Railways Act, 1924

Preparation and approval of absorption schemes.

5.—(1) The amalgamating companies may, on or before the 31st day of August, 1924, submit to the Minister a scheme or schemes framed in accordance with the provisions of this Act for the absorption by the amalgamated company of all or any of the absorbed companies, on terms agreed to by the absorbed companies to which the scheme or schemes may relate.

(2) The Minister shall refer to the railway tribunal any scheme so submitted to him, and the tribunal, unless it appears to them that the scheme does not conform with the requirements of this Act, or that the provisions of this Act relating to the procedure preliminary to the submission of an agreed scheme have not been complied with, shall confirm the scheme.

(3) If the amalgamating companies fail on or before the said date to submit an agreed scheme or schemes framed in accordance with the provisions of this Act 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 this Act has not been made shall be prepared and settled in accordance with this Act by the railway tribunal.