Article 3 Redemption of Corporation debentures and amendment of provisionsrelating to directors

(1)

Notwithstanding the provisions of paragraph (2) of section 7 (Rateof interest on Corporation debentures to be reduced) of the ManchesterShip Canal (Finance) Act 1904^f1, the Company and the Council may agree that theCorporation debentures shall become redeemable and that they shall beredeemed by the Company on such date as may be so agreed.

(2)

On the date of redemption the Council shall cease to be entitled toappoint directors of the Company and the enactments and instrumentspecified in Part I of the Schedule to this Order shall be repealed or,as the case may be, revoked to the extent specified in the third columnof that Part.

(3)

On the date of redemption the following amendments to the ManchesterShip Canal Act 1885^f2 shall have effect—

(a)

in section 18 (Number of directors), for the word“ten” there shall be substituted the word“five”; and

(b)

in section 20 (Quorum), for the word“five” there shall be substituted the word“three”.

Annotations

Footnotes

f1: 1904 c.lxxiv.
f2: 1885 c.clxxxviii.