Great Northern Railway Act, 1953

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FIRST SCHEDULE.

Draft Terms of Agreement to be made between the Minister and the Ministry.

Section 3 .

1. There shall be paid to the Great Northern Railway Company (Ireland) the sum of four million, five hundred thousand pounds as compensation for the acquisition of its undertaking under the Great Northern Railway Act, 1953, and the Great Northern Railway Act (Northern Ireland) 1953 (hereinafter referred to as the Acts). One-half of this sum shall be paid by or on behalf of each party hereto.

2. (1) The profits and losses of the Board established under the Acts shall, subject to the subsequent provisions of this Agreement, be ascertained and apportioned yearly as follows—

(a) so much of the profits or losses as are attributable to the operation of the undertaking exclusively in the area of one party shall be apportioned to that party;

(b) the profits or losses not so attributable shall be equitably apportioned between the parties.

(2) Each party shall be entitled to the profits and responsible for the losses apportioned to that party.

3. The scheme of apportionment of profits and losses to be submitted to the parties hereto by the Board shall be adopted and accepted by both parties unless, within six months of its submission to them, they agree to the adoption of an alternative scheme.

4. The scheme adopted in pursuance of paragraph 3 shall apply to the undertaking from the date of establishment of the Board. It shall remain in force for the period of three years beginning on that date.

5. The Board shall, in respect of each successive period of three years, be required by each party to submit a scheme of apportionment for such period. The scheme shall be adopted and accepted by both parties unless, within six months of its submission to them, they agree to the adoption of an alternative scheme for such period.

6. (1) Where it is proposed to terminate a common service as defined by the Acts and one of the parties hereto consents, but the other does not consent, to its termination, the dissenting party shall be responsible for any loss sustained by the continuance of the service and the scheme of apportionment adopted for the time being shall be modified accordingly.

(2) The scheme shall also be modified so as to provide for any loss which may be incurred by the Board by the operation of any service other than a common service where responsibility for the loss has been accepted by the party of the area other than that in which the service is operated.

(3) A modification of the scheme under this paragraph shall provide that—

(a) the expenditure incurred by the Board as a result of the continued operation of the service to which the modification relates shall be calculated in such manner as the parties may agree and shall include an amount in respect of the use of any railway lines, lands and premises in connection with the service, and

(b) any profits resulting from the continued operation of the service shall accrue to the party responsible for the loss on the continuance of the service, until that party has received an amount equal to the amount of the payments made to the Board by that party in respect of such loss.

7. (1) Moneys needed by the Board for the acquisition of railway rolling stock or for the purposes of the Dundalk Works vested in the Board or for the acquisition of additional land for the purposes of those Works shall to such extent as the parties may agree be provided by the parties hereto in equal shares. The proceeds of sale of—

(a) any railway rolling stock, or

(b) any part of the said Works (including any such additional land) or any chattels used or acquired in or in connection therewith, or

(c) any of the Board's investments,

shall (save, as respects such rolling stock or chattels, in so far as utilised for replacements) be credited by the Board to the parties in equal shares.

(2) Moneys needed for the acquisition or development of lands or premises for the purposes of the undertaking (other than the Dundalk Works) shall to such extent as the party in whose area the lands or premises are situate may agree be provided by that party.

(3) Moneys needed by the Board for the acquisition of chattels for use in or in connection with its road services shall to such extent as the Minister may agree be provided by the Minister and the proceeds of sale of any chattels so used or acquired shall (save in so far as utilised for replacements) be credited by the Board to the Minister.

(4) Save as provided elsewhere in this Agreement, moneys needed by the Board for the acquisition of chattels for use in or in connection with any land or premises (other than the Dundalk Works) situate in the area of either party or for the purposes of any other capital expenses of the undertaking in either area shall to such extent as the party of that area may agree be provided by that party and the proceeds of sale of any chattels shall (save in so far as utilised for replacements) be credited by the Board to the party in or for whose area they were so used or acquired.

(5) The moneys applied for maintenance and replacement of physical assets vested in or used by the Board shall be provided for in the scheme of apportionment. The foregoing subparagraphs of this paragraph do not apply to such moneys.

8. The Minister agrees that the rights and obligations of the Ministry under this Agreement (other than the obligations of the Ministry to make such payments as are referred to in paragraphs 1 and 6 hereof) may be exercised and performed by the Ulster Transport Authority instead of the Ministry.

9. If, at any time after the expiration of five years from the date hereof, either party desires the revision of this Agreement, the two parties shall re-open negotiations with a view to making such revision as may be agreed upon.