Railways Act, 1924
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Preliminary scheme. |
10.—(1) Any two or more amalgamating companies may, at any time after the passing of this Act and prior to the 31st day of August, 1924, submit to the Minister for reference to the Railway Tribunal a preliminary scheme for the amalgamation of those companies. | |
(2) An amalgamating company or any two or more amalgamating companies may, at any time after the passing of this Act and prior to the 31st day of August, 1924, submit to the Minister for reference to the Railway Tribunal a preliminary scheme for the absorption by such amalgamating company or companies of any absorbed company or companies upon such terms as may be agreed between those companies. | ||
(3) The Railway Tribunal shall approve any such preliminary scheme so referred to them unless it appears to them that the provisions of this Act relating to the procedure preliminary to the submission of a scheme have not been complied with, or unless after hearing such of the other amalgamating companies as desire to be heard, the railway tribunal consider the scheme to be inconsistent with or prejudicial to the amalgamation scheme to be made in accordance with the provisions of this Act. | ||
(4) Every such preliminary scheme shall, subject to such provisions in that behalf as may be contained therein, come into operation forthwith after it is approved. | ||
(5) Subject to the provisions of this section, all the provisions of this Part of this Act relating to amalgamation and absorption schemes shall, with the necessary adaptations, apply respectively to preliminary amalgamation and absorption schemes except that a preliminary amalgamation scheme shall, instead of giving effect to the provisions contained in the Second Schedule to this Act with respect to the direction of the Company, make such alternative provision in that respect as may be agreed between the companies to be amalgamated. | ||
(6) In the confirmation or preparation and settlement of the amalgamation scheme the Railway Tribunal shall give effect to any preliminary scheme approved by them, but so that the interests of the other amalgamating companies shall not be prejudiced thereby. | ||
(7) Any company formed by a preliminary amalgamation scheme shall be deemed to be an amalgamating company for the purposes of this Act in lieu of the companies amalgamated by the scheme and shall not be deemed to be the amalgamated company within the meaning of this Act. |