S.I. No. 59/1925 - The Great Southern Railways Absorption (No. 5) Scheme, 1925.


STATUTORY RULES AND ORDERS. 1925. No. 59.

THE GREAT SOUTHERN RAILWAYS ABSORPTION (No. 5) SCHEME, 1925.

THE GREAT SOUTHERN RAILWAYS ABSORPTION (No. 5) SCHEME, 1925.

Section.

Preamble.

Short Title

1

Interpretation

2

Incorporation of Acts

3

Southern Railway Company absorbed by Great Southern Railways Company

4

Saving as to transfer of liabilities

5

Debenture Stock and Shares of Southern Railway Company cancelled

6

For protection of Minister for Posts and Telegraphs

7

Preamble.

WHEREAS by Section 2 of the Railways Act, 1924 (a) (hereinafter referred to as " the Act "), it is provided that a Company shall be formed in the manner prescribed by the Act by the amalgamation of the Companies named in the first column of the First Schedule thereto (in the Act and hereinafter referred to as " Amalgamating Companies ") and by the absorption of the Companies named in the second column of the said Schedule (in the Act and hereinafter referred to as " Absorbed Companies ").

AND WHEREAS the Great Southern Railways Company has been formed by the amalgamation of the Amalgamating Companies under and by virtue of the Great Southern Railways Amalgamation Scheme, 1925(b).

AND WHEREAS by Section 5 of the Act it is provided that if the Amalgamating Companies fail on or before the thirty-first day of August one thousand nine hundred and twenty-four to submit one or more agreed Schemes for the absorption of all the Absorbed Companies, a Scheme for the absorption of any such Company with respect to which an agreed Absorption Scheme framed in accordance with the provisions of the Act has not been made shall be prepared and settled in accordance with the Act by the Railway Tribunal.

AND WHEREAS the Southern Railway Company is one of the Absorbed Companies and no such agreed Scheme has been made with respect to that Company.

NOW THEREFORE pursuant to the provisions of the Act we the Railway Tribunal have prepared and settled the Scheme hereinafter contained for the absorption by the Great Southern Railways Company of the Southern Railway Company.

1 Short Title

1.—This Scheme may be cited for all purposes as " the Great Southern Railways Absorption (No. 5) Scheme, 1925."

2 Interpretation

2.—In this Scheme:—

" the date of settlement " means the date on which this Scheme is settled by the Railway Tribunal.

3 Incorporation of Acts

3.—The following parts of Acts are incorporated with and form part of this Scheme (that is to say):—

Part V. (relating to Amalgamation) of the Railways Clauses Act, 1863, subject to the provisions of the Act and of this Scheme, and for the purposes of this incorporation this Scheme shall be deemed to be " the special Act."

The provisions contained in the Third Schedule to the Act (with respect to existing officers and servants).

(a) No. 29 of 1924.

(b) S.R. & O., 1925. No. 1.

4 Southern Railway Company absorbed by Great Southern Railways Company

4.—The undertaking of the Southern Railway Company is hereby transferred to and absorbed by and shall form part of the undertaking of the Great Southern Railways Company and such transfer and absorption shall by virtue of this Scheme take effect as on and from the first day of January, One thousand nine hundred and twenty-five, and on and from the date of settlement of this Scheme the Southern Railway Company is hereby dissolved and all unexercised powers of raising money conferred upon that Company are hereby repealed.

5 Saving as to transfer of liabilities

5.—There shall not be transferred to the Great Southern Railways Company any liability of the Southern Railway Company in respect of any dividends or interest or arrears of dividends or interest on any loan or any mortgage, bond, charge, debenture, debenture stock or other security for money on which there were six or more years arrears of dividends or interest unpaid on the third day of April, One thousand nine hundred and twenty-four.

6 Debenture Stock and Shares of Southern Railway Company cancelled

6.—All Debenture Stock, Preference Shares, Baronial Guarantee Shares and Ordinary Shares in the capital of the Southern Railway Company are hereby cancelled.

7 For protection of Minister for Posts and Telegraphs

7.—Notwithstanding anything in this Scheme on and from the date of settlement, all enactments, awards, deeds, agreements and arrangements containing provisions as between the Minister for Posts and Telegraphs and the Southern Railway Company relating to the construction and maintenance of telegraphs shall continue to apply only to the system of railways, works and lands which previously to the date of settlement formed the undertaking of such Company, and to the Minister for Posts and Telegraphs and the Great Southern Railways Company in respect thereof.

In witness whereof, we, the Railway Tribunal, have hereunto affixed our Seal and set our hands this eighteenth day of November, One thousand nine hundred and twenty-five.

D. J. O'BRIEN.

JOHN R. KERR.

HENRY MANGAN.

JOHN O'BRIEN,

Registrar of the Railway Tribunal.