Great Northern Railway Act, 1953
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PART VII. Winding-up of Great Northern Railway Company (Ireland). | ||
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Compensation of Stockholders. |
46.—(1) On the establishment date the Minister shall pay to the Company the sum of two million, two hundred and fifty thousand pounds, being one-half of the sum of four million, five hundred thousand pounds agreed by the Minister and the Ministry to be paid to the Company as compensation in respect of the transfer of its undertaking under this Act. | |
(2) (a) The Company shall, within two months from the establishment date, distribute the said sum of four million, five hundred thousand pounds by paying to each person who was, immediately before the establishment date, the registered holder of any security mentioned in the first column of the Sixth Schedule, for every hundred pounds of that security held by him the sum specified in the second column of the Schedule opposite the mention of that security and so in proportion for amounts of that security greater or less than one hundred pounds. | ||
(b) In addition to the sum payable under paragraph (a) to a holder of debenture stock, the Company shall pay to each such holder interest calculated on the amount of such stock at the rate of four per cent. per annum in respect of the period of two months beginning on the establishment date or the period beginning on that date and ending on the date of distribution of the said sum, whichever is the shorter. | ||
(c) The moneys required by the Company for the purpose of paragraph (b) shall, as to one-half thereof, be paid to the Company by the Minister. | ||
(d) No dividend shall be declared or paid and, save as provided by paragraph (b), no interest shall be payable or paid on any of the securities of the Company in respect of any period after the establishment of the Board. | ||
(3) A person who receives a sum under subsection (2) in respect of any security shall hold the sum in the same right and on the same trusts and subject to the same powers, privileges, charges and liabilities as those in, on or subject to which he held the security; and where the security was held pursuant to any provision of a deed, will, disposition or other instrument, that instrument shall have the like effect as if it expressly authorised the investment of the sum so received in any investment authorised under section 1 of the Trustee Act, 1893. | ||
(4) If for any reason the Company is unable to make payment of any sum under subsection (2) to the person entitled thereto, that sum may be paid into the High Court (or, if it does not exceed one thousand pounds, into the Circuit Court) and shall be applied and dealt with in accordance with the provisions of the Lands Clauses Consolidation Act, 1845 , with respect to purchase money or compensation coming to parties having limited interests in land compulsorily acquired or prevented from treating or not making title thereto, and those provisions shall have effect accordingly; and for the purpose of this section the Circuit Court shall have all the jurisdiction exercisable by the High Court under that Act. | ||
(5) Save as provided in this section no compensation shall be payable to any person by reason of the transfer of the undertaking of the Company to the Board. | ||
(6) Where payment is made by the Company under this section in respect of any security the payment shall operate to discharge the Company from all liability to any person in respect of the security which shall thereupon be cancelled. |