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Assessment of compensation in respect of mining business acquisition orders.
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24.—(1) Compensation in respect of the minerals (other than State minerals) acquired by a mining business acquisition order shall be assessed by the Mining Board in the same manner and on the same basis in all respects and shall be awarded in the same form as if it were compensation for State acquired minerals under the Act of 1940, and the provisions of that Act and of the regulations made thereunder relating to compensation for State acquired minerals shall apply accordingly.
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(2) Compensation in respect of an existing mining business (excluding the minerals the subject matter of the said business) shall be assessed by the Mining Board in accordance with the following principles, that is to say:—
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(a) the fair value of the existing mining business as a going concern shall be assessed as at the date of acquisition;
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(b) the fair value of the goodwill of the said business and of all property and assets (excluding as aforesaid) owned and used by the proprietor of the said business for the purposes thereof on the date of acquisition shall be taken into account in assessing the fair value of the said business as a going concern;
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(c) in assessing the fair value mentioned in the next preceding paragraph, account shall be taken of all sums granted out of public moneys to the proprietor of the business for the purposes or any particular purpose of the business;
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(d) for the purposes of the foregoing paragraphs, account shall be taken of all book debts and other moneys which are owing to the proprietor of the said business on account thereof on the date of acquisition, and also of the continuing benefit of existing contracts, but account shall not be taken of debts and other liabilities owing by the said proprietor in respect of the said business on that date;
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(e) interest at five per cent, per annum shall be allowed as from the date of acquisition.
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(3) The following provisions shall apply and have effect in regard to all debts and other liabilities which are by this section prohibited from being taken account of in the assessing of compensation under this section in respect of an existing mining business, that is to say:—
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(a) the Company shall not be liable for any such debt or other liability;
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(b) the acquisition of the said business by the Company shall not affect the liability of the proprietor of the said business for such debts and other liabilities;
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(c) all securities for any of such debts and other liabilities which, immediately before the date of acquisition, attached to the said business shall on the said date cease to affect the said business and shall, in lieu thereof, attach to and be enforceable against the compensation awarded under this section in respect of the said business.
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(4) For the purposes of this section, the date of acquisition shall, where the relevant mining business acquisition order is made within four months after the date of the passing of this Act, be taken to be the 1st day of March, 1941, and shall, in every other case, be taken to be the date on which notice of the proposal to acquire the relevant existing mining business was published in the Iris Oifigiúil in pursuance of this Act.
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(5) Every assessment of compensation made by the Mining Board under this section shall be final, conclusive and unappealable, and shall be binding on the parties appearing before the Board on the assessment and their privies as if it were a judgment in personam.
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(6) Subject to the foregoing provisions of this section, Parts V and VII of the Act of 1940 shall apply, with such modifications as may be necessary, to the practice and procedure of the Mining Board in assessing compensation under this section, and the power of the Minister to make regulations under section 34 of that Act shall be extended accordingly.
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