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16 1945

RACING BOARD AND RACECOURSES ACT, 1945

PART IV.

Dissolution of the Board of Control for Mechanical Betting in Ireland and transfer of its assets and liabilities to the Racing Board.

Dissolution of the dissolved company.

31. —(1) On the transfer date the dissolved company shall, subject to the provisions set out in the Schedule to this Act, be, by virtue of this section, dissolved.

(2) The provisions set out in the Schedule to this Act shall apply in respect of the dissolved company.

Transfer of property of the dissolved company to the Board.

32. —(1) Subject to the provisions of this section, all property, whether real or personal (including choses-in-action) which immediately before the transfer date was vested in, or belonged to, or was held in trust for, the dissolved company and all rights, powers and privileges relating to or connected with any such property shall, on the transfer date and 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 the property of or held in trust for (as the case may require) the Board for all the estate, term or interest for which the same immediately before the transfer date was vested in or belonged to or was held in trust for the dissolved company.

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

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

Transfer of totalisator licences.

33. —On the transfer date every totalisator licence which was immediately before the appointed day held by the dissolved company shall, by virtue of this section, be transferred to the Board and shall, on and after the establishment date, have effect as if the name of the Board were substituted therein for that of the dissolved company.

Transfer of liabilities of the dissolved company.

34. —Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which immediately before the transfer date is owing and unpaid or has been incurred and is undischarged by the dissolved company shall, on the transfer date, become and be the debt or liability of the Board and shall be paid or discharged by and may be recovered from or enforced against the Board accordingly.

Preservation of continuing contracts of the dissolved company.

35. —Every bond, guarantee, or other security of a continuing nature made or given by the dissolved company to any person, or by any person to such dissolved company, and in force immediately before the transfer date, and every contract or agreement in writing made between the dissolved company and another person and not fully executed and completed before the transfer date shall, notwithstanding the dissolution of the dissolved company, continue in force on and after the transfer date, but shall be construed and have effect as if the name of the Board were substituted therein for the name of the dissolved company, and such security, contract, or agreement shall be enforceable by or against the Board accordingly.

Continuance of pending legal proceedings.

36. —In every action, suit or proceedings which is pending on the transfer date in any court or tribunal and to which the dissolved company is a party, the Board shall on the transfer date become and be a party in the place of the dissolved company and such proceedings shall be continued between the Board and the other parties thereto accordingly and no such proceedings shall abate or be discontinued or prejudicially affected by reason of the dissolution of the dissolved company.

Preservation of contracts of service.

37. —Every contract of service express or implied which was entered into before the 1st day of January, 1945, and is in force immediately before the transfer date between the dissolved company and any person being a salaried officer or employee of the dissolved company shall continue in force on and after the transfer date, but shall be construed and have effect as if the Board were substituted therein for the dissolved company, and every such contract shall be enforceable by or against the Board accordingly.

Exemption from stamp duties.

38. —(1) Section 12 of the Finance Act, 1895, shall not operate so as to require the Board to deliver to the Revenue Commissioners a copy of this Act or to pay any stamp duty under that section on any copy of this Act.

(2) Stamp duty shall not be chargeable on any transfer, conveyance or other instrument executed for the purpose of supplementing or giving effect to the vesting of the assets of the dissolved company in the Board.