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10 1946

TURF DEVELOPMENT ACT, 1946

PART V.

Dissolution of the Turf Development Board, Limited.

Dissolution of the dissolved company.

60. —(1) On the establishment date the dissolved Company shall, subject to the provisions set out in the Schedule to this Act, be, by virtue of this section, dissolved.

(2) The provisions set out in the Schedule to this Act shall apply in respect of the dissolved Company.

Payments to holders of shares of the dissolved company.

61. —On or as soon as may be after the establishment date, the Board shall pay to each person who was, on the day immediately preceding the establishment day, the registered holder of any share or shares of the dissolved company, the sum of one pound for each share of the dissolved company held by him, and such payment shall be accepted by him in lieu of and in satisfaction of all rights and claims in respect of each such share in respect of which such payment is made.

Transfer of property of the dissolved company to the Board.

62. —(1) Subject to the provisions of this section all property whether real or personal (including choses-in-action) which immediately before the establishment date was vested in, or belonged to or was held in trust for the dissolved company and all rights, powers and privileges relating to or connected with any such property shall, on the establishment date and without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company, become and be vested in or the property of or held in trust for (as the case may require) the Board for all the estate, trust or interest for which the same immediately before the establishment date was vested in or belonged to or was held in trust for the dissolved company.

(2) All property transferred by this section which, immediately before the establishment date, was standing in the books of any bank or was registered in the books of any bank, corporation, or company shall, upon the request of the Board made on or after the establishment date, be transferred in such books by such bank, corporation, or company into the name of the Board.

(3) On and after the establishment date, every chose-in-action transferred by this section to the Board may be sued upon, recovered or enforced by the Board in its own name and it shall not be necessary for the Board to give notice to the person bound by such chose-in-action of the transfer effected by this section.

Transfer of liabilities of the dissolved company.

63. —Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the establishment date is owing and unpaid or has been incurred and is undischarged by the dissolved company shall, on the establishment date, become and be the debt or liability of the Board and shall be paid or discharged by and may be recovered from or enforced against the Board accordingly.

Release of the Board from certain State debts.

64. —(1) If it appears from the balance sheet of the dissolved company, as certified by the auditors of the dissolved company, that, immediately before the establishment date, the liabilities (including the State debt) of the dissolved company exceeded its assets (the amount of which excess is in this subsection referred to as the deficit), then, the Minister for Finance shall, with effect as on and from the establishment date, release the Board from so much of the State debt as equals the deficit or fifty thousand pounds, whichever is the lesser.

(2) In this section, the expression “the State debt” means the sum which, immediately before the establishment date, was owing by the dissolved company to the Minister for Finance.

Preservation of continuing contracts of the dissolved company.

65. —Every bond, guarantee, or other security of a continuing nature made or given by the dissolved company to any person, or by any person to such dissolved company, and in force immediately before the establishment date, and every contract or agreement in writing made between the dissolved company and another person and not fully executed and completed before the establishment date shall, notwithstanding the dissolution of the dissolved company, continue in force on and after the establishment date, but shall be construed and have effect as if the name of the Board were substituted therein for the name of the dissolved company, and such security, contract, or agreement shall be enforceable by or against the Board accordingly.

Continuance of pending legal proceedings.

66. —In every action, suit or proceedings which is pending on the establishment date in any court or tribunal and to which the dissolved company is a party, the Board shall on the establishment date become and be a party in the place of the dissolved company and such proceedings shall be continued between the Board and the other parties thereto accordingly and no such proceedings shall abate or be discontinued or prejudicially affected by reason of the dissolution of the dissolved company.

Preservation of contracts of service.

67. —Every contract of service express or implied which was entered into and is in force immediately before the establishment date between the dissolved company and any person being a salaried officer or employee of the dissolved company shall continue in force on and after the establishment date, but shall be construed and have effect as if the Board were substituted therein for the dissolved company, and every such contract shall be enforceable by or against the Board accordingly.

Exemption from stamp duties.

68. —(1) Section 12 of the Finance Act, 1895, shall not operate so as to require the Board to deliver to the Revenue Commissioners a copy of this Act or to pay any stamp duty under that section on any copy of this Act.

(2) Stamp duty shall not be chargeable on any transfer, conveyance or other instrument executed for the purpose of supplementing or giving effect to the vesting of the assets of the dissolved company in the Board.