44.—(1) Where ownership of a F53[railway organisation] or a right to operate a railway is proposed to be transferred from one F53[railway organisation] to another F53[railway organisation], the latter undertaking shall immediately notify the Commission in writing of the proposed transfer and provide details of the proposed ownership and organisational structure to the Commission together with a statement specifying the principal changes which it intends to make to the F54[safety management document] of the first-mentioned undertaking.

(2) A F53[railway organisation] to which ownership of another F53[railway organisation] or rights to operate a railway has transferred shall, within a period of 3 months of such transfer or such other period exceeding 3 months as may be specified by the Commission in any particular case, submit a new F54[safety management document] in accordance with section 39.

(3) In the period between the date of such transfer referred to in subsection (2) and the acceptance of the new F54[safety management document] by the Commission, the F53[railway organisation] to which ownership or rights has transferred shall, in respect of the assets or rights transferred and where it continues to operate the railway services or infrastructure transferred, ensure compliance with the statement under subsection (1) and with the F54[safety management document] of the first-mentioned F53[railway organisation] in so far as it has not been changed:

Provided that—

(a) the F53[railway organisation] to which the ownership or rights has transferred complies with its general duty under section 36,

(b) the Commission has in the circumstances given its approval to the continued operation of the railway services or infrastructure, and

(c) the F53[railway organisation] complies with any directions given in writing by the Commission.

(4) A F53[railway organisation] from which ownership or rights are transferring shall provide its F54[safety management document] and all other relevant information to the new F53[railway organisation] to enable the new F53[railway organisation] to comply with this section.

(5) Where a F53[railway organisation] fails to comply with this section, the Commission may give a direction to it to comply with this section.

(6) Where the Commission proposes to give a direction under this section, it shall notify the F53[railway organisation] concerned of the proposal and the F53[railway organisation] may, within 21 days of the notification, make representations to the Commission, which shall consider them.

(7) Where the Commission decides to give a direction under this section, the F53[railway organisation] concerned may, within 21 days of notification of the decision, appeal to the High Court and the direction shall not take effect until the time allowed for such appeal has elapsed and, in the event of an appeal, until the appeal is determined or withdrawn.

(8) On hearing an appeal under subsection (7), the court may either confirm or vary the decision of the Commission or allow the appeal.

(9) A decision of the High Court on an appeal under subsection (7) shall be final, save that, by leave of the court, an appeal from the decision shall be to the Supreme Court on a specified point of law.

(10) A F53[railway organisation] which fails to comply with a direction under subsection (5) is guilty of an offence and is liable—

(a) on summary conviction, to a fine not exceeding €3,000, or

(b) on conviction on indictment, to a fine not exceeding €500,000.