CÃ³ras Iompair Ãireann (Transport Stock) Regulations, 1950.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the CÃ³ras Iompair Ãireann (Transport Stock) Regulations, 1950.
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paragraphs: In these Regulations—
the expression " the Act " means the Transport Act, 1950 (No. 12 of 1950) ;
the expression " the Board " means the board established by section 5 of the act ;
the expression " the Minister " means the Minister for Industry and Commerce ;
the word "stock " means stock created and issued by the Board under section 29 of the act.
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paragraphs: —(1) The Board shall, with the approval of the Minister and the Minister for Finance, appoint and keep appointed a person (in these Regulations referred to as " the registrar ") to act as registrar of stock for the purposes of these Regulations.
(2) The Board may appoint the Bank of Ireland, an officer of the Board or any other person to be the registrar and the appointment shall be on and subject to such terms and instructions not inconsistent with these Regulations as the Board thinks expedient.
(3) The Board may, at any time, with the approval of the Minister and the Minister for Finance, terminate the appointment of the registrar and appoint another registrar in his place.
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paragraphs: —(1) The registrar shall keep a register of stock (in these Regulations referred to as the " stock register ") and he shall enter or cause to be entered therein the name, address and description of each holder, for the time being, of stock of any class and the class and amount of stock held by such holder.
(2) The stock register shall be prima facie evidence of any matter entered therein in accordance with these Regulations, and of the title of the persons entered therein as holders of stock.
(3) If stock of any class is about to be redeemed, the stock register may be permanently closed to transfers of that stock on any day not more than thirty days before the redemption date.
(4) (a) The registrar may, with the approval of the Board, close the stock register during—
(i) the period of twenty-one days ending on the 30th day of June in each year, and
(ii) the period of twenty-one days ending on the 31st day of December in each year.
(b) The person, who is, on any day on which the stock register is closed under subparagraph (a) of this paragraph, entered in the stock register as holder of any stock, shall as between himself and any transferee of that stock be entitled the interest next payable thereon.
(5) Seven days' notice of the closing of the stock register under paragraph (3) or (4) of this regulation shall be given by advertisement in each of the daily morning newspapers for the time being published in Dublin or in Cork.
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paragraphs: —(1) Every person whose name is entered in the stock register as the holder of stock shall be entitled, without payment, to a certificate of ownership of the stock (in these Regulations referred to as a " stock certificate ") which shall set out the amount of stock to which he is entitled.
(2) A stock certificate shall be prima facie evidence of the title of the person therein named to the amount of stock therein set out.
(3) If a stock certificate is worn out or damaged, the registrar. on production and surrender thereof and on payment of a fee of two shillings and sixpence, may issue a duplicate stock certificate in lieu thereof.
(4) If a stock certificate is lost or destroyed, the registrar, on proof to his satisfaction of the loss or destruction and on receiving such indemnity (if any) as he may require and on payment of a fee of two shillings and sixpence, may issue a duplicate stock certificate in lieu thereof.
(5) An entry of the issue of a stock certificate and of a duplicate stock certificate under this regulation shall be made in the stock register.
(6) Where two or more persons are entered in the stock register as joint holders of an amount of stock, nothing in the preceding paragraphs of this regulation shall be construed as requiring the registrar to issue more than one certificate in respect of that amount of stock, and delivery of a certificate to one of several joint holders shall be sufficient delivery to all of them.
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paragraphs: —(1) Stock shall not be transferable in any amount which is a fraction of one pound.
(2) Stock shall be transferable by instrument in writing in any usual or common form executed by all the parties to the transfer.
(3) The instrument transferring stock and the relevant stock certificate shall be delivered to and retained by the registrar but if the relevant stock certificate cannot be delivered up, such indemnity shall be given to the registrar in respect thereof as he may require.
(4) The execution of the instrument of transfer of stock by each party thereto, other than a body corporate, shall be attested by a credible witness (not being a party thereto or the spouse of a party thereto) who shall, after his signature, give his usual address and his occupation or description.
(5) If the execution of an instrument of transfer of stock by a party (other than a body corporate) is otherwise than by the signature of that party, the registrar may require evidence to his satisfaction that the effect of the instrument was understood by that party.
(6) An instrument of transfer of stock shall relate only to the transfer and shall not contain any recital, trust, power or proviso whatsoever.
(7) An authority to execute an instrument of transfer shall be in writing and the execution of the authority shall be attested by a credible witness.
(8) The registrar before giving effect to a transfer of stock may require evidence to his satisfaction of the right of the transferor to make the transfer.
(9) The registrar shall, after the foregoing provisions of this regulation have been complied with, give effect to a transfer by entering in the stock register such particulars as are necessary to show the effect of the transfer, and the transferee shall be entitled, without payment, to a new stock certificate in his own name.
(10) Notwithstanding anything contained in paragraph (9) of this regulation, it shall not be necessary for the registrar to give effect to a transfer of stock before,—
(a) in case he has, before the expiration of the period of eleven days commencing on the date on which the instrument of transfer was delivered to him, given notice by post to the transferor or any one of two or more transferors of the proposed transfer, the expiration of whichever of the following periods is the longer—
(i) the said period of eleven days,
(ii) the period of four days commencing on the day on which a reply to the said notice would be delivered to him in the ordinary course of post if the said notice were delivered in the ordinary course of post and the reply were posted immediately after the receipt of the said notice,
(b) in any other case, the expiration of the said period of eleven days.
(11) Where the holder of any amount of stock of any class transfers part only of that amount, he shall be entitled, without payment, to a new stock certificate relating to the part of that amount not so transferred.
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paragraphs: —(1) Stock standing in the stock register in the name of a deceased person shall be transferable by his executors or administrators notwithstanding any specific bequest thereof, but, where there are two or more executors or administrators of the deceased person, the registrar may refuse to give effect to the transfer unless the instrument of transfer is executed by all the executors or all the administrators.
(2) Where the names of two or more persons are entered in the stock register as the holders of stock, such persons shall be deemed to be joint owners with right of survivorship between them.
(3) The registrar shall not be required to allow any executors or administrators to transfer any stock until the probate of the will or the letters of administration to the estate of the deceased has or have been left with the registrar for registration.
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paragraphs: —(1) The holder of an amount of any stock may be described in the stock register as trustee of a specified trust or as trustee without specifying a trust.
(2) Except as provided by paragraph (1) of this regulation no notice of any trust (express, implied or constructive) shall be entered in the stock register or in a stock certificate or be receivable by the registrar, and notwithstanding that, in relation to an amount of stock standing in the stock register on a particular account, the holder thereof is described as mentioned in the said paragraph (1), it shall not be necessary for the registrar to enquire concerning the propriety of anything done in relation to that amount of stock or any part thereof.
(3) Where the holder of an amount of stock of any class occupies an office or official position, his official description may be entered in the stock register in lieu of his name.
(4) Where, in relation to an amount of stock, the official description of a person occupying an office or official position is, in pursuance of paragraph (3) of this regulation, entered in the stock register—
(a) an instrument of transfer relating to that amount or any part thereof, and
(b) an instrument containing directions with respect to the payment of interest on that amount,
shall, if executed by the person for the time being holding that office or official position, be as effectual as if his name were entered as the holder of that amount.
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paragraphs: —(1) Except as otherwise provided by the conditions on which any stock is issued, the registrar shall charge—
(a) a fee of five shillings for the registration of each one of the following—
(i) probate of a will or letters of administration of an estate ;
(ii) certificate of death or marriage ;
(iii) change of name ;
(iv) power of attorney ;
(v) order of court ;
(vi) any other document affecting the registration of stock ;
(b) a fee of two shillings and sixpence for the registration of a transfer.
(2) The registrar shall charge a fee of one shilling for the issue of a duplicate income tax certificate.
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paragraphs: —(1) Stock shall be deemed to be capital stock of a company or society within the meaning of the Forgery Act, 1913.
(2) Section 1 of the Forged Transfers Act, 1891 (except subsection (3) of that section) as amended by section 3 of the Forged Transfers Act, 1892, shall apply to the Board in relation to the stock.
(3) The Board in relation to these Regulations and the registrar shall respectively be deemed to be a banker within the meaning of the Bankers Books Evidence Act, 1879.