Railways Act, 1933

Modification of standard revenue.

5.—(1) As soon as conveniently may be after the passing of this Act, the Railway Tribunal shall re-consider the standard revenue (within the meaning of section 53 of the Principal Act) of the Company and, after hearing the Minister (if desirous of being heard) and all other parties desirous of being heard and appearing to the Railway Tribunal to be interested, the Railway Tribunal shall adjust and vary the said standard revenue by making therefrom such deduction as appears to the Railway Tribunal to be just and equitable having regard to the reduction in the amount of interest payable and dividends reasonably to be expected in consequence of the re-construction of the capital of the Company effected by this Act, and the Railway Tribunal shall fix the amount of the said standard revenue accordingly and thereupon the standard revenue so fixed shall be the standard revenue of the Company for the purposes of section 53 of the Principal Act.

(2) On the passing of this Act section 54 of the Principal Act shall cease to have effect, and on such day as the Minister shall by order appoint to be the appointed day for the purpose of this sub-section the said section 54 shall come into operation again but with and subject to the following modifications, that is to say:—

(a) the expression “the standard revenue of the Company” shall mean the standard revenue as fixed by the Railway Tribunal under this section, and

(b) the expression “the appointed day” shall mean the day which is appointed by the Minister under this sub-section to be the appointed day for the purpose of this sub-section.