Transport Act, 1950
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Compensation to holders of certain securities of dissolved undertakers. |
25.—(1) (a) Subject to paragraph (b) of this subsection, each person, who was immediately before the establishment date the registered holder of any security described in column (2) of the Third Schedule to this Act at a particular reference number, shall, for each one hundred pounds of that security 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 Schedule at that reference number, of the transport stock mentioned in column (3) of the said Schedule at that reference number, and so in proportion for amounts greater or less than one hundred pounds, in lieu of and in exchange for the amount of that security held by him. | |
(b) No person shall, by the operation of paragraph (a) of this subsection, be entitled to the issue of a fractional part of a pound of transport stock and, where but for this paragraph, a person would be so entitled, the Board shall pay him in cash the par value of the fractional part. | ||
(2) The transport stock mentioned in column (3) of the Third Schedule to this Act is in this Act referred to as substituted transport stock. |