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Securities given to Public Loan Commissioners to have Priority.
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VI. And be it enacted, That no Security to be given to the said Public Works Loan Commissioners or their Secretary as aforesaid shall be invalidated or otherwise affected by any Defect or Informality in any Meeting or Proceeding of the said Railway Company or the Directors thereof, or by reason of any Nonobservance of any of the Provisions contained in any of the said Acts relating to the said Railway Company, or in respect of the Application of any of the Monies by the said Acts authorized to be raised, or the Distribution of the Shares of the said Company, or otherwise howsoever; and every such Security shall be valid and effectual to all Intents and Purposes, and have Priority over all Dividends, Interest, or other Monies payable or which may become payable to Shareholders in the said Railway Company, and over all Mortgages, Bonds, Charges, and Securities whatsoever which have been or shall be hereafter created or given by the said Railway Company, except a certain Security given to Trustees named as the Trustees of the Royal Canal Company for a Part of the Amount of the Purchase Money for the said Canal, and in respect of which Security a Sum not exceeding One hundred and thirty-five thousand eight hundred and sixty Pounds Fifteen Shillings and Eight-pence, with the current Half Year’s Interest thereon, is now due and owing.
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