Railways Act, 1933
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Re-construction of the capital of the Company. |
3.—(1) In this section— | |
the expression “the major capital stock” means the respective amounts stated in the second column of the First Schedule to this Act of the several denominations stated in the first column of the said First Schedule of the capital stock of the Company; | ||
the expression “the reduced capital stock” means the major capital stock of the Company as reduced by the operation of this section; | ||
the expression “the appointed day” means in respect of each denomination of the major capital stock of the Company the day which is appointed by the Minister under this section to be the appointed day for the purposes of this section in respect of such denomination of the said major capital stock; and | ||
references to the portion of any denomination of the major capital stock held by a person shall be construed as referring to the total amount of such denomination held by such person whether he has one certificate or more than one certificate in respect of such holding. | ||
(2) The Minister shall by order made as soon as conveniently may be after the passing of this Act appoint, in respect of each denomination of the major capital stock of the Company, a day to be the appointed day for the purposes of this section in respect of such denomination of such major capital stock, and different days may be so appointed in respect of different denominations of such major capital stock. | ||
(3) On and from the appointed day the several denominations of the major capital stock shall (subject to the operation of the provisions of this section relating to fractions of a pound of stock) become and be reduced to the several amounts respectively stated in the third column of the First Schedule to this Act opposite the mention in the first column of the said First Schedule of each such denomination of the major capital stock. | ||
(4) Every person who is on the appointed day the holder of any portion of any denomination of the major capital stock shall, for every hundred pounds of such denomination of such stock so held by him, become and be the holder on the appointed day of that amount of the same denomination of the reduced capital stock which is stated in the fourth column of the First Schedule to this Act opposite the mention of such denomination in the first column of the said First Schedule, and so in proportion for amounts of stock greater or less than one hundred pounds, but subject in every case to the provisions of this section relating to fractions of a pound of stock. | ||
(5) No person shall by the operation of this section become the holder of a fractional part of a pound of the reduced capital stock, and where, but for this sub-section, a person would so become the holder of a fractional part of a pound of the reduced capital stock on the appointed day, such fractional part shall be created as one pound and the amount of the reduced capital stock of which such person becomes the holder by virtue of this section shall be increased accordingly. | ||
(6) Notwithstanding anything contained in this section, the respective amounts of the several denominations of the reduced capital stock stated in the third column of the First Schedule to this Act shall be deemed to be increased by such amounts as may be rendered necessary by the operation of the next foregoing sub-section of this section, and this section shall be construed and have effect accordingly. | ||
(7) On the appointed day all certificates in respect of the major capital stock shall become and be void, and every holder of any portion of any denomination of the major capital stock shall be entitled, at any time after the appointed day, to surrender to the Company the certificate or certificates (rendered void by this sub-section) for such portion of such denomination and to receive from the Company free of charge a certificate for that amount of the same denomination of the reduced capital stock of which such person becomes the holder on the appointed day by virtue of this section. | ||
(8) Sections 10, 11, and 12 of the Great Southern Railways Amalgamation Scheme, 1925, shall apply in relation to the reduced capital stock and the several denominations thereof respectively in like manner in all respects as they apply in relation to the major capital stock and the several denominations thereof respectively, and accordingly the words “every hundred pounds of such stock” contained in the said section 12 shall be construed as meaning every hundred pounds of the reduced capital stock, other than debenture stock. | ||
(9) Where under any agreement made before the passing of this Act the Company is under a legal obligation to pay or make to any other company (whether registered within or outside Saorstát Eireann) a share of or payment out of the receipts or the net receipts derived from any particular part of the railway or the undertaking of the Company, the reduction of the capital stock of the Company effected by this section shall not operate to increase the amount of such share or payment beyond the amount which would be payable under such agreement if this section had not been enacted. | ||
(10) Neither the reduction effected by this section in the nominal capital value of any debenture stock of the Company nor the reduction similarly effected in the amount of interest on any such debenture stock shall entitle any holder of any such debenture stock to appoint a receiver or take any other steps for enforcing the payment of the capital moneys secured by such debenture stock or for enforcing payment of interest for any period subsequent to the appointed day on a greater capital sum than the capital amount to which such debenture stock is reduced by this section. |