Transport (Miscellaneous Provisions) Act, 1971

Compensation of holders of certain shares in Strabane Company.

14.—(1) The Board shall, not later than two months from the transfer date, pay to any person who, immediately before that date, was the registered holder of guaranteed shares in the Strabane Company, a sum of money equal in amount to the aggregate of the following—

(a) such amount as, if invested on the date of issue in the Government security last issued before the transfer date for subscription in the State and redeemable not less than 12 years after the date of issue, would produce annually in gross interest an amount equal to £4 for every £100 of guaranteed shares in the Strabane Company held by such person and so in proportion for amounts of such guaranteed shares greater or less than £100, and

(b) an amount calculated on the amount of the said guaranteed shares held by such person at the rate of 4 per cent. per annum in respect of the period from the 1st day of January, 1961, to the transfer date.

(2) The moneys required by the Board for the purposes of subsection (1) shall be paid to it by the Miniser for Finance.

(3) A payment made under this section to a registered holder of guaranteed shares in the Strabane Company shall be in full settlement of any claim by such person in respect of either principal or dividends or both principal and dividends.

(4) Save as provided in this section, compensation shall not be payable to any person by reason of the dissolution of the Strabane Company effected by section 13 (1).

(5) In this section “guaranteed” means guaranteed under section 41 of the Act of 1903 or section 38 of the Act of 1904.