Volume Three - The Pontoon Era - The Taff Vale Railway Act, 1908 . . .

And whereas the Penarth Shipbuilding and Ship-repairing Company Limited (in this Act called "the slipway company") were constituted under the Companies Act 1862 for the following objects as set forth in their memorandum of association (namely) :-

"To purchase or otherwise acquire any lease or interest in lands situate within the Custom-house port of Cardiff to purchase or sublease the whole or a portion of the interest of James Edwards and John Fry in and under an agreement made dated the 31st day of December 1877 and made between the Taff Vale Railway Company of the one part and the said James Edwards and John Fry of the other part to construct and maintain gridirons slipways dry docks sheds and other conveniences for the building and repairing of seagoing vessels of every description and of the engines and machinery of steamships to build and repair and fit out seagoing vessels of every description and the engines and machinery of steamships to become agents for the sale and also to purchase and sell all sorts of sheathings coatings paints canvas rope and other articles used for the building repairing and fitting out of seagoing vessels to purchase wrecks or seriously damaged vessels for the purpose of repair and sale to salve stranded or sunken vessels generally to do all such things as are directly or indirectly incidental or conducive to the attainment of the above objects or any of them to carry into effect the above powers or any of them" :

And whereas in pursuance of the said agreement dated the 31st day of December one thousand eight hundred and seventy-seven the Company by lease dated the third day of June one thousand eight hundred and eighty demised to the said James Edwards and John Fry a piece of land on the northern side of Penarth Dock for the purpose of a slipway and repairing ships and by deed dated the twenty-first day of June one thousand eight hundred and eighty the said James Edwards and John Fry assigned the land and premises comprised in the said lease to the slipway company :

And whereas the Company have without parliamentary authority advanced to the slipway company a sum of five thousand pounds which sum with interest thereon is secured by a mortgage and charge upon the undertaking and assets of the slipway company :

And whereas by section 14 of the Taff Vale Railway Act 1886 the Company were authorised to grant leases of any of the lands forming part of the undertaking of the Penarth Company leased to them and not required or likely to be required for the purposes of the Company to any persons corporations or companies (such corporations or companies being capable at law to accept such leases) . . .