Statutory Instrument 1991 No. 1063

The Manchester Ship Canal Harbour Revision Order 1990

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© Crown Copyright 1991

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1991 No. 1063

HARBOUR, DOCKS, PIERS AND FERRIES

The Manchester Ship Canal Harbour Revision Order 1990

Whereas objections to the application for this Order have been duly made and not withdrawn and the Secretary of State for Transport is required, in accordance with the procedure prescribed in paragraph 4A of Schedule 3 to the Harbours Act 1964^[1] to give notice of the making of this Order and its effect to the persons opposing the Order:

And whereas this Order shall come into force 28 days after giving of such notice unless such persons within that period give notice to the Secretary of State that they maintain their opposition to the Order, and their opposition is not withdrawn within that period, in which case it shall come into force at such time as is prescribed by the Statutory Orders (Special Procedure) Act 1945^[2] :

Now therefore the Secretary of State for Transport, in exercise of the powers conferred by section 14 of the Harbours Act 1964 and now vested in him^[3] , and of all other powers enabling him in that behalf, and on the application of the Manchester Ship Canal Company, hereby makes the following Order:—

Citation

    1.—(1)  This Order may be cited as the Manchester Ship Canal Harbour Revision Order 1990.

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

Interpretation

    2.    In this Order:—
"the Company" means the Manchester Ship Canal Company;


"Corporation debentures" means the new mortgage debentures issued by the Company to the former lord mayor aldermen and citizens of the city of Manchester under the Manchester Ship Canal Act 1891^[4] , the Manchester Corporation (Ship Canal) Act 1893^[5] and the Manchester Ship Canal (Additional Capital, & c.) Act 1893^[6] ;


"the Council" means the Council of the City of Manchester;


"the date of redemption" means the date on which the Corporation debentures are redeemed by the Company in pursuance of an agreement under paragraph (1) of article 3 of this Order.

Redemption of Corporation debentures and amendment of provisions relating to directors

    3.—(1)  Notwithstanding the provisions of paragraph (2) of section 7 (Rate of interest on Corporation debentures to be reduced) of the Manchester Ship Canal (Finance) Act 1904^[7] , the Company and the Council may agree that the Corporation debentures shall become redeemable and that they shall be redeemed by the Company on such date as may be so agreed.

    (2)  On the date of redemption the Council shall cease to be entitled to appoint directors of the Company and the enactments and instrument specified 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 column of that Part.

    (3)  On the date of redemption the following amendments to the Manchester Ship Canal Act 1885^[8] 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" .

Borrowing powers, etc.

    4.—(1)  On the date of redemption any enactment whereby the exercise of a power to borrow money conferred upon the Company is subject to the consent of the Council shall cease to have effect and accordingly on that date the enactments specified in Part II of the Schedule to this Order shall be repealed to the extent specified in the third column of that Part.

    (2)  In section 36 (Power to Company to borrow) of the Manchester Ship Canal Act 1956^[9] , 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 Act of 1956 shall include power to borrow on an unsecured basis or upon the security of a guarantee given by a third party or by any other method the directors of the Company see fit.

    (4)  Notwithstanding anything in any enactment for the time being relating to the Company, the directors of the Company may by virtue of this article and without further or other sanction or authority exercise any powers for the time being vested in the Company of borrowing or reborrowing.

    (5)  In subsection (1) of section 23 (Power to invest & c. in other companies) of the Manchester Ship Canal Act 1945^[10] there shall be inserted after the words"lend money to" the words"or give guarantees for" .

Costs of Order

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

Signed by authority of the Secretary of State for Transport

Patrick McLoughlin

Parliamentary Under Secretary of State, Department of Transport

26th February 1990

[1] 1964 c. 40; section 14 and Schedule 3 were amended by the Transport Act 1981 (c. 56), section 18 and Schedule 6, paragraphs 2 to 4, 12 and 14. back

[2] 1945 c. 18, as amended by the Statutory Orders (Special Procedure) Act 1965 (c. 43). back

[3] See section 57(1) of the Harbours Act 1964 and S.I. 1981/238. back

[4] 1891 c.clxxxi. back

[5] 1893 c.xix. back

[6] 1893 c.xxiii. [DET 9960] back

[7] 1904 c.lxxiv. back

[8] 1885 c.clxxxviii. back

[9] 1956 c.lxxx. back

[10] 1945 c.xi (9 & 10 Geo. 6). back

Explanatory Note