The Manchester Ship Canal Harbour Revision Order 1990

• Citation: S.I. 1991/1063
• Sections: 5

Section 1 Citation

(1) This Order may be cited as the Manchester Ship Canal HarbourRevision Order 1990.

(2) The Manchester Ship Canal Acts and Orders 1885 to 1987 and thisOrder may be cited together as the Manchester Ship Canal Acts and Orders1885 to 1990.

Section 2 Interpretation

In this Order:—

“the Company” means the Manchester Ship Canal Company;

“Corporation debentures” means the new mortgage debentures issued by the Company to theformer lord mayor aldermen and citizens of the city of Manchester underthe Manchester Ship Canal Act 1891 , the Manchester Corporation (Ship Canal) Act 1893 and the Manchester Ship Canal (Additional Capital, & c.)Act 1893 ;

“the Council” means the Council of the City of Manchester;

“the date of redemption” means the date on which the Corporation debentures are redeemed bythe Company in pursuance of an agreement under paragraph (1) of article3 of this Order.

Section 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 , 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directors of the Company and the enactments and instrumentspecified in Part I of the Schedule to this Order shall be repealed or,as the case may be, revoked to the extent specified in the third columnof that Part.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 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”.

Section 4 Borrowing powers, etc.

(1) 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to have effect and accordingly onthat date the enactments specified in Part II of the Schedule to thisOrder shall be repealed to the extent specified in the third column ofthat Part.

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

(3) 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.

(4) 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.

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

Section 5 Costs of Order

The costs, charges and expenses of and incidental to the preparingand obtaining of this Order and otherwise in relation thereto shall bepaid by the Company and may in whole or in part be defrayed out ofrevenue.