Mersey Docks and Harbour Act 1971
| Jurisdiction | UK Non-devolved |
Mersey Docks and Harbour
Act
1971
c. lvii 1
ELIZABETH H
1971 CHAPTER lvii
An Act to reconstitute the Mersey Docks and Harbour
Board as a company and to alter its name; to reorganise
the capital of the Board; and for other purposes.
[27th July 1971]
W
HEREAS by the Mersey Docks and Harbour Act 1857
1857
c.
cfxii.
(being an Act for consolidating the docks at Liverpool and
Birkenhead into one estate and for vesting the control
and management of them in one public trust, and for other
purposes), the Mersey Docks and Harbour Board (hereinafter
called " the Board ") was incorporated for the purposes therein
mentioned and by that Act and subsequent enactments relating to
the Board various powers have from time to time been conferred
on the Board:
And whereas in recent years a number of factors have adversely
affected the operation and finances of the Board's undertaking
and it is expedient that the Board should be reconstituted as a
company to be known as The Mersey Docks and Harbour
Company (hereinafter called " the Company ") and that certain
provisions of the Companies Act 1948 should be applied to it:
1948
c.
38.
And
whereas it is expedient that the capital of
the
Board should
be reorganised as by this Act provided:
And
whereas it is expedient with a view to securing the financial
viability of the undertaking that provision should be made within
2 c. lvii Mersey Docks and Harbour Act 1971
a defined time for altering the rights, privileges, restrictions and
obligations attaching to the capital of the Company having
regard to the financial position of the Company at the time the
alterations are made:
And whereas it is expedient that until such alteration comes
into force the obligations of the Company to redeem its securities
should be limited, and that its obligations to pay interest thereon
may be reduced, as by this Act provided:
And whereas it is expedient that other provision be made
in relation to the operation and finances of the Company:
And whereas it is expedient that the other provisions of this
Act be enacted:
And whereas the objects of this Act cannot be attained without
the authority of Parliament:
May it therefore please Your Majesty that it may be enacted,
and be it enacted, by the Queen's most Excellent Majesty, by and
with the advice and consent of the Lords Spiritual and Temporal,
and Commons, in this present Parliament assembled, and by the
authority of the same, as follows:—
PART I
PRELIMINARY
1.—(1)
This Act may be cited as the Mersey Docks and
Harbour Act 1971 and shall come into operation on the appointed
day.
(2) The existing Acts and this Act may be cited as the Mersey
Docks and Harbour Acts 1857 to 1971.
Interpretation. 2.—(1) In this Act, unless the context otherwise requires, words
1948 c. 38. and expressions defined in the Companies Act 1948 have the
meanings assigned to them by that Act and the following expres-
sions have the meanings hereby assigned to them, that is to say:—
1857
c.
clxii.
" the Act of 1857 " means the Mersey Docks and Harbour
Act 1857;
1858
c. xcii. " the Act of 1858 " means the Mersey Dock Acts Consolida-
tion Act 1858;
" the annuities " means the annuities granted by the Board
under the Act of 1858;
" the appointed day " means the first day of the month next
following the passing of this Act;
" the articles" means the articles of association prescribed
by the scheme as from time to time altered by special
resolution;
" the auditors" means the auditors for the time being of the
Company;
Short and
collective
titles and
commence-
ment.
Mersey Docks and Harbour
Act
1971
c. lvii
«the Board " means the Mersey Docks and Harbour Board; ?jxrl
" the Board's debenture stock " means the debenture stock
created and issued by the Board under the Mersey
Docks (Finance) Act 1899 and outstanding immediately
1899
c cxcvm.
before the appointed day;
" the bonds" means the bonds granted by the Board under
the Act of 1858 and outstanding immediately before
the appointed day;
" the Company " means The Mersey Docks and Harbour
Company; .
" debenture holder " means any person whose name is for
the time being entered in any record of debenture
holders to be kept in accordance with the provisions of
this Act;
" the directors" means such number of the directors for
the time being of the Company as under this Act or
the articles shall have power to act for the Company;
"the docks" means the docks, jetties and other facilities
for the berthing of
vessels
and the loading and un oadmg
of goods on and from
vessels,
for the
time being
belonging
to the Company;
" enactment" means any Act, any order, scheme, byelaw
or other instrument made under an Act, and any
provision in any Act or in such order, scheme, byelaw
or instrument;
" the existing Acts" means the Act of 1857 and subsequent
Acts and Orders obtained by the Board other than ttu,
Liverpool Pilotage Order 1920;
"existing harbour loans" means the loans secured by
mortgages granted by the Board for moneys borrowed
by it under section 33 (Further borrowing powersJfor
works and conservancy purposes) of the Mersey Docks
and Harbour Board Act 1966 before the 27th November
1966
c.
«.
1970,
and includes the loans not so secured made alter
that date in pursuance of an agreement made before that
date,
all of which loans are specified m column (1) ot
Part IV of Schedule 2 to this Act;
"the existing securities" means the bonds, the Boards
debenture stock and the annuities;
"floating charge" means a floating charge upon the
mortgaged premises created under subsection (1) at
section 12 (Conversion of certain borrowings) ub-
section (1) of section 13 (Floating charges) or sub-
section (2)i of section 38 (Conversion of capital) ol this
Act'
" member" means any person who is deemed to be a member
of the Company by virtue of the scheme or who agrees
To continue reading
Request your trial