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PART II.
Transfer of Assets and Liabilities of Great Northern Railway Board.
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Transfer of undertaking.
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7.—(1) The part of the undertaking of the Great Northern Railway Board within the State shall vest in Córas Iompair Éireann (in this Act called “the Board”) on the 1st day of October, 1958 (in this Act called “the transfer date”).
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(2) The transfer effected by this section shall extend to all land vested in the Minister or the outgoing Board under the Act of 1953 together with all assets to which the Minister is entitled under the scheduled agreement and all powers, rights, licences and privileges held or enjoyed in connection with or appertaining to the said land and assets but does not include land and assets dealt with under subsection (4) or under section 8.
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(3) The outgoing Board shall, at the request of the Board, execute all such instruments and do all such acts as may be necessary to enable the Board to have effectively transferred into its name any assets vested in the Board by this section.
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(4) The assets of the outgoing Board in respect of the County Donegal Railways Joint Committee and the Strabane and Letterkenny Railway Company and all powers, rights, licences and privileges held or enjoyed in connection with or appertaining to the said bodies shall, to such extent as the Minister may agree pursuant to paragraph 5 of the scheduled agreement, vest in the Board as from such date as may be so agreed.
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