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Cesser of annual payment to the Cork Corporation under the Cork Harbour Act, 1820.
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10.—(1) In this section—
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the expression “the Commissioners” means the Cork Harbour Commissioners;
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the expression “the Corporation” means the Lord Mayor, Aldermen and Burgesses of Cork.
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(2) The annual sum of £369 4s. 8d. payable by the Commissioners to the Corporation under section 53 of the Cork Harbour Act, 1820, shall cease to be payable in respect of any year commencing on and after the 1st day of January, 1948.
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(3) The Commissioners shall pay compensation to the Corporation in respect of the cesser effected by subsection (2) of this section and the amount thereof shall, in default of agreement between the Commissioners and the Corporation, be determined by an arbitrator (in this section referred to as the arbitrator) appointed by the Chief Justice at the request of the Minister.
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(4) In fixing the compensation payable under this section the arbitrator shall have regard to all the circumstances of the case and in particular the circumstances in which the annual sum, in respect of the cesser of which the compensation is payable, became payable.
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(5) The remuneration of the arbitrator shall be fixed by the Chief Justice and paid by the Commissioners.
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(6) The arbitrator may, as respects the costs and expenses of the parties in the proceedings before him, by his award and at his discretion—
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(a) direct the Commissioners to pay to the Corporation a sum (to be measured by him) towards the costs and expenses of the Corporation, or
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(b) direct the Corporation to pay to the Commissioners a sum (to be measured by him) towards the costs and expenses of the Commissioners, or
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(c) direct the Commissioners and the Corporation respectively to abide their own costs.
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(7) If compensation under this section is not paid before the 1st day of January, 1949, it shall bear interest at the rate of three per cent. per annum as on and from the said 1st day of January, 1949, until the date of payment.
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