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Saving as to transfer of liability in certain cases.
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7.—(1) Notwithstanding anything contained in this Act, there shall not be transferred to the amalgamated company any liability of an absorbed company in respect of any dividends or interest or arrears of dividends or interest on any loan or any mortgage, bond, charge, debenture, debenture stock or other security for money on which there were six or more years arrears of dividends or interest unpaid on the 3rd day of April, 1924, and no provisions in this Act applicable to an absorption scheme shall apply to such liability: Provided that this sub-section shall not apply to the liability of an absorbed company in respect of any dividends or interest or arrears of dividends or interest on any mortgage, bond, charge, debenture, debenture stock or other security for money the holder of which was by virtue thereof in possession (whether by himself, or by a trustee on his behalf, or by a receiver appointed by him or any trustee on his behalf) on the 3rd day of April, 1924, of the property or any part of the property comprised in such mortgage, bond, charge, debenture, debenture stock or other security for money.
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(2) In the event of the amalgamating companies and the absorbed companies failing to determine, for the purpose of an absorption scheme, the capital value of any loan or security mentioned in sub-section (1) of this section, the value shall be such amount (if any) as is determined by the railway tribunal having regard to the possibility of any dividends or interest being paid on such loan or security if absorption had not taken place.
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