Shares upon which calls had not been paid were forfeit and offered for sale by auction after 14 days . Former owners could redeem their forfeited shares by paying the call and perhaps a fee to cover expenses.
2.
As a result of the financial crisis, the funds were not forthcoming and it was decided to sell shares by roup ( public auction ) on 14 August 1781; presumably these were forfeited shares ( i . e . not additional shares ).
3.
As the Exeter and Exmouth would now only build a line from Topsham to Exmouth, the L & SWR needed authority to build the part from Exmouth Junction to Topsham, and it obtained an Act for purpose on 12 July 1858 . ( The line joined the L & SWR Salisbury to Exeter main line at Exmouth Junction . ) Just after opening the E & ER company raised an additional ?0, 000 in loans at 5 % to cancel forfeited shares, and a further ?5, 000 was raised in June 1861.
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