authority of a certificate cf the Beard cf Tradenot should any such share vest in the person accepting the same,unless and until a sum not less than one-fifth part of the amountof such share had. been paid until he had paid all calls for the time being due on such shareheld by him. This provision received much opposition in Parliament. It v/as objected on the ground that it was not only too hard a measure, but it would prevent the solvent shareholder from disposing of his shares until all the calls were paid up, thus giving an advantage to the insolvent holders, as it did not matter much, to the latter whether he effected a transfer or not. It v/as contended that a call might be made for a particular day, and it would not be 1^ proper to prohibit the transfer of shares in the interim. To this objection it was retorted that a call once madewould form a debt, and hence should be settled first. It wasfurther urged that the adoption of the clause would put an end tothe extremely harmful practice of railway speculation which wasvery common at the time. These speculators, it was pointed out,would often enter into engagements without the least p
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