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Deposit to remain as a security, and to be applied under direction of the Court of Chancery.
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4. [Repeal of 14 & 15 Vict. c. 70. s. 24.] The sum or sums of money so deposited as last aforesaid shall remain in the Bank by way of security to the parties respectively in respect of whose interests in the lands which shall so have been entered upon such sum or sums shall have been deposited, for the payment of the money to become payable by the company to such parties respectively for their respective interests in such lands under the award of the arbitrator; and the money so deposited may, on application by petition of the company, be ordered to be invested in Bank annuities or Government securities, and accumulated; and upon such payment as aforesaid by the company it shall be lawful for the Court of Chancery in Ireland, upon a like application, to order the money so deposited, or the funds in which the same shall have been invested, together with the accumulation thereof, to be repaid or transferred to the company; or in default of such payment as aforesaid by the company, it shall be lawful for the said Court to order the same to be applied in such manner as it shall think fit for the benefit of the parties for whose security the same shall so have been deposited.
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