Page:Railways Act 1921 (ukpga 19210055 en).pdf/9

[Ch. 55.] or the holders of any class of loan or share capital in that company, the additional capital of each class shall form part of, and rank pari passu with, the existing capital of that class, and any new class of capital may, with the consent of the majority in value of the holders of any class of security affected, rank before any existing class of capital;

(d) of the foregoing subsection, so far as it relates to the incorporation of the amalgamated company, shall not apply, and  thereof, so far as it relates to the winding up of the constituent companies, shall not apply, to the Great Western Railway Company.

Preperation and approval of absorption scheme.

4.—(1) The constituent companies in any group may on or before the first day of January, nineteen hundred and and twenty-three, submit to the Minister a scheme or schemes framed in accordance with the provisions of this Act for the absorption by the amalgamated company to be formed by the amalgamation of those constituent companies of the subsidiary companies which, under this Act, are to be absorbed by.that amalgamated company, or any of those subsidiary companies, on terms agreed to by the subsidiary companies to which the scheme or schemes may relate.

(2) The Minister shall refer to the amalgamation tribunal any scheme so submitted to him, and the tribunal, unless it appears to them that the scheme does not conform with the requirements of this Act, or that the provisions of this Act relating to the procedure preliminary to the submission of an agreed. scheme have not been complied with, shall confirm the scheme.

(3) If the constituent companies in any group fail on or before the said date to submit one or more agreed schemes framed in accordance with the provisions of this Act for the absorption of all the subsidiary companies which are to be absorbed by the amalgamated company to be formed by the amalgamation of those constituent companies, a scheme for the absorption of any subsidiary company with respect to which an agreed absorption scheme framed in accordance with the provisions of this 5