. Regolamentazione legislativa del finanziamento ferroviario in Inghilterra. Oltre ad interdire tra gli azionisti inadempienti gli importi delle richieste dovute, a tal fine, la produzione del registro delle azioni era la prova prima facie che tali parti inadempienti erano azionisti della società e del numero e dell'importo delle loro azioni riconcolate. Inoltre, gli amministratori, dopo aver prestato il proprio preavviso in qualsiasi momento dopo la scadenza di due mesi dalla data di ap-appunted per il pagamento di tali chiamate, dichiarano la confisca di azioni in suchdefaulted sulle quali le chiamate erano dovute e non pagate. Dopo suchdec

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. Legislative regulation of railway finance in England . over with interestfrom such defaulting shareholders the amounts of the calls due, for which purpose, the production of the register of shareholderswas prima facie evidence of such defaulting parties being share-holders of the company and of the number and amount of their re-/gistered shares. Moreover, the directors after serving proper notice mightat any time after the expiration of two months from the day ap-pointed for payment of such calls, declare the forfeiture of suchdefaulted shares on which calls were due and unpaid. After suchdeclaration of forfeiture being confirmed by a general meeting thecompany might sell such forfeited shares. To safe-guard^theinterest of the shareholders, however, it was provided that nocompany should sell or transfer more of the shares of any suchdefaulters than whd-t- was sufficient to pay the arrears, etc., thendue from them. In case the money produced by any such sale was^1. 8 V, c. 16, ss. 21-28. jj!>. 8 V. c. 16, ss. 34-35. , , r>„ 3^-35-1. Of > more than what was needed to pay for such arrears, interests, etc., the defaulters might claim the surplus. The natter of cancellation and surrender of shares was further amplified by the Companies Clauses Act, 1863 , so as to five the companies greater liberty in such matters and to make the pay- * >? ment of calls of even greater consequence to the shareholders. Provision was also made to the effect that the last re-gistered holders of such forfeited shares should not only beprecluded from all rights and interest in respect of such shares, hut should also he held liahle to pay all arrears of calls, in-terest, and expenses due in respect of the share at the time of thecancellation, notwithstanding such forfeiture. Moreover, companies were authorized to cancel forfeitedshares with the consent of holders and to accept, on such terms asthey saw fit, surrenders of any shares which were not fully paidup; hut they were forhid

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