Page:Railways Act 1921 (ukpga 19210055 en).pdf/11

[Ch. 55.] the management of such funds unaltered until other provision is made by Parliament ;and

(f) shall incorporate the provisions contained in the to this Act with respect to existing officers and servants; and

may make such incidental and supplemental provisions as appear necessary or expedient in order to give full effect to the provisions of the scheme and the purposes of this Act.

Provisions as to determination of terms and conditions of amalgmation or transfer

6. For the purpose of determining the terms and conditions of amalgamation between any constituent companies or of the transfer of the undertaking of any subsidiary company, the amalgamation tribunal shall take into consideration all the circumstances of the case, and in particular the value on a net revenue earning basis of each of the constituent and subsidiary companies as a separate company, and its value as a component part of the amalgamated company : so, however, that regard shall not be had to economies or accretions of traffic or other circumstances tending to, enhance its value as such component part attributable solely to the provisions of this Act relating to amalgamation and absorption:

Provided that, in the case of the line of one company being worked by another company under an arrangement whereby a percentage of the gross receipts of the line so worked is payable to the owning company, the amalgamation tribunal in determining the terms and conditions of transfer shall not take into account any higher charging powers than those authorised in respect of the line under the statutory provisions in force in the year nineteen hundred and thirteen.

Suplementary provisions as to schemes

7.—(1) Every amalgamation scheme and every absorption scheme shall be so framed as to, come into operation on the first day of July, nineteen hundred and twenty-three, or such earlier or later date, as the amalgamation tribunal, after consultation with the Minister, may fix:

Provided that each amalgamation scheme shall be deemed to come into operation immediately before the absorption scheme or schemes by which subsidiary companies are absorbed by the amalgamated company formed by the amalgamation scheme. 7