Transport Act, 1944
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Substitution of stock of Company for stock of dissolved companies. |
14.—(1) On the establishment date, but subject to subsection (2) of this section,— | |
(a) every person, who immediately before the establishment date, is the registered holder of any stock of the dissolved railway company described in column (2) of Part I of the Third Schedule to this· Act at any reference number (other than reference number 2) shall, for every hundred pounds of that stock held by him, become and be, by virtue of this subsection, the registered holder of the amount, set out in column (4) of the said Part I at the said reference number, of the stock of the Company described in column (3) of the said Part I at the said reference number, and so in proportion for amounts of such stock of the dissolved railway company greater or less than one hundred pounds, in lieu and in exchange for such last-mentioned stock held by him; | ||
(b) every person, who immediately before the establishment date, is the registered holder of any stock of the dissolved railway company described in column (2) of the said Part I at reference number 2, shall, for every hundred pounds of that stock held by him, become and be, by virtue of this subsection, the registered holder of the amount set out in column (4) of the said Part I at the said reference number, of each stock of the Company described in column (3) of the said Part I at the said reference number, and so in proportion for amounts of such stock of the dissolved railway company greater or less than one hundred pounds, in lieu and in exchange for such last-mentioned stock held by him; | ||
(c) every person, who immediately before the establishment date, is the registered holder of any stock of the dissolved transport company described in column (2) of Part II of the Third Schedule to this Act at any reference number, shall, for every hundred pounds of that stock held by him, become and be, by virtue of this subsection, the registered holder of the amount, set out in column (4) of the said Part II at the said reference number, of the stock of the Company described in column (3) of the said Part II at the said reference number and so in proportion for amounts of such stock of the dissolved transport company greater or less than one hundred pounds, in lieu and in exchange for such last-mentioned stock held by him. | ||
(2) No person shall by the operation of subsection (1) of this section be entitled to any fractional part of a pound of any substituted stock, and where, but for this subsection, a person would so become the holder of a fractional part of a pound of any substituted stock, the Company shall pay to such person in cash the par value of such fractional part. | ||
(3) On and from the establishment date every person who by virtue of this section becomes the registered holder of substituted stock shall (subject to the provisions of this Act) accept and be deemed to have accepted the substituted stock allocated to him under this section in substitution for the stock of the dissolved companies held by him and in satisfaction of all claims arising thereunder. | ||
(4) Substituted stock shall, by virtue of this section, be deemed to have been duly created and issued on the establishment date. |