Article 4 Borrowing powers, etc.

On the date of redemption any enactment whereby the exercise of apower to borrow money conferred upon the Company is subject to theconsent of the Council shall cease to have effect and accordingly onthat date the enactments specified in Part II of the Schedule to thisOrder shall be repealed to the extent specified in the third column ofthat Part.

In section 36 (Power to Company to borrow) of the Manchester ShipCanal Act 1956^f1, for the words“five million pounds” there shall be substituted the words“fifty million pounds”.

The power to borrow money conferred upon the Company by the said Actof 1956 shall include power to borrow on an unsecured basis or upon thesecurity of a guarantee given by a third party or by any other methodthe directors of the Company see fit.

Notwithstanding anything in any enactment for the time beingrelating to the Company, the directors of the Company may by virtue ofthis article and without further or other sanction or authority exerciseany powers for the time being vested in the Company of borrowing orreborrowing.

In subsection (1) of section 23 (Power to invest & c. in othercompanies) of the Manchester Ship Canal Act 1945^f2 there shall be inserted after the words“lend money to” the words“or give guarantees for”.