Paragraph 10 Power to purchase irredeemable stock

At any time on or after the transfer date the Successor Company, as transferee (by virtue of section 2(2) of the 1991 Act) of the property, rights, liabilities and functions of the Authority in respect of relevant stock, may purchase any such stock on such terms and conditions as may be agreed between the company and the holder of the stock.

The Successor Company on purchasing any such stock shall forthwith pass a resolution directing the stock so purchased to be cancelled and the stock register to be amended accordingly, and that stock and any interest thereon which has not already become payable shall thereupon be extinguished.

In this section “relevant stock” means Clyde Port Authority irredeemable stock created by virtue of section 48 of the Clyde Port Authority Order 1965 and issued in pursuance of section 49 of that Order.