S.I. No. 98/1938 - Galway Harbour Stock Regulations, 1938.

STATUTORY RULES AND ORDERS. 1938. No. 98.

GALWAY HARBOUR STOCK REGULATIONS, 1938.

GALWAY HARBOUR STOCK REGULATIONS MADE BY THE MINISTER FOR INDUSTRY AND COMMERCE ON THE 17TH DAY OF JANUARY, 1938, PURSUANT TO SECTION 49 of THE GALWAY HARBOUR ACT, 1935 .

WHEREAS it is enacted by sub-section (1) of Section 49 of the Galway Harbour Act, 1935 (No. 2 (Private) of 1935), that any stock or debenture stock authorised under Section 48 of that Act shall be created, issued, transferred, dealt with and redeemed in such manner and in accordance with such regulations as the Minister for Industry and Commerce may from time to time prescribe:

AND WHEREAS it is enacted by sub-section (2) of the said Section 49 that, without prejudice to the generality of the said Minister's powers under sub-section (1) of the said Section 49, such regulations may provide for the discharge of any loan raised by such stock or debenture stock, and, in case of consolidation of debt, for extending or varying the time within which loans are to be discharged, and may provide for the consent of limited owners, and for the application of enactments relating to stamp duties and cheques, and for the disposal of unclaimed dividends or interest, and may apply for the purposes of the said Section 49 with or without modification any enactments relating to stock or debenture stock issued by a harbour authority or municipal borough:

NOW, the Minister for Industry and Commerce, in exercise of the powers conferred on him by Section 49 of the Galway Harbour Act, 1935 (No. 2 (Private) of 1935), and of every and any other power him in this behalf enabling, hereby prescribes the following regulations, that is to say:—

PART IPRELIMINARY.

1 Short Title.

1. These Regulations may be cited as the Galway Harbour Stock Regulations, 1938.

2 Application of Interpretation Act, 1937 .

2. The Interpretation Act, 1937 (No. 38 of 1937) applies to these Regulations.

3 Definitions.

3. In these Regulations:—

the expression "the Act" means the Galway Harbour Act, 1935 (No. 2 (Private) of 1935);

the word "stock" means stock created under these regulations;

the expression "trustee securities" means securities in which trustees are by the law for the time being in force authorised to invest trust funds.

PART II. CREATION, ISSUE AND CHARGE OF STOCK AND APPLICATION OF MONEY RAISED BY STOCK.

4 Creation of the stock.

4.—(1) Subject to the provisions of the Act and of these Regulations, the Board may from time to time with the consent in writing of the Minister first had and obtained, exercise by resolution the power to borrow conferred on them by Section 48 of the Act by the creation of redeemable stock.

(2) Stock shall be designated by such name as shall be specified in that behalf in the resolution creating such stock.

5 Conditions of issue of the stock.

5.—(1) Stock shall be issued at such price, not less than £95 per centum, shall bear such fixed dividend, and shall be transferable in such manner, whether in books or by deed, as the Board shall specify in the resolution creating such stock.

(2) No stock shall be issued for a nominal amount of less than one pound.

(3) Stock shall, after the expiration of such period from the resolution creating such stock as shall be specified in that behalf in such resolution, be redeemable at par at the option of the Board.

(4) Stock shall, within such period from the resolution creating such stock as shall be specified in that behalf in such resolution, be redeemed or purchased and extinguished.

6 Resolution creating stock.

6.—(1) The following provisions shall have effect in respect of every resolution creating stock, that is to say:

(a) such resolution shall not be adopted save at a meeting of the Board specially convened for that purpose;

(b) seven clear days' notice of such meeting and of the purpose thereof shall be given to every person, who at the time such notice is given, is a member of the Board ;

(c) such resolution shall not be adopted save by a majority of the total membership of the Board;

(d) such resolution shall be so restricted that the money to be raised by such stock shall be applicable in respect of one only of the following, that is to say:—

(i) Works Nos. 1, 2 and 3 and matters ancillary thereto or any one or two of those Works and matters ancillary thereto; or

(ii) Works Nos. 4 and 5 and matters ancillary thereto or either of those Works and matters ancillary thereto; or

(iii) any other purpose or purposes of the Act; and

(e) such resolution shall not be adopted unless the Minister has previously consented in writing to the terms thereof.

(2) Every resolution creating stock shall be in the form set out in Part I of the First Schedule to these Regulations or as near thereto as circumstances will admit, and shall in particular set out the following matters, that is to say:—

(a) after what period such stock is redeemable at par;

(b) within what period such stock is to be redeemed or purchased and extinguished;

(c) the amount to be paid in each half-year into the Redemption Fund in respect of such stock;

(d) the Bank in the city of Dublin at which all sums payable to the stockholders in respect of the redemption of such stock shall be paid;

(e) the purposes in respect of which the money to be raised by such stock is to be applicable; and

(f) the name, price of issue of, dividend on and mode of transfer of such stock.

7 Charge of the stock.

7. Stock and the dividends thereon shall be and are hereby charged indifferently on—

(a) the funds and property of the Board, and

(b) subject to the provisions of Section 45 of the Act, the Harbour Revenue, and

(c) where the money raised by such stock is applicable to any of the works, the County contribution and the Urban contribution.

8 Application of money raised by stock.

8.—(1) Subject to the provisions of this Article, moneys raised by stock shall be applied by the Board in accordance with the terms of the resolution creating such stock and not otherwise.

(2) Moneys raised by stock and not immediately required for application in accordance with the terms of the resolution by which such stock was created shall be temporarily invested by the Board in trustee securities and the interest on such securities shall from time to time be paid by them into the Dividends Fund.

PART III. THE DIVIDENDS FUND AND THE REDEMPTION FUND.

9 Dividends Fund.

9. To provide for the payment of dividends on the stock, a fund (in these Regulations referred to as the Dividends Fund) shall be established to be called and known as the Stock (Dividends) Fund.

10 Contributions to Dividends Fund.

10.—(1) In each half year and not less than seven days before the date on which dividends are payable to the stockholders, the Board shall pay into the Dividends Fund a sum or sums equal to the aggregate amount of all dividends payable on the stock in respect of that half year.

(2) The Board shall provide the sum or sums mentioned in the foregoing paragraph by contributions from the Harbour revenues and, where appropriate under the provisions of the Act, by contributions from the County contribution and the Urban contribution.

11 Payment of rents and profits into Dividends Fund.

11.—(1) Unless the Minister otherwise directs, the Board shall pay into the Dividends Fund the rents and profits, not otherwise appropriated by law or under contract, of any land or other property of the Board held or acquired by them for the execution of such of the works or other purposes of the Act as are specified in any resolution creating stock.

(2) Before paying into the Dividends Fund any rents and profits under this Article, the Board may deduct therefrom any costs and expenses properly incurred by them in or about the collection and receipt of such rents and profits.

12 The accounts of the Dividends Fund.

12.—(1) As part of the general accounts of the Dividends Fund, the Board shall keep a separate account in relation to each amount of stock created by and issued under the authority of a separate resolution.

(2) Every separate account kept in pursuance of the foregoing paragraph of this Article shall, in respect of the works or other purposes of the Act specified in the resolution creating the amount of stock to which such separate account relates, set out and distinguish one from the other the following matters, that is to say :—

(a) all moneys paid into the Dividends Fund as contributions from the Harbour revenue in respect of dividends on the said amount of stock; and

(b) all moneys paid into the Dividends Fund as contributions from the County contribution and the Urban contribution jointly in respect of such dividends; and

(c) all moneys paid into the Dividends Fund in respect of the rents and profits of any land or other property of the Board held or acquired for the execution of such works or other purposes;

(d) all unclaimed dividends paid into the Dividends Fund as in these Regulations hereinafter provided which are allocated to any such works or other purposes.

13 Application of rents and profits in reduction of contributions to Dividends Fund.

13. Where any sum is standing on a separate account in the Dividends Fund, which represents:

(a) rents and profits of land or other property of the Board, or

(b) a sum (other than a contribution for the payment of dividends under Article 10 of these Regulations) properly paid into the Fund,

the Board may, if they think fit, from time to time apply that sum in reduction of the contributions payable under Article 10 of these Regulations in respect of the stock comprised in the separate account on which the sum is standing.

14 Application of Dividends Fund.

14. The Board shall from time to time apply the Dividends Fund in paying the dividends on the stock.

15 Redemption Fund.

15. To provide for the redemption and extinction or purchase and extinction of the stock, a fund (in these Regulations referred to as the Redemption Fund) shall be established to be called and known as the Stock (Redemption) Fund.

16 Contributions to the Redemption Fund.

16.—(1) The Board shall, in each half-year, pay into the Redemption Fund a sum or sums equal to the aggregate amount of all sums payable in that half-year for redemption and extinction or purchase and extinction of the stock.

(2) The Board shall provide the sum or sums mentioned in the foregoing paragraph by contributions from the Harbour revenue, and, where appropriate under the provisions of the Act, by contributions from the County contribution and the Urban contribution.

(3) The sum or sums payable in any half-year for the redemption and extinction or purchase and extinction of any of the stock shall (subject to any payment in reduction thereof authorised by these Regulations) be such sum or sums as may be specified in that behalf in the resolution creating such stock.

(4) If at any time it appears to the Minister that any contributions to the Redemption Fund will not be sufficient to redeem the stock in respect of which such contributions are made within the time specified in that behalf by the resolution creating that stock, the amount of such contributions shall be increased to such extent as the Minister may direct.

(5) If at anytime it appears to the Minister that the contributions to the Redemption Fund would, if maintained, be more than sufficient to redeem the stock in respect of which such contributions are made within the time specified in that behalf in the resolution creating that stock, the Minister may consent to the reduction, either temporarily or permanently, of such contributions.

(6) If at any time it appears to the Minister that the amount then standing in the Redemption Fund is, with the accumulations to arise thereon, sufficient to redeem any stock within the time specified in that behalf in the resolution creating that stock, the Minister may consent to the discontinuance of contributions to the Redemption Fund in respect of that stock.

(7) If, before the expiration of the time within which any stock is required by the resolution creating such stock to be redeemed or purchased and extinguished, the Board apply any part of the Redemption Fund to redeem or purchase and extinguish all or any of such stock, then and in any such case, a sum equal to the interest which the part of the Redemption Fund so applied would have produced at the rate per centum at which interest or dividends was or were payable on such stock shall in each half-year until the expiration of the said time be paid by the Board into the Redemption Fund.

(8) Any sum payable by the Board into the Redemption Fund under the foregoing paragraph of this Article shall be provided by the Board in like manner as they are by this Article required to provide the sums payable by them into the said Fund for the redemption and extinction or purchase and extinction of the stock.

17 Payments into Redemption Fund.

17.—(1) Unless the Minister otherwise directs, the Board shall pay into the Redemption Fund and shall carry to a separate account forming part of the general account of the Redemption Fund, all capital money or moneys in the nature of capital not otherwise appropriated by law or under contract, which may from time to time arise from any sale, lease or other disposition of land or other property of the Board on which or on the revenues of which any of the stock is charged, or from any other source.

(2) Before paying into the Redemption Fund any moneys under this Article, the Board may deduct therefrom any costs or expenses properly incurred by them in or about any such sale, lease or other disposition as aforesaid.

18 Application and investment of Redemption Fund.

18.—(1) The Board shall, from time to time, apply the Redemption Fund in redeeming stock in accordance with the terms of issue thereof, and in purchasing stock for extinction.

(2) Pending the application of the Redemption Fund in pursuance of the foregoing paragraph, the Board shall from time to time—

(a) invest in trustee securities any sum paid into the Redemption Fund under these Regulations, and

(b) pay into the Redemption Fund and invest in trustee securities any interest or other profits arising from such investments.

19 Extinction of stock redeemed or purchased.

19. As soon as may be after the purchase or redemption of any stock, the Board shall pass a resolution directing the stock so purchased or redeemed to be cancelled by the registrar, and thereupon that stock and all dividends thereon which at the date of cancellation have not become payable shall become and be extinguished.

20 The accounts of the Redemption Fund.

20.—(1) As part of the general accounts of the Redemption Fund, the Board shall keep—

(a) a separate account in relation to each amount of stock created by and issued under the authority of a separate resolution, and

(b) an account showing the securities on which all sums paid into the Redemption Fund are, for the time being, invested.

(2) Every separate account kept in pursuance of sub-paragraph (a) of the foregoing paragraph shall, in respect of the amount of stock to which such separate account relates, set out and distinguish one from the other the following matters, that is to say :—

(a) all capital money, or moneys in the nature of capital paid into the Redemption Fund which are, in the opinion of the Board, properly attributable to the works and matters incidental thereto or the other purposes of the Act specified in the resolution creating such stock;

(b) all moneys received from time to time as interest on the moneys mentioned in the foregoing sub-paragraph ;

(c) all moneys paid into the Redemption Fund as contributions from the Harbour revenue in respect of the redemption and extinction or purchase and extinction of the said amount of stock ;

(d) all moneys received from time to time as interest on the moneys mentioned in the foregoing sub-paragraph;

(e) all moneys paid into the Redemption Fund as contributions from the County contribution and the Urban contribution jointly in respect of the redemption and extinction or purchase and extinction of the said amount of stock;

(f) all moneys received from time to time as interest on the moneys mentioned in the foregoing sub-paragraph; and

(g) such portions of the said amount of stock as are, from time to time, redeemed or purchased and extinguished by the application of the Redemption Fund.

PART IV. THE REGISTRAR, THE STOCK REGISTER, STOCK CERTIFICATES AND TRANSFER AND TRANSMISSION OF STOCK.

21 The Registrar.

21.—(1) The Board shall from time to time appoint a person (in these Regulations referred to as the registrar) to be the registrar for the purposes of these Regulations.

(2) The registrar shall hold office upon such terms and conditions as the Board may think fit.

(3) The Board may appoint as the registrar any person they think proper, including any officer of the Board, any bank, or any financial company or corporation.

(4) The registrar shall exercise the powers and perform the duties conferred or imposed upon the registrar by these Regulations.

(5) The Board may, at any time, in their discretion terminate the appointment of the registrar.

22 The stock register.

22.—(1) The registrar shall keep a register of stockholders (in these Regulations referred to as the stock register), and shall enter therein the names and addresses of every stockholder and the amount of his holding.

(2) The stock register, or a copy of any entry therein purporting to be certified by the registrar, shall be prima facie evidence in any proceedings of the title of every stockholder entered therein to the amount of stock therein stated to be held by him.

23 Stock certificates.

23.—(1) The Board shall give to every holder of stock transferable by deed a certificate (in these Regulations referred to as a stock certificate) under their common seal of the proprietorship of the stock held by him, and specifying the amount thereof.

(2) Every stock certificate shall be prima facie evidence of the title of the person therein named to the stock therein specified.

(3) If a stock certificate becomes worn or damaged, the Board may, on production thereof, cancel such certificate and issue a new stock certificate in lieu thereof.

(4) If a stock certificate is lost or destroyed, the Board may on proof thereof to their satisfaction, grant a new stock certificate in lieu thereof.

(5) An entry shall be made in the stock register in respect of the issue of every stock certificate and of every endorsement under these Regulations of a stock certificate.

24 Power to transfer stock.

24. Subject to the provisions of these Regulations, every stockholder may transfer all or any part being an even multiple of one pound of his stock either in books or by deed according as is specified in the resolution creating such stock.

25 Transfer in books.

25. Where stock is transferable in books—

(a) the registrar shall keep books (in these Regulations referred to as the stock transfer books) in which any transfer of such stock shall be entered.

(b) such entry shall be signed by the transferor or his agent in that behalf authorised in the manner specified in the next paragraph of this Article.

(c) the authority of an agent to sign such entry shall be in writing signed by the transferor and attested by one witness, but if the registrar is a bank, financial company or corporation, the registrar may require such authority to be given by a power of attorney signed and sealed by the transferor and attested by two witnesses;

(d) the person to whom such transfer is made may, if he thinks fit, underwrite his acceptance thereof.

26 Transfer by deed.

26. Where stock is transferable by deed—

(a) any transfer of such stock shall be by deed in the form set out in Part II of the First Schedule to these Regulations or as near thereto as circumstances will admit.

(b) such deed shall relate only to the transfer and shall not contain any recital, power, trust or proviso whatsoever;

(c) such deed shall be delivered to and kept by the registrar and the registrar shall enter a memorial thereof in a book (in these Regulations referred to as the register of transfers of stock) and shall endorse on such deed a notice of such entry;

(d) the registrar shall, on demand, and on delivery up to him of the existing stock certificate or on such proof that it cannot be produced as the registrar may, with the approval of the Board, require, deliver a new stock certificate to the transferee or, at the option of the transferee, make an endorsement of the transfer on such existing stock certificate.

(e) neither the Board nor the registrar shall be affected by any deed of transfer of such stock nor shall the transferee thereunder be entitled to any dividend on such stock unless or until such deed has been delivered to the registrar.

27 Evidence of title of transferor.

27. The registrar may, before doing anything under these Regulations in respect of any transfer of stock, require the transferor to furnish evidence, to the satisfaction of the registrar, by way of statutory declaration or otherwise, of his title to make the transfer.

28 Closing of transfer books.

28.—(1) The registrar may, with the approval of the Board, close, in respect of any stock, the stock transfer books or the register of transfers of stock (whichever is appropriate) on any day not more than fifteen days before a day on which dividends on such stock are payable and thereupon may keep such books or register closed for any period not exceeding fifteen days.

(2) The persons whose names are, on the day of a closing under this Article of the stock transfer books or the register of transfers of stock in respect of any stock, inscribed therein as holders of such stock shall, as between themselves and their transferees of such stock, be entitled to the dividend next payable thereon.

29 Stamp duty on transfers.

29.—(1) Every deed of transfer in respect of stock transferable by deed shall be duly stamped, and the consideration shall be truly stated therein.

(2) Notwithstanding anything contained in these regulations or in any resolution creating stock, stock shall, unless and until the Board have compounded for stamp duty in respect thereof, be transferable by deed and not in books.

30 Transmission on death.

30.—(1) The interest of a deceased holder of stock in such stock shall be transferable by his executors or administrators notwithstanding any specific bequest of such stock.

(2) Where two or more persons are registered as joint owners of stock, such persons shall be deemed to be joint owners with a right of survivorship between them.

(3) The Board or the registrar shall not be required to do anything under these Regulations in respect of a transfer of stock by the executors or administrators of a deceased holder of such stock until the probate of the will or letters of administration of the estate of such holder has or have been lodged with the registrar, and may require, in the case of a will, all the executors to join in the transfer.

31 Transmission otherwise than by death or transfer in books or by deed.

31.—(1) If the interest in any stock has become transmitted by any means other than a transfer in books or by deed or the death of the stockholder—

(a) evidence to the satisfaction of the registrar of such transmission shall be furnished to the registrar either by way of statutory declaration or otherwise as he may require and thereupon the name of the person entitled under such transmission shall be entered in the stock register, and

(b) until such evidence has been furnished, neither the Board nor the registrar shall be affected by such transmission and no person claiming by virtue thereof shall be entitled to receive any dividend on such stock.

(2) In this Article the word " transmission " includes any case of apparent transmission in consequence of a change of name of a holder of stock although the actual ownership of such stock remains unaltered.

PART V. DIVIDENDS.

32 Payment of dividends.

32. Payment by the Board of dividends on stock shall be carried out through the registrar.

33 Dividends payable to executors and administrators.

33. Dividends on any stock registered in the name of a deceased person shall be paid to the executor of the will of such person or to the administrator of his estate after the probate or letters of administration (as the case may be) has or have been lodged with the registrar.

34 Evidence of title.

34. The registrar may require any person claiming a right to receive any dividends on any stock to furnish evidence to the satisfaction of the registrar, by way of statutory declaration or otherwise, of such right.

35 Dividends payable to joint holders.

35.—(1) Where two or more persons are registered as joint holders of any stock, any one of such persons may give a receipt for any dividend thereon unless notice to the contrary is given to the registrar by the other or others of such persons.

(2) Where any stock is registered jointly in the names of an infant or person of unsound mind and any person or persons not under disability, a power of attorney for receipt of the dividends may be given by such person or persons not under disability, but the registrar, before acting on such power of attorney, may require proof to be given to him to his satisfaction, by way of statutory declaration or otherwise, of such infancy or unsoundness of mind.

36 Posting of dividend warrants.

36.—(1) Unless otherwise directed by the holder or any of the joint holders of any stock, dividend warrants in respect of such stock may be sent by post to the address, as shown in the stock register, of the holder or of the joint holder whose name stands first in the stock register.

(2) Dividend warrants sent by post under this article shall be deemed to be cheques, and the Board and the registrar shall in relation thereto be deemed a banker within the meaning of the Bills of Exchange Act, 1882.

PART VI. GENERAL.

37 Trusts.

37. No notice of any trust affecting any stock or any stock certificate shall be entered in the stock register or be receivable by or affect in any way whatsoever the Board or the registrar.

38 Annual return to the Minister.

38.—(1) The Board shall send to the Minister annually an abstract in the form set out in the Second Schedule to these Regulations of the accounts of the Board relating to the stock and the Redemption Fund.

(2) Every abstract under this Regulation shall—

(a) be made up in respect of a period of twelve months ending on the 31st day of December in a particular year,

(b) be sent to the Minister before the expiration of twenty-one days after the completion of the audit of the accounts of the Board for such year or the 31st day of March in the next following year, whichever is the later, and

(c) be verified by a statutory declaration of the Secretary to the Board or of such other officer of the Board as the Minister may approve.

39 Unclaimed dividends.

39.—(1) Where any dividend on any stock remains unclaimed for five years from the time for payment thereof, the Board shall send a notice to that effect by registered post addressed to the stockholder by the description and at the address specified in the stock register, and shall, if such stock continues so long unclaimed, send a similar notice to such stockholder at the end of each of three further successive periods of five years.

(2) At the end of five years from the day when the first dividend becomes payable on the stock first issued and at the end of every period of five years thereafter, the Board shall publish a notice in a newspaper circulating in the County of Galway stating whether any dividends on any stock are unclaimed for more than four years and, if so, the names and addresses appearing in the stock register of the persons entitled to such dividends when they became due.

(3) At the end of ten years from the day when the first dividend becomes payable on the stock first issued and at the end of every period of ten years thereafter, all dividends on any stock unclaimed during such ten years shall, without prejudice to the claim of any person entitled thereto, be paid into and shall then form part of the Dividends Fund.

40 Unclaimed stock.

40.—(1) If at the end of the period within which any stock is required to be extinguished, the Board, by reason of the stockholder not being available or of any doubt as to ownership, cannot redeem, extinguish and cancel such stock, the Board shall invest in trustee securities a sum equal to the nominal value of such stock and such stock shall thereupon be deemed to be extinguished.

(2) If before the end of the period within which any stock is required to be extinguished the Board shall have extinguished all of such stock except such as, by reason of stockholders not being available or of any doubts as to ownership, cannot be redeemed, extinguished and cancelled, the Board may invest in trustee securities a sum equal to the nominal value of such stock which cannot be redeemed and such stock shall thereupon be deemed to be extinguished.

(3) Sums invested under this Article in trustee securities shall, if the said securities are not previously realised for the purpose of satisfying any claim in respect of the stock represented by such sums, be retained so invested by the Board for a period of ten years and thereupon, without prejudice to any claim in respect of such sums which may subsequently be made, may be appropriated by the Board, together with any accumulations thereon, for such purposes as the Minister may approve.

41 Fees.

41.—(1) Fees not exceeding those specified in the Third Schedule to these Regulations shall be chargeable by the Board in the cases mentioned in the said Schedule.

(2) All fees received by the Board under this Article shall be paid by them into the dividends fund, and shall be applied in reduction of contributions payable into that fund under Article 10 of these Regulations in respect of dividends on such portions of the stock as the Board may determine.

FIRST SCHEDULE.

PART I.

FORM OF RESOLUTION.

At a meeting of the Galway Harbour Commissioners, held on the................................. day of............................................................ ................ 19.........., it was proposed by.......................seconded by............................................................ ............................and resolved:

1. that, in exercise of the powers conferred by the Galway Harbour Act , 1935 (No. 2 (Private) of 1935), the Galway Harbour Commissioners do hereby create stock to be called..........................................Redeemable Stock and to be issued to an amount which shall be sufficient for the following purposes, but not exceeding in the aggregate................................................pounds, that is to say :—

2. that the following provisions shall have effect in respect of the .............................................Redeemable Stock, that is to say :—

(a) the minimum price of issue of the Stock shall be £.........................................................per cent.

(b) applications for the stock shall be made to............................................................ .........................

(c) a deposit of £10 per cent. shall be paid on application,

(d) further payments shall be made as follows :—

(i) £............per cent. on allotment,

(ii) £...............on the............day of............................................................ ....19......

In the case of a default in the payment of any further payments as aforesaid on the appropriate date therefor, the deposit and any instalment previously paid shall be liable to forfeiture,

(e) the stock shall bear interest at the rate of £..................................................... per cent. per annum, which shall be payable half-yearly on the................................ day of........................ and the.................. day of.............................................in each year, the first half-yearly payment to be made on the..............day of ............................................. 19......

(f) the stock shall be issued in sums of not less than £1, and

(g) the stock shall be transferable by deed, or

(g) the stock shall be transferable in books.

3. that there shall be paid into the Redemption Fund in each half-year while any of the............................................................ .........Redeemable Stock remains outstanding the sum of........................................pounds.

4. that the....................................................... Redeemable Stock shall be redeemable as follows :—

5. that the.............................................Redeemable Stock shall be redeemed or purchased and extinguished within a period of..................years from its creation.

6. that all sums payable to the stockholders in respect of the redemption of the............................................Redeemable Stock shall be paid at the..........................................................Bank, Dublin.

*7. that an agreement be entered into with the Revenue Commissioners for the payment to them of composition for the stamp duty on transfers of the............................................Redeemable Stock.

* To be resolved where the Stock created is transferable in books.

PART II.

FORM OF TRANSFER BY DEED.

In consideration of the sum of............................................................ ............................................................ ...

paid to............................................................ ......................by............................................................ ...........................

(hereinafter called the transferee), ............................................................ .........................do hereby bargain, sell, assign, and transfer to the said transferee ............................ Redeemable Stock, to hold unto the transferee,..............................................executors, administrators and assigns subject to the several conditions on which............... held the same immediately before the execution hereof and the transferee hereby agrees to accept the said............................................................ .............subject to the conditions aforesaid.

As witness our hands and Seals

this...............................day of............................................, 19......

SECOND SCHEDULE.

Abstract Statement of Borrowing Powers and of Stock and Redemption Fund Accounts of the Galway Harbour Commissioners made in pursuance of Article 38 of the Galway Harbour Stock Regulations, 1938.

I.—BORROWING POWERS.

II.—STOCK ACCOUNT.

III. —REDEMPTION FUND ACCOUNT.

THIRD SCHEDULE

FEES.

Given under the Seal of Office of the Minister for

Industry and Commerce, this 17th day of January,

1938.

T. J. FLYNN,

An Assistant Secretary,

Department of Industry and Commerce.