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Provisions as to determination of terms and conditions of amalgamation or transfer.
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8.—For the purpose of determining the terms and conditions of amalgamation between the amalgamating companies or of the transfer of the undertaking of any absorbed company, the railway tribunal shall take into consideration all the circumstances of the case, and in particular the value on a net revenue earning basis of each of the amalgamating and absorbed companies as a separate company, and its value as a component part of the amalgamated company: so, however, that regard shall not be had to economies or accretions of traffic or other circumstances tending to enhance its value as such component part attributable solely to the provisions of this Act relating to amalgamation and absorption:
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Provided that, in the case of the line of one company being worked by another company under an arrangement whereby a percentage of the gross receipts of the line so worked is payable to the owning company, the railway tribunal in determining the terms and conditions of transfer shall not take into account any higher charging powers than those authorised in respect of the line under the statutory provisions in force in the year 1913.
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