Railways Act, 1924
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Supplementary provisions as to schemes. |
9.—(1) The amalgamation scheme and every absorption scheme shall be so framed as to come into operation on the 1st day of January, 1925, or such earlier or later date, as the railway tribunal, after consultation with the Minister, may fix: | |
Provided that the amalgamation scheme shall be deemed to come into operation immediately before the absorption schemes. | ||
(2) Before an agreed amalgamation or absorption scheme is referred to the railway tribunal, the scheme shall be submitted to the proprietors and debenture stock-holders of each amalgamating and absorbed company affected thereby in the manner provided in the Fourth Schedule to this Act. | ||
(3) A scheme under this Part of this Act shall, when confirmed or settled by the railway tribunal, be binding on all persons and have effect as if enacted in this Act, and where any such scheme provides for the substitution of any securities of the amalgamated company for securities of an amalgamating or absorbed company any trustee or other person acting in a fiduciary capacity who at the date of the amalgamation or absorption held and was entitled to hold any securities of an amalgamating or absorbed company shall be entitled to hold the securities of the amalgamated company which may be substituted therefor. | ||
(4) No stamp duty shall be payable in respect of any amalgamation or absorption scheme. | ||
(5) Printed copies of the proposed amalgamation scheme and of every absorption scheme submitted to the Minister or prepared by the railway tribunal in accordance with the provisions of sections 3 and 5 of this Act, respectively, shall be placed on sale at such places and at such prices as the Minister may direct, and notice that such copies are on sale and the places where they may be obtained shall be published in the Iris Oifigiúil, and no such scheme shall be confirmed or settled by the railway tribunal until the expiration of twenty-one days after the publication of such notice. | ||
(6) The amalgamation and every absorption scheme shall be deemed to be statutory rules and shall be printed, numbered, published, and sold, and may be cited, in the like manner as statutory rules are for the time being by law required to be printed, numbered, published, and sold, and permitted to be cited. | ||
(7) If the railway tribunal postpones the date on which the amalgamation and absorption schemes are to come into operation to a date later than the said 1st day of January 1925, then, during the period of postponement, the undertakings of all the amalgamating and absorbed companies shall be used, worked, managed, maintained and repaired as one joint undertaking, and the net receipts of the joint undertaking shall be distributed amongst the amalgamating and absorbed companies upon such terms and subject to such conditions and in such proportions as may be agreed upon by the several companies with the approval of the railway tribunal or in default of agreement as may be determined by the railway tribunal, and the following provisions of this Act relating to the amalgamated company shall apply as if such joint undertaking were the undertaking of the amalgamated company and as if the governing body of the joint undertaking were the amalgamated company. |