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12 1950

TRANSPORT ACT, 1950

THIRD SCHEDULE.

Securities of Córas Iompair Éireann (1945) and the Grand Canal Company and transport stock to be substituted therefor.

Sections 24 , 25 and 29 .

Ref. No.

Description of securities of Córas Iompair Éireann (1945) or the Grand Canal Company

Description of transport stock to be issued in substitution for securities of Córas Iompair Éireann (1945) or the Grand Canal Company

Amount of transport stock to be issued in substitution for each £100 of securities of Córas Iompair Éireann (1945) or the Grand Canal Company

Provisions in relation to interest and redemption applicable to transport stock mentioned in column (3)

(1)

(2)

(3)

(4)

(5)

1

Córas Iompair Éireann 3% Guaranteed Debenture Stock, 1955/60.

3% Transport Stock, 1955/60.

£100

1. In this column— the expression “the appropriate rate” means:—

2

Córas Iompair Éireann 2½% Guaranteed Debenture Stock, 1965/75.

2½% Transport Stock, 1965/75.

£100

(a) in relation to transport stock described in column (3) at any reference number (except reference number 2), 3 per cent. per annum; and

3

Córas Iompair Éireann Common Stock.

3% Transport Stock, 1975/85.

£80

(b) in relation to transport stock described in column (3) at reference number 2, 2½ per cent. per annum;

4

Grand Canal Company 3% Irredeemable Debenture Stock.

3% Transport Stock, 1975/85.

£100

the expressions “the earliest redemption date” and “the latest redemption date” mean—

5

Grand Canal Company 3% Non-Cumulative Preference Shares.

3% Transport Stock, 1975/85.

£100

(a) in relation to transport stock described in column (3) at reference number 1, the 30th day of June, 1955, and the 30th day of June, 1960, respectively,

6

Grand Canal Company Ordinary Shares.

3% Transport Stock, 1975/85.

£100

(b) in relation to transport stock described in column (3) at reference number 2, the 30th day of June, 1965, and the 30th day of June, 1975, respectively,

(c) in relation to transport stock described in column (3) at any reference number (except reference numbers 1 and 2), the 30th day of June, 1975, and the 30th day of June, 1985, respectively.

2. Transport stock described in column (3) at any reference number shall as from the establishment date bear interest at the appropriate rate, and the said interest shall be payable—

(a) on the 15th day of July, 1950, in respect of the month of June, 1950, and

(b) on the 15th day of January and 15th day of July in each year after the year 1950 in respect of the half year ending on the immediately preceding 31st day of December and 30th day of June respectively.

3. The following provisions shall apply in relation to the redemption of transport stock mentioned in column (3) at any reference number—

(a) it may be redeemed

at par in cash on the earliest redemption date, or on any 31st day of December or 30th day of June thereafter,

(b) if it is not redeemed before the latest redemption date, it shall be redeemed at par in cash on the latest redemption date,

(c) it shall not be redeemed on any 30th day of June (other than the latest redemption date) or 31st day of December except upon six months' notice of intention to redeem.