CAB129-53 — Page 140

15 & 16 GEO. 6

Transport

& 1 ELIZ. 2

Page 140

17

5

10

(d) so much of the sums shown in the balance sheets of the A.D. 1952

Commission as good will as is ascribable to the existing road haulage undertaking and is not otherwise taken into. account under this subsection; and

(e) any losses incurred by the Commission in respect of contracts entered into by them for the purposes of the existing road haulage undertaking, being losses incurred as the result of the disposal of the property held by the Commission for the purposes thereof and not being losses which could reasonably have been avoided by the Commission:

Provided that, if any property held by the Commission for the purposes of the existing road haulage undertaking is trans- ferred by them to a company under section four of this Act, 15 or is retained by them under section five of this Act, the amounts arrived at under paragraphs (d) and (e) of this subsection shall be reduced by so much thereof respectively as is properly apportionable to the property so transferred or retained.

""

In this subsection, "price", in relation to property sold under 20 section three of this Act, includes a reference to all sums for which the purchaser becomes liable as the result of his purchase of the transport unit in question, irrespective of whether the sums are ascribable to property or to other rights which he obtains as the result of his purchase, “net value means value 25 after deducting depreciation, and the references to values and sums shown in the books or balance sheets of the Commission are references to the values and sums so shown after making all necessary adjustments of provisional items and, if the Com- mission in keeping their books or making up their balance 30 sheet for any year falling wholly or partly after the passing of this Act depart in any material respect from the principles and practice applied by them for the years falling before the passing of this Act, all adjustments which are necessary to produce the result which would have been produced but for the departure.

35 (5) Interest shall be paid out of the Transport Fund to the Commission at such times as the Minister may direct on so much of the amount required to be paid therefrom by subsection (1) of this section as is due and remains unpaid and, for the pur- poses of this subsection-

40

(a) the whole of the said amount shall be deemed to have become due at the end of the transitional period; and (b) the proviso to the said subsection (1) shall, with any necessary adaptations, apply in relation to the payments of interest as it applies in relation to the instalments,

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