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Coal Industry Nationalisation Act 1946

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20Recipients of compensation

(1)The person legally entitled to the compensation in respect of a transfer of transferred interests shall be—

(a)where the compensation unit includes only transferred interests of a company, and none of those interests was subject to any charge or lien for securing money or money's worth from which it is freed by or by virtue of section five or six of this Act or to any other restriction, right or liability from which it is freed by virtue of regulations made under or by virtue of either of those sections, that company ;

(b)where the compensation unit includes only transferred interests of a person other than a company, and none of those interests was subject as aforesaid, that person ;

(c)in other cases, such person as may be designated by regulations for the purpose of safeguarding the rights of persons entitled to beneficial rights in the compensation, and the regulations to be made for the purposes of this paragraph may, without prejudice to the generality thereof, designate, as the person to be legally entitled to the compensation in any such cases falling within this paragraph as may be prescribed, the proper officer of the prescribed court or a trustee or trustees appointed by the Minister:

Provided that, where paragraph (a) of this subsection would apply but for a transferred interest's being subject to a floating charge and the charge will attach to the compensation, the said paragraph (a) shall apply as if the interest had not been subject to the charge.

(2)Where a compensation unit comprises any transferred interest of a person other than a company or person legally entitled to the compensation under paragraph (a) or (b) of the preceding subsection, or comprises any transferred interest that was subject (otherwise than as mentioned in the proviso to the preceding subsection) to a charge or lien from which it is freed by or by virtue of section five or six of this Act or to any other restriction, right or liability from which it is freed by virtue of regulations made under or by virtue of either of those sections, the compensation shall be held and disposed of in accordance with regulations to be made for securing that the persons whose beneficial interests are affected by the transfer or freeing shall be entitled to such beneficial rights in the compensation as may be appropriate to their respective interests.

(3)The regulations to be made under the last preceding subsection shall include provision authorising or requiring the Board to make to a person beneficially interested in respect of a restriction, right or liability from which a transferred interest is freed as mentioned in that subsection, and which was of a value to him exceeding the amount of any participation of his in the compensation, a payment in respect of the excess.

(4)The regulations to be made under section nine of this Act for ascertaining, verifying and recording particulars relating to ownership of the transferred interests, or the regulations to be made under subsection (2) of this section, may render conditional on due and punctual compliance with provisions of those regulations any right to take legal proceedings on the ground of any dealing with compensation in respect of a transfer of transferred interests—

(a)as respects the legal title thereto, otherwise than in accordance with subsection (1) of this section or regulations made under that subsection ; or

(b)as respects beneficial rights in any such compensation that falls to be dealt with under subsection (2) of this section, otherwise than in accordance with regulations made under that subsection.

(5)The person entitled to compensation in respect of an overhead expenses increase shall be the company or other person whose assets are severed.

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