PART IV.

Transfer to the Board of undertakings of Coras Iompair Eireann (1945) and the Grand Canal Company and Provisions enabling certain other transport undertakings to be transferred to the Board.

Chapter I.

Transfer to the Board of undertakings of Córas Iompair Éireann (1945) and the Grand Canal Company and compensation to holders of certain securities of those bodies.

23. —(1) On the establishment date the undertaking of each dissolved undertaker shall, by virtue of this section, be transferred to and stand vested in the Board.

(2) The transfer effected by this section shall extend to the whole of the undertaking of each dissolved undertaker, including all lands, works, and other property, assets, powers, rights and privileges held or enjoyed in connection therewith or appertaining thereto.

(3) (a) Subject to the provisions of this Act the Board may exercise and enforce all rights, powers and privileges which were, immediately before the establishment date, vested in either dissolved undertaker.

(b) The Board shall not by virtue of this subsection be entitled to exercise any powers of raising money which immediately before the establishment date were exercisable by either dissolved undertaker.

(4) (a) Subject to the provisions of this Act the Board shall, to the exclusion of either dissolved undertaker, be subject to all liabilities whether arising by statute or otherwise, to which that dissolved undertaker was subject immediately before the establishment date.

(b) The Board shall not by virtue of this subsection be subject to any liability in respect of any security of either dissolved undertaker in substitution for which transport stock is issued under this Act.

(5) (a) On the establishment date, every licence to which this subsection applies and which was immediately before the establishment date held by either dissolved undertaker shall, by virtue of this Act, be transferred to the Board and shall, on and after the establishment date, have effect as if the name of the Board were substituted therein for that of such dissolved undertaker.

(b) This subsection applies to—

(i) any licence taken out under section 13 of the Finance Act, 1920, in respect of a mechanically propelled vehicle,

(ii) any passenger licence granted under the Road Transport Act, 1932 (No. 2 of 1932),

(iii) any merchandise licence granted under the Road Transport Act, 1933 (No. 8 of 1933),

(iv) any public service vehicle licence granted under the Road Traffic Act, 1933 (No. 11 of 1933).

24. —On the establishment date the several securities of the dissolved undertakers mentioned in column (2) of the Third Schedule to this Act shall, by virtue of this section, be extinguished.

25.—(1) (a) Subject to paragraph (b) of this subsection, each person, who was immediately before the establishment date the registered holder of any security described in column (2) of the Third Schedule to this Act at a particular reference number, shall, for each one hundred pounds of that security held by him, become and be, by virtue of this subsection, the registered holder of the amount, set out in column (4) of the said Schedule at that reference number, of the transport stock mentioned in column (3) of the said Schedule at that reference number, and so in proportion for amounts greater or less than one hundred pounds, in lieu of and in exchange for the amount of that security held by him.

(b) No person shall, by the operation of paragraph (a) of this subsection, be entitled to the issue of a fractional part of a pound of transport stock and, where but for this paragraph, a person would be so entitled, the Board shall pay him in cash the par value of the fractional part.

(2) The transport stock mentioned in column (3) of the Third Schedule to this Act is in this Act referred to as substituted transport stock.