Pallion) Swan Hunter Shipbuilders Limited, Wallsend (later renamed Swan Hunter) – also incorporating John Readhead & Sons, South Shields and Wallsend Slipway and Engineering Company, Wallsend Vickers Limited Shipbuilding Group, Barrow in Furness (renamed Vickers Shipbuilding and Engineering Limited – VSEL) Vosper Thornycroft, Woolston and Portsmouth Yarrow Shipbuilders (YSL), Scotstoun Marine diesel manufacturers Barclay Curle and Company, Whiteinch George Clark & NEM, Sunderland Hawthorn Leslie and Company, Hebburn John G. Kincaid & Company, Greenock Note: Harland and Wolff, Belfast was state-owned but did not form part of British Shipbuilders. Compensation Section 35 of the act provided for compensation to the original owners. Compensation was to be by government bonds against a valuation of the shares over a relevant period of six months up to the Labour Party's election on 28 February 1974. For companies listed on the London Stock Exchange, this was the average quoted price over the relevant period. For non-listed shares, the government would negotiate with a shareholders' representative to establish a hypothetical market valuation. If no agreement was reached, the shareholders had recourse to arbitration (ss.36–41). However, section 39 controversially included a provision to make deductions from this base value if a company had dissipated its assets by declaring dividends in anticipation of nationalisation, or by other means. Aircraft and Shipbuilding Industries Arbitration Tribunal Section 42 of the act established the Aircraft and Shipbuilding Industries Arbitration Tribunal to hear appeals over valuation but not challenges to the fairness of the statutory formula. The tribunal was governed by rules made respectively by the Lord Advocate for Scotland and the Lord Chancellor for the remainder of the UK. There was a right of appeal to the Court of Session in Scotland and to the Court of Appeal in the remainder of the UK (Sch.7), with a possible further appeal to the House of Lords. There was also provision for judicial review of the original compensation offer. Having been described, in 2006, by the Council on Tribunals as "rarely convened/moribund", the tribunal was abolished in March 2013 under the UK Government's public bodies reforms. European Court of Human Rights The Conservative Party had been critical of the compensation proposals but, after being elected in the 1979 United Kingdom general election did not change the arrangements. All shareholders had been paid out by the end of 1980. In 1980 unsuccessful applications to the European Court of Human Rights over the compensation