In fact the C&DC lost out in its bid for approval for its line, and the London & South Western company itself purchased the Bodmin & Wadebridge line for the same £35,000 from the C&DC company in 1847. The LSWR now owned a heavily loss-making little line more than a hundred miles from its own network. The purchase did not have parliamentary authority, and the purchase is often described as illegal. In fact the activities of companies incorporated by Act of Parliament were limited by the terms of the Act, and the LSWR did not have the power to acquire another railway company; their action in doing so would better be described as ultra vires.