Transport Act, 1950
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Transport stock. |
29.—(1) Substituted transport stock shall be deemed to have been duly created and issued by the Board on the establishment date. | |
(2) The Board may from time to time create and issue any stock required for the purpose of exercising its powers under subsection (2) of section 28. | ||
(3) Stock created and issued by the Board under subsection (1) or (2) of this section is in this Act referred to as transport stock. | ||
(4) The provisions set out in column (5) of the Third Schedule to this Act shall apply in relation to the interest on and the redemption of the substituted transport stock set out in column (3) of that Schedule. | ||
(5) Transport stock (other than substituted transport stock) shall be created and issued subject to such terms and conditions as regards the rate and payment of interest thereon and the redemption thereof as the Minister for Finance may approve. | ||
(6) The Minister, after consultation with the Minister for Finance, may make regulations in relation to— | ||
(a) the registration of transport stock, | ||
(b) certificates of transport stock, | ||
(c) the transfer and transmission of, and other dealings with, transport stock, | ||
(d) the closing of registers of transport stock during specified periods, | ||
(e) the fees to be payable in respect of the transfer, transmission of, and other dealings with transport stock, | ||
and such regulations may, in relation to transport stock, apply, with or without modification, any enactment relating to stock issued by the Government or a local authority. | ||
(7) Notwithstanding anything contained in regulations made under subsection (6) of this section, the following provisions shall apply in any case in which, by virtue of section 25, any person, being the registered holder of a particular security of a dissolved undertaker, becomes instead the registered holder of any particular substituted transport stock— | ||
(a) if that person delivers to the Board for cancellation the certificate relating to that security, the Board shall issue to him free of charge the certificate relating to that substituted transport stock, | ||
(b) if that person satisfies the Board that the certificate relating to that security has been lost or destroyed and gives to the Board such indemnity as it may reasonably require against claims in respect thereof, the Board shall issue to him free of charge the certificate relating to that substituted transport stock, | ||
(c) until a certificate relating to that substituted transport stock is so issued, the certificate relating to that security shall be deemed to be the certificate relating to the substituted transport stock. | ||
(8) Transport stock shall be personal estate and transmissible as such, and shall not be of the nature of real estate. |