asked the Minister for Industry and Commerce if he is aware that holders of original £100 ordinary stock in the Great Southern Railways were deprived of their right of voting at a recent meeting of the shareholders of the company as, in reducing the ordinary stock from £100 to £10, no provision was made in the Act for the recasting of the voting rights attached to ordinary stock, and if it is the Minister's intention to restore by legislation or otherwise this right of voting hitherto attached to such ordinary stock.
Ceisteanna—Questions. Oral Answers. - Voting Rights in Great Southern Railways.
Provision for recasting the voting rights of shareholders of the Great Southern Railways Company consequent on the reduction of the capital stock of that Company was made in sub-section (8) of Section 3 of the Railways Act, 1933, under which every registered holder of stock is entitled to one vote in respect of every £100 of reduced capital stock (other than debenture stock) held by him.
Arising out of the Minister's reply, I should like to say that the facts set out in my question are correct.
Provision for recasting of the voting rights was made by the Railways Act of 1933.
Well, they are not getting the benefit of it.