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TRANSPORT ACT (NORTHERN IRELAND) 1967 - SECT 69

Vesting of the Authority's undertaking in the Holding Company.

69.(1) The Holding Company may, and if so required by the Minister shall,

(a)transfer to the railway undertaking without requiring any payment therefor
any vehicles, rolling stock, plant, machinery, fixtures, fittings or other
equipment vested in the Holding Company by virtue of section 68 which the
railway undertaking may reasonably require to operate the railway system as it
exists at the date of the transfer of the equipment;

(b)let to the railway undertaking, at such rent and on such terms and
conditions as the Holding Company and the railway undertaking may agree, any
immovable property vested in the Holding Company by virtue of section 68 which
the railway undertaking may reasonably require to operate the railway system
as it exists at the date of the letting.

(2) In determining the amount of any rent to be paid in respect of the letting
under subsection (1)(b) of any property which comprises or includes railway
track or associated signalling and communication equipment, that track and
equipment shall be deemed not to have any letting value.

(3) Any dispute arising between the Holding Company and the
railway undertaking as to the property to be transferred or let under
subsection (1) or as to the rent, terms or conditions at or upon which any
property is to be let under subsection (1)(b), shall be referred to and
determined by the Minister or, if he so directs, by the Lands Tribunal.

© 1967 Crown Copyright

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