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

fifty thousand pounds to be secured by the issue of first mortgage debentures repayable in forty years provided interest at the rate of four pounds per centum per annum on the debentures from time to time outstanding and unpaid is duly and punctually paid half-yearly or within six months from its due date.

The lease of the premises to be deposited by the Slipway Company with the Taff Company in security for the payment of the debentures.

7. The existing mortgage and debentures for securing to the Taff Company repayment of the sum of five thousand pounds advanced by them to the Slipway Company shall be cancelled and paid off.

8. The Slipway Company will in each and every year during the said term of forty years following the expiration of the third whole year after the commencement of business at the said pontoon and shops repay the Taff Company the capital sum of at least five hundred pounds The said sum of five hundred pounds or such further sum as the Slipway Company may pay shall be devoted to the redemption of an equivalent amount of the said debentures The numbers of such debentures to be redeemed on each occasion according to the amount which the Slipway Company shall pay shall be determined by drawings which the Slipway Company will cause to be made annually at its registered office.

9. The Taff Company to have the option of acquiring the Slipway Company's undertaking after the expiration of fifteen years from the date hereof on giving twelve months notice such acquisition to be on arbitration terms including ten per cent. for compulsory purchase.

10. The Taff Company to have power from time to time until the whole of the debentures are redeemed to nominate and appoint two directors of the Slipway Company without providing them with the necessary qualifications The total number of directors including such nominees not to exceed seven The memorandum and articles of association of the Slipway Company to be altered accordingly or provision made in the Taff Company's Bill of the present session.