Dublin and Blessington Steam Tramway (Abandonment) Act, 1932

Realisation of the property and assets of the undertaking.

5.—(1) The Committee shall, as soon as conveniently may be after the appointed day, get in all debts and other moneys payable to the Committee in respect of the undertaking (including moneys payable to the Committee by the County Councils under the guarantees) and pay out of such moneys and any moneys in the hands of the Committee in relation to the undertaking on the appointed day all debts and other payments to the payment of which such moneys are properly applicable.

(2) As soon as conveniently may be after the appointed day, the Committee shall, in such manner and at such time or times as they think fit, sell and convert into money all the property and assets of the undertaking (other than debts and moneys to which the next preceding sub-section of this section applies) and apply the proceeds of such sale and conversion to the following purposes and in the following order, that is to say:—

(a) firstly, in discharging all debts due by the Committee in respect of the undertaking which are not discharged under the next preceding sub-section of this section;

(b) secondly, in defraying the expenses incurred by the Committee in the execution of this Act;

(c) thirdly, in paying the remuneration of the members of the Committee and the officers and servants of the Committee;

(d) fourthly, in paying to the Dublin Council two-thirds of the surplus of the said proceeds remaining after making the payments hereinbefore mentioned and in paying to the Wicklow Council one-third of the said surplus.

(3) The Dublin Council shall pay to the Corporation such proportion of all moneys paid to the Dublin Council by the Committee under the next preceding sub-section of this section as shall be agreed upon by the Dublin Council and the Corporation or, in default of such agreement, shall be fixed by the Minister for Local Government and Public Health.

(4) The County Councils and the Corporation may each, with the sanction of the Minister for Local Government and Public Health, offer or bid for and purchase for any purpose for which they are authorised to acquire land any land offered for sale by the Committee in pursuance of this section which is situate within their county or the county borough, as the case may be.

(5) The County Councils and the Corporation shall each of them execute at the expense of the Committee such conveyances of property of the undertaking sold by the Committee under this Act as shall reasonably be required by the respective purchasers of such property or by the Committee.

(6) For the purposes of this section all property and assets of the Company which became the property of the County Councils by virtue of sub-section (2) of section 10 of the Act of 1883 and the Order of 1887 and was not disposed of by the Committee before the appointed day and all property acquired and on the appointed day still held by the Committee shall be deemed to be the property and assets of the undertaking.