First Previous (PART V. Finance.)

20 1958

GREAT NORTHERN RAILWAY ACT, 1958

SCHEDULE.

Draft Terms of Agreement to be made between the Minister and the Ministry.

Section 3.

1. The Agreement (hereinafter referred to as “the 1953 Agreement”) between the parties hereto made on the 10th day of August, 1953, shall terminate on the 1st day of October, 1958 (hereinafter referred to as “the transfer date”), without prejudice to its application to periods before that date.

2. The assets and liabilities of the Great Northern Railway Board (hereinafter referred to as “the Board”) at the transfer date shall, subject to such adjustment as may be necessary in pursuance of the 1953 Agreement, be apportioned between the parties in accordance with the subsequent paragraphs of this Agreement.

3. The assets of the Board shall be divided as follows:

(a) lands, premises and chattels (other than chattels referred to in the succeeding subparagraphs of this paragraph) shall be transferred to the party of the area in which the property is situate;

(b) railway rolling stock shall be shared equally by value between the parties, except in so far as they may otherwise agree for the purpose of securing an equitable division of the undertaking;

(c) road and tramway rolling stock shall be transferred to the Minister for Industry and Commerce;

(d) stores and materials shall be shared equally by value between the parties;

(e) chattels not situate immediately before the transfer date in the area in which they are normally situate shall be transferred to the party of the area in which they are normally situate;

(f) chattels normally housed in any railway rolling stock shall pass with that rolling stock;

(g) other assets (except those dealt with in paragraph 5) shall be shared equally by value between the two parties.

4. (a) The liabilities of the Board shall be apportioned equitably between the parties.

(b) The said liabilities include liabilities under continuing contracts both as to periods up to the transfer date and thereafter but do not include liabilities dealt with in paragraph 5, 6 or 7.

(c) The parties shall make such arrangements in regard to any such contract as may be necessary to implement this paragraph and to safeguard the rights of the other party to the contract.

5. The assets and liabilities of the Board in respect of the County Donegal Railways Joint Committee and the Strabane and Letterkenny Railway Company shall be transferred to and disposed of by the parties in such manner as the parties may agree.

6. The rights and obligations of the Board in respect of any person employed by the Board immediately before the transfer date shall be transferred to the party of the area in which that person is then resident.

7. (a) The obligations, whether obtaining legally or by customary practice, of the Board in respect of any person to whom this paragraph relates and persons claiming in right of any such person under any pension or staff fund referred to in the Schedule to this Agreement shall be transferred in accordance with this paragraph.

(b) Obligations in respect of any person who, immediately before the transfer date, is entitled to benefit under any such fund shall be transferred to the party of the area in which that person was resident when he first became so entitled.

(c) Obligations in respect of any person employed by the Board immediately before the transfer date shall be transferred to the party of the area in which that person is then resident.

(d) Obligations in respect of any person formerly employed by the Board who, before the transfer date, was transferred to the service of Dundalk Engineering Works Limited, shall be transferred to the Minister for Industry and Commerce.

(e) There shall be transferred to the appropriate party hereto, in respect of each person referred to in subparagraph (b), (c) or (d), securities and moneys representing a due proportion of the amount to the credit of any such fund at the transfer date properly attributable to him, as certified by an actuary appointed by the parties jointly.

8. It is agreed that the rights and obligations of the Minister for Industry and Commerce under the foregoing paragraphs of this Agreement may be exercised and performed by Córas Iompair Éireann or, to such extent as that Minister may direct, by Dundalk Engineering Works Limited, and that the rights and obligations of the Ministry may be exercised and performed by the Ulster Transport Authority.

Schedule.

1. Pension Fund for Wages Staff.

2. Wages Staff Pension Fund Reserves (supplementary to No. 1).

3. Female Clerks' Provident Fund.

4. Dundalk Foremen's Annuity Fund.

5. A pension or provident fund providing for supplemental benefit for any member or former member of the staff of the Board or his dependants.

6. Voluntary Fund.