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23 1938

INDUSTRIAL ALCOHOL ACT, 1938

PART IV.

Transfer to the Company of Assets and Liabilities of the State in Respect of the Undertaking.

Transfer of property held for the purposes of the undertaking.

35. —(1) On the appointed day all property, whether real or personal (including choses-in-action), which immediately before the appointed day is vested in or belongs to the Minister for the purposes of the undertaking shall, without any conveyance or assignment, but subject where necessary to transfer in the books of any bank, corporation or company, become and be vested in or become and be the property of the Company for all the estate, term or interest for which the same immediately before the appointed day was vested in or belonged to the Minister.

(2) All property transferred by this section which immediately before the appointed day is standing in the books of any bank or is registered in the books of any bank, corporation or company in the name of the Minister shall, upon the request of the Company made on or at any time after the appointed day, be transferred in such books by such bank, corporation or company into the name of the Company.

(3) On and after the appointed day every chose-in-action transferred by this section from the Minister to the Company may be sued upon, recovered or enforced by the Company in its own name, and it shall not be necessary for the Company to give notice to the person bound by such chose-in-action of the transfer effected by this section.

Transfer of liabilities.

36. —Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the appointed day is owing and unpaid or has been incurred and is undischarged by the Minister and is so owing or has been so incurred for the purposes of the undertaking shall on the appointed day become and be the debt or liability of the Company and shall be paid or discharged by and may be recovered from or enforced against the Company.

Preservation of continuing contracts.

37. —Every bond, guarantee, or other security of a continuing nature made or given for the purposes of the undertaking by the Minister to any person or by any person to the Minister and in force immediately before the appointed day, and every contract or agreement in writing made for the purposes of the undertaking between the Minister and another person and not fully executed and completed before the appointed day shall continue in force on and after the appointed day, but shall be construed and have effect as if the name of the Company were substituted therein for the name of the Minister, and such security, contract, or agreement shall be enforceable by or against the Company accordingly.

Guarantee by Minister of discharge of certain liabilities of the Company.

38. —(1) Where—

(a) before the appointed day the Minister in exercise of the powers conferred on him by sub-section (2) of section 4 of the Industrial Alcohol Act, 1934 (No. 40 of 1934), entered into an agreement with any other person, and

(b) such agreement is not fully executed and completed before the appointed day, and

(c) such agreement will by virtue of the immediately preceding section be construed and have effect as if the name of the Company were substituted therein for the name of the Minister and be enforceable by or against the Company,

the Minister may guarantee, in such form and manner as he thinks fit and subject to the sanction of the Minister for Finance, the payment to such person by the Company of any moneys which on or after the appointed day will be or become payable to such person by the Company under any specified terms of such agreement.

(2) Such sums as may from time to time be required by the Minister to meet any sums which may become payable by him under any guarantee given by him under this section shall be advanced out of the Central Fund or the growing produce thereof.

(3) For the purpose of providing money for the sums advanced out of the Central Fund under this section, the Minister for Finance may borrow from any person any sum or sums, and for the purpose of such borrowing the said Minister may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(4) The principal of and interest on any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(5) Any moneys raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

(6) Any sums advanced out of the Central Fund or the growing produce thereof for the purposes of this section shall be repaid to the Central Fund (with interest thereon at such rates as the Minister for Finance shall appoint) by the Company in such amounts and at such times as the said Minister shall appoint, and if and so far as any such sums are not repaid by the Company to the Central Fund, such sums shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

Continuance of pending legal proceedings.

39. —In every action, suit or proceeding arising out of or relating to the undertaking which is pending on the appointed day in any court or tribunal and to which the Minister or the Minister for Finance is a party, the Company shall on the appointed day become and be a party in the place of the Minister or the Minister for Finance, and such proceedings shall be continued between the Company and the other parties thereto accordingly.

Preservation of contracts of service.

40. —Every contract of service expressed or implied which is in force immediately before the appointed day between the Minister and any person and which was entered into for the purposes of the undertaking shall continue in force on and after the appointed day, but shall be construed and have effect as if the name of the Company were substituted therein for the name of the Minister, and every such contract shall be enforceable by or against the Company accordingly.