41Minister may direct transfer of rail corporation property to other rail corporations or persons

41 Minister may direct transfer of rail corporation property to other rail corporations or persons

S. 41(1) amended by No. 45/1999 s. 9(1).

(1) The Minister may give a direction in writing to a rail corporation directing it to transfer, in accordance with the direction, property, rights and liabilities of a specified kind to another rail corporation or a person or persons nominated by the Minister.

(2) A direction under subsection (1) may include directions as to the method of valuation to be used by the rail corporation for the purposes of determining the value of property, rights and liabilities to be transferred.

(3) Within 45 days after receiving a direction under subsection (1), the rail corporation must give to the Minister a statement containing the information required by the Minister relating to the property, rights and liabilities of the rail corporation to which the direction relates, as at the date specified by the Minister for the purposes of this section.

(4) A statement under this section—

S. 41(4)(a) amended by Nos 104/1997 s. 14(4), 45/1999 s. 9(2).

(a) may give the value of the property, rights and liabilities of the rail corporation to be transferred; and

(b) must allocate the property, rights and liabilities of the rail corporation shown in the statement in accordance with the directions of the Minister; and

(c) must be signed by the chief executive officer of the rail corporation.

(5) If a statement under this section is approved by the Minister—

S. 41(5)(b) amended by No. 104/1997 s. 16(4).

(6) The Minister may at any time direct a rail corporation to amend a statement given to him or her under this section as specified in the direction.

(7) An allocation statement under this section may be amended by writing signed by the Minister.

S. 41(7A) inserted by No. 45/1999 s. 9(3).

(7A) A direction under subsection (6) or an amendment under subsection (7) in relation to an allocation statement that would affect a person nominated by the Minister under subsection (1) must not be given or made unless the transferor and the transferee are, or are wholly owned by, the State or a statutory authority or have consented in writing to the direction or amendment.

(8) An amendment under subsection (7) to an allocation statement made after the relevant date in relation to that statement may be made with effect from that relevant date if the Minister is satisfied that the amendment does not adversely affect any property, rights or liabilities of a person other than the transferor or the transferee in relation to that statement.

(9) In this section, and include a statement or allocation statement amended in accordance with this section.