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Article 20 Power to acquire and dispose of businesses or shares

Original text. Later amendments are not shown.

(1)

The Trust may, subject as hereinafter provided in this Article–

(a)

acquire by agreement–

(i)

any business or undertaking which consists wholly or mainly of the carrying out of harbour operations or so much of any business or undertaking as consists of the carrying out of such operations; or

(ii)

any business or undertaking which is wholly or mainly engaged in or which it is proposed should become wholly or mainly engaged in providing services or facilities which the Trust itself is authorised to provide;

(b)

subscribe for or acquire any shares, stock, debentures, debenture stock or any other security of a like nature of a body corporate which is wholly or mainly engaged, or which it is proposed should become wholly or mainly engaged in the provision, maintenance or operation of a harbour or in providing services or facilities which the Trust itself is authorised to provide;

(c)

form and promote, or join with any other person in forming and promoting, a company for carrying on any function of the Trust;

(d)

dispose of or discontinue the whole or any part of their undertaking acquired under this article and held for the purposes of the harbour undertaking; and

(e)

create security over any shares or other securities subscribed for or acquired under this article or dispose of any such shares or securities.

(2)

Except in cases which relate to the acquisition or the disposal or the creation of security over assets, or the payment of money representing less than 10% of the net assets of the Trust at the end of the previous accounting year as certified by the Auditors of the Trust the Trust shall not exercise any powers under this paragraph without the approval of the Trustees signified by a resolution to that effect.

(3)

No Trustee shall be directly or indirectly concerned in any company referred to in paragraph (1)(c) above or be surety for any such company–

  • Provided that no Trustee shall be regarded as interested in any such company solely by reason of:—

    1. (a)

      the Trust being so interested; or

    2. (b)

      being a Director of any such company, if he holds office as such Director as representative of the Trust and on terms approved by the Trust; or

    3. (c)

      being directly or indirectly concerned in any contract with any such company or being surety for any contractor with any such company provided that, prior to being so concerned or becoming such surety, he shall have disclosed to the Trust in writing the nature and extent of his interest.

(4)

Nothing in this article shall authorise a company formed under paragraph (1)(c) above to exercise any of the powers of the Trustees under–

(a)

the Harbours Act 1964; and

(b)

section XCIX (Power to make Bye Laws) of the Act of 1841.