Following consideration of a memorandum dated the 12th February, 1951,¹ submitted by the Minister for Industry and Commerce in regard to the acquisition of the Great Northern Railway Company (Ireland), it was decided to give the following directions as a basis for further discussions with the Government of the Six Counties on the subject:-

1. that the unity of the undertaking should be preserved after acquisition and that no proposal involving division can be entertained;
2. that the undertaking, after acquisition, should be managed and operated by a joint Board comprising an equal number of members appointed by each Government and either an independent Chairman agreed upon by the Governments or an alternating Chairman;
3. that the undertaking should be so conducted that its revenues shall not be less than sufficient to meet charges properly chargeable to revenue;
4. that, failing acceptance by the stockholders of the offer of £3,900,000, legislation should be initiated jointly with the Government of the Six Counties for the compulsory acquisition of the undertaking; and
5. that the auditors to be appointed to audit the accounts of the undertaking should be agreed between the two Governments, and that, if possible, the present auditors should be retained.