Transport Act, 1944

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Redemption Fund.

22.—(1) After providing for the payment of interest on debenture stock and for other fixed charges and obligations, the Company shall from time to time set aside such sums as it considers proper for the purpose of forming a fund for the redemption of any of its debenture stock which under the conditions of issue is redeemable wholly or partly in cash.

(2) The Company may invest any sum set aside under subsection (1) of this section and the income therefrom in—

(a) such securities for the time being authorised by law for the investment of trust funds as the Company, after consultation with the Minister for Finance, thinks proper;

(b) such other securities for the time being approved of in that behalf by the Minister for Finance as the Company thinks proper.

(3) All sums set aside under subsection (1) of this section together with the income therefrom shall be applied in or towards the redemption at maturity of any debenture stock for the redemption of which they have been set aside or may, if the directors of the Company think fit, be applied to the purchase of any such debenture stock at a price (excluding accrued interest therein) which, except with the approval of the Minister for Finance, shall not exceed the redemption price, and any debenture stock so purchased shall be written off and cancelled.