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

who shall covenant to improve such lands by laying out money in the construction or erection of graving docks gridirons slipways warehouses shipbuilding yards sheds houses or other buildings thereon calculated to promote the business of the Company and also to grant to such lessees the use during their respective leases of such waterway quay room and wharfage room and other easements as may be requisite or convenient for the purpose of the trade or business to be carried on in or at the warehouses buildings or works to be erected or constructed by such lessees and it is expedient that the agreement between the Company and the slipway company as set forth in the schedule to this Act should be confirmed and that the Company should be authorised to lend money to and to nominate or appoint directors of the slipway company as provided by this Act :

And whereas it is expedient that the Company should be empowered to apply their funds to the purpose of this Act and that the other powers in this act conatined should be conferred on the Company :

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 King's most Excellent Majesty by and with the advice and consent of the Lords Spiritual and Temporal and Commons in this present Parliamnet assembled and by the authority of the same as follows : -

1. This Act may be cited for all purposes as the Taff Vale Railway Act 1908.

2. The agreement dated the twenty-third day of March one thousand nine hundred and eight and made between the Company of the one part and the slipway company of the other part as set forth in the schedule to this Act is hereby confirmed and made binding upon the parties thereto and may and shall be carried into effect accordingly and the Company may subject to and in accordance with the provisions of the said agreement leand to the slipway company such sums as they may think fit not exceeding in the whole the sum of fifty thousand pounds and may during such time as any debentures issued by the slipway company to the Company under the said agreement shall remain unredeemed nominate and appoint two directors of the slipway company . . .