Transport Act, 1944

Transport Act, 1944 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1944 Transport Act, 1944 Transport Act, 1944 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 21 of 1944. TRANSPORT ACT, 1944. ARRANGEMENT OF SECTIONS PART I. Preliminary and General. Section 1. Short title. 2. Interpretation generally. 3. Prosecution of offences. 4. Regulations. 5. Repeals. 6. Expenses of the Minister and the Minister for Agriculture. PART II . Córas Iompair Éireann. Chapter I. Preliminary and General. 7. Definitions for purposes of Part II. 8. Incorporation of certain Acts. Chapter II. Incorporation of Córas Iompair Éireann, dissolution of the Great Southern Railways Company and the Dublin United Transport Company, Limited, and transfer of undertakings of dissolved companies to the Company. 9. Incorporation of the Company. 10. Purposes of the Company. 11. Dissolution of dissolved companies. 12. Transfer to the Company of undertakings of the dissolved companies. Chapter III . Financial Provisions. 13. Capital of the Company. 14. Substitution of stock of Company for stock of dissolved companies. 15. Supplemental provisions in relation to substituted stock. 16. Creation and issue of subsequent debenture stock. 17. Provisions in relation to debenture stock. 18. State guarantee of debenture stock. 19. Creation and issue of subsequent common stock. 20. Dividends on the common stock. 21. Unclaimed interest and dividends. 22. Redemption Fund. 23. Power of the Company to borrow temporarily. 24. Cesser of unexercised capital powers of dissolved companies. 25. Receipt in case of person not sui juris. 26. Accounts, statistics and returns. 27. Audited accounts of the Company to be laid before Houses of the Oireachtas. 28. Furnishing of yearly accounts of the Company to Stockholders. 29. Auditors. Chapter IV. Meetings of the Company. 30. Date of ordinary meetings. 31. Quorum of meeting of the Company. 32. Votes of common stockholders. 33. Powers as to directors, auditors, etc. 34. Voting by joint common stockholders. 35. Appointment of proxies under power of attorney. 36. Closing of transfer books. Chapter V. The Board of Directors. 37. The board of directors of the Company. 38. Remuneration of the directors. 39. Provisions in relation to the Chairman. 40. Managing director. 41. Provisions in relation to stockholders' directors. 42. Compensation to certain stockholders' directors. Chapter VI. Officers and Servants. 43. Compensation of certain officers and servants of the dissolved companies. 44. Superannuation scheme. 45. Existing superannuation funds. 46. Establishment of associations, etc., calculated to promote the welfare of employees. 47. Appointment to clerical grades. Chapter VII . Miscellaneous Provisions Applicable to the Company. 48. Provision of additional transport facilities by the Company. 49. Agreements with respect to allocation or routing of traffic, pooling of receipts, etc. 50. Revision of existing agreements between the Minister for Posts and Telegraphs and the dissolved companies and determination of disputes between the said Minister and the Company. 51. Protection of Minister for Posts and Telegraphs. 52. Cesser of wayleaves payable to the Dublin and Dun Laoghaire Corporations. 53. Arrangements between the Company and the Great Northern Railway Company (Ireland) as respects the Dublin Junction Railways, etc. 54. Transfer of certain licences to the Company. 55. Names and addresses of stockholders. 56. Application of certain enactments to the Company. 57. Enactments not applicable to the Company. 58. Exemption from stamp duties. 59. Power of the Company to subscribe to charities, etc. 60. Language of public notices and tickets. 61. Service of documents on the Company. 62. Penalty for trespass on the Company's railways. PART III . The Transport Advisory Committee 63. Establishment of the Transport Advisory Committee. 64. Duties of the Advisory Committee. 65. Powers of the Advisory Committee. 66. Regulation of proceedings before the Advisory Committee. 67. Staff of the Advisory Committee. PART IV . Transport Charges. Chapter I. Preliminary and General. 68. Definitions for purposes of part IV. 69. Expenses of harbour authorities and local authorities. Chapter II. Railway Charges and Conditions of Carriage by Rail Applicable to the Company. 70. Continuance of railway classification of merchandise applicable to the dissolved railway company and of maximum railway charges of the dissolved railway company. 71. Revised railway classification of merchandise applicable to the Company. 72. Revised schedules of maximum railway charges of the Company. 73. Alteration of railway classification of merchandise applicable to the Company. 74. Alteration of maximum railway charges of the Company. 75. Protection of ports. 76. Standard terms and conditions of carriage by rail for the Company. 77. Alteration of standard terms and conditions of carriage by rail for the Company. 78. Conditions on which merchandise is to be carried by rail by the Company. 79. Owner's risk rates for livestock. 80. Minimum charges. 81. Special mileage charges. 82. Dangerous goods. 83. Miscellaneous provisions as to rates. 84. Determination of disputes and differences between the Company and traders arising under the Eighth Schedule to this Act. 85. Additional functions of the Minister. 86. Provisions in relation to certain questions, disputes or differences referred to the Minister. 87. Amendment of certain Acts in their application to the Company. Chapter III. Rail Charges of Railway Companies other than the Company. 88. Maximum railway charges of companies other than the Company. 89. Alteration of maximum railway charges of companies other than the Company. Chapter IV. Charges for Tramway Services Operated by the Company. 90. Maximum charges for tramway services operated by the Company. 91. Alteration of maximum charges for tramway services operated by the Company. Chapter V. Charges for Carriage of Merchandise by road, applicable to the Company and Certain other Statutory Carriers. 92. Maximum charges for carriage of merchandise by road. 93. Alteration of maximum road charges of a statutory carrier. Chapter VI. Canal Charges. 94. Definitions for purposes of Chapter IV of Part IV. 95. Maximum canal charges. 96. Revised canal classification of merchandise applicable to a canal undertaker. 97. Revised schedule of maximum canal charges of a canal undertaker. 98. Alteration of canal classification of merchandise applicable to a canal undertaker. 99. Alteration of maximum canal charges. 100. Charges for fractions of a penny. 101. Repeal of existing provisions in relation to charges by canal undertakers. Chapter VII. Supplemental Provisions. 102. Agreed charges by transport undertakers for the carriage of Merchandise. 103. Publication of railway classification of merchandise, etc. by the Company. 104. Publication of schedule of charges of merchandise by road applicable to statutory carriers other than the company. Part V. Abolition of the Railway Tribunal and Transfer of Certain of its Jurisdictions to the High Court. 105. Abolition of railway tribunal. 106. Transfer of certain jurisdictions of the railway tribunal to the High Court. 107. Exercise of jurisdiction of the High Court. 108. Assessors to aid the High Court. 109. Right of Minister for Agriculture to appear before the High Court. Part VI. Abandonment of Railway Lines. 110. Abandonment of a railway line. Part VII. Amendment of Road Transport Act, 1933. 111. Interpretation of Part VII. 112. Carriage for reward. 113. Amendment of section 8 of the Act of 1933. 114. Grant of merchandise licences to certain carriers. 115. Extension of merchandise (existing carrier's) licence or grant of merchandise licence where existing transport facilities inadequate. 116. Extension of operation of merchandise (existing carriers') licences. 117. Amendment of section 9 of the Act of 1933. 118. Temporary exemption from subsection (2) of section 34 of the Act of 1933. 119. Increase of standard lorry weight of certain holders of merchandise (existing carrier's) licences. 120. Increase of standard tractor weight of certain holders of merchandise (existing carrier's) licences. 121. Giving of register of merchandise licences in evidence. 122. Obligation of licensee under a merchandise licence to supply drivers of vehicles with copy of licence. 123. Production by driver of vehicle, owned by licensee under a merchandise licence, of copy of licence. 124. Prohibition of licensee holding himself out as carrying on merchandise road transport business not authorised by his licence. PART VIII. Miscellaneous Provisions. 125. Extension of section 2 of the Railway and Canal Traffic Act, 1854, to the road traffic of certain persons. 126. Enforcement of recommendations of inspector under section 41 of the Railway and Canal Traffic Act, 1888. 127. Release of dissolved railway company from certain liabilities. 128. Transfer of securities representing Royal Canal Guarantee Fund to the Company. 129. Agreements entered into by railway companies other than the Company. 130. Restrictions on compulsory acquisition of land held by transport undertakers. 131. Cancellation of certain stock of the dissolved railway company. 132. Redemption of certain stocks of the dissolved railway company. 133. Provisions in relation to maintenance and operation of Victoria Bridge in the City of Dublin. 134. Agreement between the Company, the Cork Corporation and the Cork Harbour Commissioners with respect to maintenance and operation of bridges in the City of Cork. 135. Deposit with Minister of agreements regulating conditions of service of road transport employees of railway company. FIRST SCHEDULE. Enactments Repealed as on and from the Establishment Date. SECOND SCHEDULE. Transitory Provisions in Relation to the Dissolved Companies and the Company. THIRD SCHEDULE. Stocks of Dissolved Companies to be Exchanged for Stocks of the Company. FOURTH SCHEDULE. Provisions in Relation to Stockholders' Directors. FIFTH SCHEDULE. Compensation of Certain Officers and Servants of the Company. SIXTH SCHEDULE. Enactments not Applying to the Company. SEVENTH SCHEDULE. Provisions in Relation to Applications to the Minister for Certain Orders Under this Act. EIGHTH SCHEDULE. Miscellaneous Provisions as to Rates Applicable to the Company. NINTH SCHEDULE. Enactments Amended in their Application to the Company. TENTH SCHEDULE. Maximum Canal Charges. Acts Referred to Railways Act, 1933 No. 9 of 1933 Railways Act, 1924 No. 29 of 1924 Road Transport Act, 1932 No. 2 of 1932 Road Transport Act, 1933 No. 8 of 1933 Road Traffic Act, 1933 No. 11 of 1933 Harbours (Regulation of Rates) Act, 1934 No. 2 of 1934 Local Government Act, 1925 No. 5 of 1925 Road Transport Act, 1934 No. 17 of 1934 Road Transport Act, 1935 No. 23 of 1935 Defence Forces (Temporary Provisions) Act, 1923 No. 30 of 1923 Railways (Valuation for Rating) Act, 1931 No. 47 of 1931 Number 21 of 1944. TRANSPORT ACT, 1944. AN ACT TO PROVIDE FOR THE INCORPORATION OF A TRANSPORT COMPANY TO BE CALLED CORAS IOMPAIR EIREANN AND FOR THE TRANSFER TO THAT COMPANY OF THE UNDERTAKINGS OF THE GREAT SOUTHERN RAILWAYS COMPANY AND THE DUBLIN UNITED TRANSPORT COMPANY, LIMITED, TO AMEND THE LAW RELATING TO RAILWAYS AND OTHER TRANSPORT UNDERTAKINGS AND TO PROVIDE FOR CERTAIN OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [8th December, 1944.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— PART I. Preliminary and General. Short title. 1.—This Act may be cited as the Transport Act, 1944. Interpretation generally. 2.—(1) In this Act— the expression “the Advisory Committee” means the Transport Advisory Committee established by this Act; the expression “the Company” means Córas Iompair Éireann; the expression “dissolved company” means any company being either— (a) the Great Southern Railways Company, or (b) the Dublin United Transport Company, Limited; the expression “the dissolved railway company” means the Great Southern Railways Company; the expression “the dissolved transport company” means the Dublin United Transport Company, Limited; the expression “the Dublin Corporation” means the Right Honourable the Lord Mayor, Aldermen and Burgesses of Dublin; the expression “the establishment date” means the 1st day of January, 1945; the expression “local authority” means any authority being— (a) the council of a county, or (b) the corporation of a county or other borough, or (c) the council of an urban district. the word “merchandise” includes goods, minerals, live stock, and animals of all descriptions; the expression “the Minister” means the Minister for Industry and Commerce; the word “prescribed” means prescribed by regulations made by the Minister. (2) The expression “this Part” where it occurs in any section contained in a particular Part of this Act shall be construed as meaning the said Part. (3) The expression “this Chapter” where it occurs in any section contained in a particular Chapter of a particular Part of this Act shall be construed as meaning the said Chapter. (4) References in this Act to any enactment shall be construed as references to that enactment as amended by any subsequent enactment. Prosecution of offences. 3.—An offence under any section of this Act may be prosecuted by the Minister. Regulations. 4.—The Minister may make regulations in relation to any matter or thing referred to in this Act as prescribed. Repeals. 5.—The enactments set out in the First Schedule to this Act are hereby repealed as on and from the establishment date to the extent specified in the third column of that Schedule. Expenses of the Minister and the Minister for Agriculture. 6.—(1) The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. (2) Any expenses incurred by the Minister for Agriculture under this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. PART II Córas Iompair Éireann. Chapter I. Preliminary and General. Definitions for purposes of Part II. 7.—In this Part— the expression “common stock” means common stock of the Company; the expression “common stockholder” means a person who is the holder of common stock; the expression “debenture stock” means redeemable debenture stock of the Company; the expression “substituted common stock” means common stock deemed by virtue of section 14 of this Act to have been duly created and issued; the expression “substituted debenture stock” means debenture stock deemed by virtue of section 14 of this Act to have been duly created and issued; the expression “substituted stock” means stock which is— (a) substituted debenture stock, or (b) substituted common stock. Incorporation of certain Acts. 8.—(1) The following enactments, so far as applicable and as varied by this Part, are incorporated with, and form part of, this Part, that is to say:— (a) the Companies Clauses Consolidation Act, 1845 , except sections 39, 85, 91, 93, 94, 109, 161 and 162, (b) Part II and Part III (except sections 22, 25 and 26) of the Companies Clauses Act, 1863 , and for the purposes of such incorporation this Part shall be deemed to be a special Act. (2) Part V of the Railways Clauses Act, 1863 , is, subject to the provisions of this Part, incorporated with, and forms part of, this Part, and in the construction of the said Part V for the purposes of such incorporation— (a) this Part shall be deemed to be a special Act, (b) the dissolved transport company shall be deemed to be a railway company, and (c) section 54 of the said Act shall have effect as if the words “until the expiration of twelve months after the time of amalgamation or” and the words “whichever first happens” were not contained therein. Chapter II. Incorporation of Córas Iompair Éireann, dissolution of the Great Southern Railways Company and the Dublin United Transport Company, Limited, and transfer of undertakings of dissolved companies to the Company. Incorporation of the Company. 9.—(1) The several persons who on the establishment date become, by virtue of this Part,' the registered holders of substituted common stock and their executors, administrators and assigns shall be and are hereby united into a company and shall be and are hereby incorporated by the name of Córas Iompair Éireann and by that name shall be a body corporate with perpetual succession and a common seal with power to purchase, take, hold and dispose of lands and other property for the purposes of the Company. (2) This section shall come into operation on the establishment date. Purposes of the Company. 10.—(1) The purposes of the Company shall be— (a) to operate transport services, (b) to carry on any ancillary or supplementary business, including the manufacture, repair and maintenance, for itself or any other person, of transport vehicles (including engines) and parts and equipment thereof. (2) The Company may, with the sanction of the Minister, by agreement acquire, by purchase or by the exchange of stock of the Company the whole or any part of any transport undertaking carried on by any other person and the property and assets used in or in connection with such undertaking. (3) Any person carrying on a transport undertaking may, notwithstanding any enactment, sell, with the consent of the Minister, the whole or any part of, or share in, that undertaking to the Company. (4) The Company may— (a) carry on any hotel which was, immediately before the establishment date, carried on by a dissolved company; (b) carry on a hotel in the vicinity of the route of any of its transport services and for that purpose acquire any interest in land and (if necessary) erect buildings thereon; (c) do all such things in relation to its hotels as might be done by an individual; (d) dispose of any of its hotels and of any interest in any land held by it in connection with its hotels. (5) In this section— the word “hotel” includes a restaurant, refreshment rooms and similar undertakings; the expression a “transport services” means transport services by railway, tramway, inland navigation, sea, air or road; the expression “transport undertaking” means any undertaking operating any public transport service. Dissolution of dissolved companies. 11.—(1) On the establishment date the dissolved railway company and the dissolved transport company respectively shall, subject to the provisions set out in the Second Schedule to this Act, be, by virtue of this section, dissolved. (2) The provisions set out in the Second Schedule to this Act shall apply in respect of the dissolved companies and the Company. Transfer to the Company of undertakings of the dissolved companies. 12.—On the establishment date the several undertakings of each dissolved company shall, by virtue of this section, be transferred to, and vest in, and become the undertakings of the Company. Chapter III. Financial Provisions. Capital of the Company. 13.—The capital of the Company, which shall be created and issued in accordance with this Part, shall not exceed twenty million pounds of which— (a) not more than sixteen million pounds shall consist of debenture stock, and (b) not more than four million pounds shall consist of common stock. Substitution of stock of Company for stock of dissolved companies. 14.—(1) On the establishment date, but subject to subsection (2) of this section,— (a) every person, who immediately before the establishment date, is the registered holder of any stock of the dissolved railway company described in column (2) of Part I of the Third Schedule to this· Act at any reference number (other than reference number 2) shall, for every hundred pounds of that stock 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 Part I at the said reference number, of the stock of the Company described in column (3) of the said Part I at the said reference number, and so in proportion for amounts of such stock of the dissolved railway company greater or less than one hundred pounds, in lieu and in exchange for such last-mentioned stock held by him; (b) every person, who immediately before the establishment date, is the registered holder of any stock of the dissolved railway company described in column (2) of the said Part I at reference number 2, shall, for every hundred pounds of that stock 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 Part I at the said reference number, of each stock of the Company described in column (3) of the said Part I at the said reference number, and so in proportion for amounts of such stock of the dissolved railway company greater or less than one hundred pounds, in lieu and in exchange for such last-mentioned stock held by him; (c) every person, who immediately before the establishment date, is the registered holder of any stock of the dissolved transport company described in column (2) of Part II of the Third Schedule to this Act at any reference number, shall, for every hundred pounds of that stock 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 Part II at the said reference number, of the stock of the Company described in column (3) of the said Part II at the said reference number and so in proportion for amounts of such stock of the dissolved transport company greater or less than one hundred pounds, in lieu and in exchange for such last-mentioned stock held by him. (2) No person shall by the operation of subsection (1) of this section be entitled to any fractional part of a pound of any substituted stock, and where, but for this subsection, a person would so become the holder of a fractional part of a pound of any substituted stock, the Company shall pay to such person in cash the par value of such fractional part. (3) On and from the establishment date every person who by virtue of this section becomes the registered holder of substituted stock shall (subject to the provisions of this Act) accept and be deemed to have accepted the substituted stock allocated to him under this section in substitution for the stock of the dissolved companies held by him and in satisfaction of all claims arising thereunder. (4) Substituted stock shall, by virtue of this section, be deemed to have been duly created and issued on the establishment date. Supplemental provisions in relation to substituted stock. 15.—(1) Any holder of stock of a dissolved company who delivers to the Secretary of the Company the certificate or certificates of such stock to be cancelled shall be entitled without payment to receive from the Company in substitution for the certificate or certificates so delivered a certificate of the substituted stock which is allocated to such holder by section 14 of this Act in substitution for the stock of which the certificate or certificates are so delivered, but until such substitution the certificates of stock of the dissolved companies shall, subject to subsection (2) of the said section 14 , be deemed to be certificates of stock of the Company which is allocated by the said section 14 to holders of stock of the dissolved companies. (2) If any certificate of stock of any dissolved company in substitution for which any substituted stock is allocated by section 14 of this Act is lost or destroyed, then upon proof of such loss or destruction and upon an indemnity being given to the reasonable satisfaction of the directors of the Company against any claim in respect of such certificate, the Company shall deliver to the person entitled to such certificate a certificate of the substituted stock allocated to him by the said section 14 . (3) Stock of the Company substituted by virtue of section 14 of this Act for stock of any dissolved company shall be held upon and subject to the same trusts, liens, charges, powers and other legal or equitable rights, privileges, and restrictions as affected the stock for which, by virtue of the said section 14 , the stock of the Company is substituted and any reference in any statute, deed, will, codicil, book, document, instrument or writing to the stock of that dissolved company shall be deemed, as on and from the establishment date, to be a reference to the stock of the Company substituted therefor by virtue of the said section 14 . (4) Any person (being a trustee or executor or acting in any representative or fiduciary capacity) who, immediately before the establishment date, is the holder of any stock of a dissolved company for which any stock of the Company is substituted by virtue of section 14 of this Act may hold, dispose of or otherwise deal with the substituted stock in all respects as he might have held, disposed of or otherwise dealt with the stock for which it is so substituted. Creation and issue of subsequent debenture stock. 16.—(1) For the purposes of providing money or paying off or redeeming any debenture stock, or for the purposes of the acquisition, by means of the exchange of debenture stock, of any transport undertaking which the Company is authorised to acquire, the directors of the Company, with the previous sanction of the Minister given after consultation with the Minister for Finance, may from time to time create and issue debenture stock, so however that the total amount of the debenture stock (including substituted debenture stock) created and issued does not exceed sixteen million pounds. (2) In calculating, for the purposes of subsection (1) of this section, the total amount of debenture stock (including substituted debenture stock) created and issued, account shall be taken of any debenture stock which has been redeemed. Provisions in relation to debenture stock. 17.— (1) Substituted debenture stock shall bear interest at the rate of 3 per cent. per annum and the said interest shall be payable half-yearly on the 15th day of July and the 15th day of January in each year in respect of the half-year ending on the immediately preceding 30th day of June and 31st day of December respectively. (2) The following provisions shall apply in relation to the redemption of substituted debenture stock, that is to say:— (a) it may be redeemed at par in cash on the 30th day of June, 1955, or on any 31st day of December, or 30th day of June thereafter, (b) if it is not redeemed before the 30th day of June, 1960, it shall be redeemed at par in cash on that date, (c) it shall not be redeemed on any 30th day of June (other than the 30th day of June, 1960) or 31st day of December except upon six months' notice of intention to redeem. (3) Debenture stock (other than substituted debenture stock) may be created and issued from time to time subject to such terms and conditions as regards the rate and payment of interest thereon and the redemption thereof as the Minister for Finance may approve. (4) The terms and conditions on and subject to which any debenture stock is to be redeemed shall be stated on each certificate of such debenture stock. State guarantee of debenture stock. 18.—(1) The Minister for Finance shall, in respect of substituted debenture stock or in respect of any other debenture stock proposed to be created and issued, guarantee in such manner and in such form as he thinks proper, the due payment, in accordance with the terms of such debenture stock, of the principal moneys and, subject to subsection (2) of this section, interest secured by such debenture stock. (2) Where debenture stock bearing a rate of interest exceeding three per cent. per annum is created and issued, the Minister for Finance shall guarantee the due payment of interest thereon to the extent of three per cent. per annum only. (3) All moneys from time to time required by the Minister for Finance to meet sums which may become payable under any guarantee given by him under this section shall be advanced out of the Central Fund or the growing produce thereof. (4) For the purpose of providing moneys for the sums advanced out of the Central Fund under this section the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing the said Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay the moneys so borrowed into the Exchequer. (5) The principal of and interest on any securities issued by the Minister for Finance under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof. (6) Any sums advanced out of the Central Fund or the growing produce thereof for the purposes mentioned in subsection (3) of this section shall be repaid to the Central Fund (with interest thereon at such rates as the Minister for Finance shall appoint) by the Company within twelve months from the date of the advance. (7) Where the whole or any part of the sums advanced out of the Central Fund or the growing produce thereof for the purposes mentioned in subsection (3) of this section has not been repaid by the Company to the Central Fund in accordance with subsection (6) of this section, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. (8) The provision of moneys by the Oireachtas under subsection (7) of this section shall not exempt the Company from the liability to repay to the Central Fund, with interest thereon at the rate appointed by the Minister for Finance, the full amount of any advance made under subsection (3) of this section, but such repayment shall be made by the Company at such times and in such instalments as the Minister for Finance may appoint. (9) The Minister for Finance shall, as soon as may be after the 31st day of March, 1945, lay before each House of the Oireachtas a statement, in such form as he thinks proper, setting out, as respects each guarantee given by him under this section during the period commencing on the establishment date and ending on the 31st day of March, 1945— (a) particulars of the debenture stock so guaranteed, (b) in case any sum has been paid by him under such guarantee before the 1st day of April, 1945— (i) the amount thereof, (ii) the amount (if any) repaid under subsection (6) of this section to the Central Fund on foot of such payment, (c) the amount which the said Minister would, if such guarantee were enforced on the 1st day of April, 1945, be liable to pay as principal thereunder. (10) The Minister for Finance shall, as soon as may be after the expiration of each financial year, ending on or after the 31st day of March, 1946, lay before each House of the Oireachtas a statement, in such form as he thinks proper, setting out— (a) as respects each guarantee given by him under this section during such financial year— (i) particulars of the debenture stock so guaranteed, (ii) in case any sum has been paid by him under such guarantee before the end of such financial year— (I) the amount thereof, (II) the amount (if any) repaid under subsection (6) of this section to the Central Fund on foot of such payment (iii) the amount which the said Minister would, if such guarantee were enforced immediately upon the expiration of such financial year, be liable to pay as principal thereunder, (b) as respects each guarantee given by him under this section before, and in force at, the commencement of such financial year— (i) particulars of the debenture stock so guaranteed, (ii) in case any sum has been paid by him under such guarantee, before the end of such financial year— (I) the amount thereof, (II) the amount (if any) repaid under subsection (6) of this section to the Central Fund on foot of such payment, (iii) the amount which the said Minister would, if such guarantee were enforced immediately upon the expiration of such financial year, be liable to repay as principal thereunder. Creation and issue of subsequent common stock. 19.—The Company may from time to time create and issue common stock, so however that the total amount of common stock (including substituted common stock) created and issued does not exceed four million pounds. Dividends on the common stock. 20.— The dividend on the common stock in respect of any year shall be payable only out of the profits of the Company applicable to the payment of dividends in that year and shall not exceed six per cent. Unclaimed interest and dividends. 21.—All interest on debenture stock or dividends on common stock unclaimed for one year after having become due or declared may be invested or otherwise made use of by the directors of the Company for the benefit of the Company until claimed. Redemption Fund. 22.—(1) After providing for the payment of interest on debenture stock and for other fixed charges and obligations, the Company shall from time to time set aside such sums as it considers proper for the purpose of forming a fund for the redemption of any of its debenture stock which under the conditions of issue is redeemable wholly or partly in cash. (2) The Company may invest any sum set aside under subsection (1) of this section and the income therefrom in— (a) such securities for the time being authorised by law for the investment of trust funds as the Company, after consultation with the Minister for Finance, thinks proper; (b) such other securities for the time being approved of in that behalf by the Minister for Finance as the Company thinks proper. (3) All sums set aside under subsection (1) of this section together with the income therefrom shall be applied in or towards the redemption at maturity of any debenture stock for the redemption of which they have been set aside or may, if the directors of the Company think fit, be applied to the purchase of any such debenture stock at a price (excluding accrued interest therein) which, except with the approval of the Minister for Finance, shall not exceed the redemption price, and any debenture stock so purchased shall be written off and cancelled. Power of the Company to borrow temporarily. 23.—In addition to its powers of borrowing temporarily by means of the issue of debenture stock the Company may borrow temporarily by arrangement with bankers such sums as it may require for meeting its obligations and carrying out its duties, but the total amount borrowed under this section shall not at any time exceed five hundred thousand pounds. Cesser of unexercised capital powers of dissolved companies. 24.—On and after the establishment date all unexercised powers of raising money conferred on the dissolved companies shall cease to be exercisable. Receipt in case of person not sui juris. 25.—If any money is payable by the Company to a holder, who is a minor or a person of unsound mind, of stock of the Company, the receipt of the guardian or committee of his estate shall be a sufficient discharge to the Company. Accounts, statistics and returns. 26.—(1) The accounts with respect to its railway undertaking to be rendered by the Company under the Railway Companies (Accounts and Returns) Act, 1911 , shall be compiled in such manner as may be prescribed by the Minister after consultation with the Company. (2) It shall be the duty of the Company to compile and render to the Minister in such manner and form as he may direct such accounts, statistics and returns as he may require. (3) For the purpose of this Act the Minister or any officer duly authorised by him shall have power to make such investigations into the affairs of the Company as he may deem necessary, and shall have access to the books, accounts and returns of the Company, and the officers and servants of the Company shall afford to the Minister or any such duly authorised officer such facilities as he may require. (4) The powers of the Minister under this section shall be in addition to and not in derogation of any powers of holding enquiries conferred on him under this or any other Act. (5) In· the event of non-compliance on the part of the Company with any requirement of this section, the requirement shall be enforceable by order of the High Court on the application of the Minister. (6) Nothing in this section shall be interpreted as authorising any limitation of or interference with the control of the Company over the purposes to which its expenditure is to be applied. (7) Regulations made by the Minister for the purposes of Section 69 of the Railways Act, 1924 (No. 29 of 1924), and in force immediately before the establishment date shall continue in force and shall have effect as if made under this section. Audited accounts of the Company to be laid before Houses of the Oireachtas. 27.—The Minister shall cause a copy of the audited accounts of the Company for each year and a copy of any report by the auditors thereon to be laid before each House of the Oireachtas. Furnishing of yearly accounts of the Company to Stockholders. 28.—(1) The Company shall, not later than twenty-one days before the ordinary meeting of the Company to be held in any year (other than the year 1945), forward to every holder of stock of the Company a copy of the accounts (prepared in such form as the Minister may direct for the purposes of this section) of the Company for the immediately preceding year. (2) So much of subsection (3) of section 1 of the Railway Companies (Accounts and Returns) Act, 1911 , as requires an incorporated railway company to forward a copy of the accounts and returns to any shareholder or debenture holder of the company who applies for a copy shall not apply to the Company. Auditors. 29.—(1) For the period commencing on the establishment date and ending on the date of the first ordinary meeting of the Company the auditors shall be nominated by the directors of the Company. (2) The Company shall at each ordinary meeting appoint the auditor or auditors and the auditor or auditors so appointed at any ordinary meeting shall hold office until the next ordinary meeting of the Company. (3) If no auditor or auditors are appointed at an ordinary meeting of the Company, the Minister may, on the application of any common stockholder, appoint an auditor to hold office until the next ordinary meeting of the Company and fix the remuneration to be paid to him by the Company. (4) A director or officer of the Company shall not be eligible for election as auditor. (5) No person (other than a retiring auditor) shall be appointed an auditor at an ordinary meeting of the Company unless notice of intention to nominate that person has been given by a common stockholder not less than twenty-one days before the meeting and a copy of the notice has been given by the Company to the retiring auditors and to the common stockholders of the Company not less than seven days before the meeting. Chapter IV. Meetings of the Company. Date of ordinary meetings. 30.—The ordinary meeting of the Company shall be held not later than the 31st day of March of each year, and the first ordinary meeting of the Company shall be held in 1945. Quorum of meeting of the Company. 31.—The quorum for a meeting of the Company shall be— (a) fifty common stockholders present in person or by proxy, or (b) twenty common stockholders present in person or by proxy and representing in the aggregate common stock of a nominal value of not less than one hundred thousand pounds. Votes of common stockholders. 32.—At all general meetings of the Company every registered common stockholder shall be entitled to one vote for every pound of common stock held by him. Powers as to directors, auditors, etc. 33.—Except as otherwise provided by this Act, the choice and removal of the directors and of the auditors, the determination as to the remuneration of the directors and of the auditors and the declaration of dividends (other than interim dividends) shall be exercised only at a general meeting of the Company. Voting by joint common stockholders. 34.—(1) Where several persons are jointly entitled to and registered as holders of common stock, any one of those persons may vote at any meeting of the Company either personally or by proxy, in respect of the common stock, as if he were solely entitled thereto, but if more than one joint holder be present at any meeting personally or by proxy, that one of the said persons so present whose name stands first on the register in respect of the stock shall alone be entitled to vote in respect thereof. (2) Two or more executors or administrators of a deceased person, in whose name common stock stands, shall for the purposes of this section be deemed to be joint holders thereof. Appointment of proxies under power of attorney. 35.—(1) The attorney of any common stockholder duly authorised in writing may appoint a proxy (being, in case that common stockholder is a body corporate, a member of that body corporate or a common stockholder or, in any other case, a common stock holder) to vote for and on behalf of that common stockholder and for that purpose may execute on behalf of that common stockholder the necessary form of proxy. (2) Where a proxy is appointed under a power of attorney, the power of attorney shall be transmitted to the Secretary of the Company at the same time as or before the instrument appointing the proxy. Closing of transfer books. 36.—(1) The directors of the Company may close the register of the transfers of common stock for a period not exceeding twenty-one days previous to each ordinary meeting and each meeting of the directors of the Company at which it is proposed to consider the declaration of an interim dividend. (2) The directors of the Company may close the register of transfers of debenture stock of a particular issue for a period not exceeding twenty-one days previous to any day on which interest on that debenture stock is payable. (3) Seven days' notice of the closing of any registers of the transfers of stock under this section shall be given by advertisement in each of the daily morning newspapers for the time being published in Dublin or in Cork. Chapter V. The Board of Directors. The board of directors of the Company. 37.—(1) The Company shall be directed by a board of directors (in this Chapter and in the Fourth Schedule to this Act referred to as the Board) which shall consist of— (a) a chairman (in this Act referred to as the Chairman), (b) such number of other directors (in this Chapter and in the Fourth Schedule to this Act referred to as stockholders' directors) as is provided by the said Fourth Schedule. (2) Subject to subsection (4) of this section, the Board may act notwithstanding any vacancy in its membership. (3) The Chairman alone shall constitute a quorum at a meeting of the Board. (4) No meeting of the Board shall be held unless the Chairman is present thereat. (5) No decision shall be arrived at by the Board at any meeting without the concurrence of the Chairman. Remuneration of the directors. 38.—The Board shall be paid out of the funds of the Company as remuneration for their services such sums as the Company at a general meeting may from time to time determine, and such remuneration shall be divided amongst the directors in such proportions and in such manner as the Board may determine. Provisions in relation to the Chairman. 39.—(1) The Minister shall, before the establishment date and thereafter as circumstances require, appoint a person to be Chairman and the term of office of the first Chairman shall commence on the establishment date. (2) The Chairman shall, unless he sooner dies, resigns or is removed from office, hold office for such term as the Minister, after consultation with the Minister for Finance, may fix at the time of his appointment. (3) Subject to the provisions of this section, the Chairman shall hold office on such conditions as the Minister shall fix at the time of his appointment. (4) Whenever the Minister appoints a person to be Chairman, he shall, as soon as may be, lay before each House of the Oireachtas a statement setting out that person's name, his term of office and the conditions upon which he is to hold office. (5) The Chairman may at any time resign his office by giving notice to the Minister of his intention to resign his office on a date specified in the notice (being not less than three months after the notice is so given) and his resignation shall take effect as on and from the date so specified. (6) Every person whose term of office as Chairman expires by effluxion of time shall be eligible for re-appointment. (7) The Minister may at any time for stated reasons and shall, if the Chairman contravenes (by omission or act) any of the provisions of subsection (9) of this section by order remove the Chairman from office and any such order shall be laid before each House of the Oireachtas. (8) The Chairman shall while holding office be disqualified from being nominated or elected and from sitting as a member of Dáil Eireann or Seanad Eireann. (9) (a) Every person appointed to be Chairman shall, within three months of his appointment, absolutely sell or otherwise dispose of all common stock which he shall at the time of his appointment own or be interested in for his own benefit; (b) if and whenever any common stock shall come to or become vested in the Chairman by will or succession for his own benefit, he shall, within three months after it shall have so come to or become vested in him, absolutely sell or otherwise dispose of it or his interest therein; (c) the Chairman shall not for his own benefit purchase, take or become interested in any common stock. (10) If the Minister is at any time of opinion that the remuneration of the Chairman is for the time being insufficient he may direct that the remuneration of the Chairman shall be increased by such amount as the Minister, after consultation with the Minister for Finance, thinks fit, and the remuneration of the Chairman shall be increased accordingly, and such increase shall be payable by the Company. (11) Whenever the Minister gives a direction under subsection (10) of this section, he shall, as soon as may be, lay before each House of the Oireachtas a copy of the direction. (12) Whenever the Chairman is through ill-health or other sufficient cause temporarily incapacitated from performing the duties of his office, the Minister may nominate a person to perform during such incapacity the duties of the Chairman and the person so appointed shall during such incapacity have all the powers of the Chairman and be deemed for the purposes of section 37 of this Act to be the Chairman. (13) There shall be paid by the Company to any person nominated under subsection (12) of this section such remuneration as the Minister, after consultation with the Minister for Finance, may appoint, and such remuneration shall, in case such person is a stockholders' director of the Company, be in addition to his remuneration as a stockholders' director. Managing director. 40.—(1) The Board may from time to time appoint one of the Board to be managing director of the Company, either for a fixed term or without any limitation as to the period for which he is to hold such office and may from time to time (subject to the provisions of any contract between him and the Company) remove or dismiss him from office and appoint another in his place. (2) If a managing director of the Company ceases to be a member of the Board he shall ipso facto and immediately cease to be a managing director. (3) The remuneration (which shall be by way of fixed salary and not otherwise) of a managing director of the Company shall from time to time be fixed by the Board. (4) The Board may from time to time entrust to and confer upon a managing director of the Company for the time being such of the powers exercisable by the Board as the Board think fit, and may confer such powers for such time and to be exercised for such objects and purposes, and upon such terms and conditions and with such restrictions as the Board think expedient, and the Board may confer such powers, either collaterally with, or to the exclusion of, and in substitution for all or any of the powers of the Board in that behalf, and may from time to time revoke, withdraw, alter, or vary all or any of such powers. Provisions in relation to stockholders' directors. 41.—The provisions set out in the Fourth Schedule to this Act shall apply in respect of the stockholders' directors. Compensation to certain stockholders' directors. 42.—(1) The Company shall pay to any person who is, immediately before the ordinary meeting of the Company to be held in 1945, a stockholders' director and who resigns his office not later than seven days after that meeting a sum equal to— (a) in case he was a director of one dissolved company only, the fees received by him as director of that dissolved company during the appointed period. (b) in case he was a director of both the dissolved companies, the fees received by him as director of each of the dissolved companies during the appointed period. (2) The Company shall pay to any person who— (a) was a director of both the dissolved companies, and (b) is a stockholders' director immediately before the ordinary meeting of the Company to be held in 1945, and (c) does not resign his office as a stockholders' director within seven days after that meeting, a sum equal to the fees received by him as a director of the dissolved transport company during the appointed period. (3) Where a person was, immediately before the establishment date, the managing director of the dissolved transport company, then, in calculating for the purposes of this section the fees received by him as director of the said company during the appointed period, no account shall be taken of the remuneration payable to him during the appointed period as managing director. (4) In this section, the expression “the appointed period” means the period of two years expiring on the day before the establishment date. Chapter VI. Officers and Servants. Compensation of certain officers and servants of the dissolved companies. 43.—(1) (a) Where— (i) a person was, on the 1st day of July, 1944, an officer or servant of either dissolved company, and (ii) that person has not, before the establishment date, become a pensioner or annuitant by reason of his service in that company, or voluntarily retired or been removed from the service of that company by reason of misconduct or incapacity, and (iii) that person's office or situation is abolished after the said 1st day of July, 1944, and whether before, on or after the establishment date, and (iv) the said office or situation is abolished directly and solely in anticipation of or as the result of the amalgamation effected by this Part, that person shall be paid by the Company compensation calculated in the manner set out in the Fifth Schedule to this Act; (b) if any dispute or difference shall arise between the Company and any person entitled or claiming to be entitled to compensation under paragraph (a) of this subsection as to whether that person's office or situation was or was not abolished directly and solely in anticipation of or as the result of the amalgamation effected by this Part, it shall be presumed, unless the contrary is proved by the Company, that the office or situation was so abolished; (c) where a person is dismissed from the service of the dissolved railway company or of the Company in such circumstances that he is entitled to compensation under subsection (4) of section 9 of the Railways Act, 1933 (No. 9 of 1933), then, notwithstanding anything in paragraph (a) of this subsection, he shall not be entitled to compensation by virtue of that paragraph. (2) Where— (a) a person was, on the 1st day of July, 1944, an officer or servant of either dissolved company, and (b) that person, by reason of the amalgamation effected by this Part, is transferred to the service of the Company, and (c) either— (i) by reason of such transfer and without his consent, that person suffers any direct pecuniary loss, or is in any worse position in respect of the conditions of his service as a whole (including tenure of office, remuneration, gratuities, superannuation, sick fund or any benefits or allowances of that dissolved company, whether obtaining legally or by customary practice and whether applicable to himself or his widow or children or other dependents) as compared with the conditions of service formerly obtaining with respect to him, or (ii) that person is required by the Company to perform duties which are not analogous to or are an unreasonable addition to those which, as officer or servant of that dissolved company, he was liable to perform, he shall be entitled to be paid by the Company compensation consisting of a lump sum of such amount as is reasonable. (3) For the purposes of subsection (1) of this section, the managing director of the dissolved transport company shall be (deemed to be an officer of that company. (4) If any dispute or difference shall arise between the Company and any person entitled or claiming to be entitled to compensation under this section as to whether he is or is not entitled to such compensation or as to the amount or method of calculation of such compensation or as to any other matter arising under the Fifth Schedule to this Act, such dispute or difference shall, on the application of the Company or such person, be referred to the standing arbitrator appointed under this section and the decision of the standing arbitrator shall be final. (5) Any person who is in receipt of an annual sum by way of compensation under this section may, within one year from the date on which the annual sum is fixed, apply to the Company to commute not more than one-fourth of the annual sum by the payment of a capital sum, and thereupon the following provisions shall have effect:— (a) the Company shall not unreasonably refuse the application; (b) if the Company refuses the application the applicant may, within one month after the Company has notified the applicant of such refusal, appeal to the standing arbitrator, who shall hear and determine the appeal, and the decision of the standing arbitrator shall be final and conclusive; (c) where the Company grants the application or, on the refusal of the application by the Company, the standing arbitrator, on appeal, decides it should be granted— (i) the Company shall, after the capital sum to be paid by way of commutation has been calculated, inform the applicant of the amount thereof and the applicant may, within one month after being so informed, withdraw his application, (ii) if the applicant does not so withdraw his application, the Company shall pay to the applicant the said capital sum by way of commutation of the said part of the said annual sum; (d) the said capital sum to be paid by way of commutation shall be such sum as would, on the date of the application, purchase, through an annuity scheme approved by the Minister, an immediate life annuity payable to the applicant equal to the annual amount of the said part of the said annual sum, the applicant's age for this purpose being reckoned at the age he will attain on his birthday next following the date of the application. (6) The Chief Justice, whenever so requested by the Minister, shall appoint a person to be the standing arbitrator for the purposes of this section, and shall fix the fees to be paid to that person in respect of· any dispute or difference referred to him under subsection (4) of this section or any appeal to him under subsection (5) of this section. (7) The fees payable to the standing arbitrator shall be paid by the Company. (8) The standing arbitrator— (a) may administer oaths, (b) may award costs in his discretion, direct to and by whom and in what manner those costs or any part thereof shall be paid, measure the amount of those costs and require security for costs to be given to his satisfaction by any party at any stage of the proceedings before him, (c) may do all or any of the following things— (i) summon witnesses to attend before him, (ii) examine on oath any witnesses attending before him, (iii) require any such witness to produce any document in his power or control which the arbitrator considers necessary, (d) may at any time correct any clerical mistake or error in an award arising from any accidental slip or omission, (e) may, at the request of either party to proceedings before him, hear the proceedings in open court. (9) A witness before the standing arbitrator shall be entitled to the same immunities and privileges as if he were a witness before the High Court. (10) If any person— (a) on being duly summoned as a witness before the standing arbitrator makes default in attending, or (b) being in attendance as a witness refuses to take an oath legally required by the standing arbitrator to be taken, or to produce any document in his power or control legally required by the standing arbitrator to be produced by him, or to answer any question to which the standing arbitrator may legally require an answer, such person shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding twenty-five pounds. Superannuation scheme. 44.—(1) The Company may prepare and submit to the Minister and shall, if so required by the Minister, submit to the Minister within such time as he may direct, a scheme (in this section referred to as a superannuation scheme) for establishing on a contributory basis a superannuation fund for the benefit of the employees or any particular class of the employees of the Company. (2) Where a superannuation scheme is submitted to the Minister under subsection (1) of this section, the Minister may refer the scheme back to the Company for reconsideration and fresh submission or by order confirm the scheme either without modification or with such modifications (whether by way of addition, omission or variation) as the Minister thinks proper. (3) The Company may whenever it thinks proper prepare and submit to the Minister a scheme (in this section referred to as an amending superannuate scheme) amending (whether by addition, omission or variation) a s …