Durham Markets Company Act 1992

Section 4.

SCHEDULE 1

Amendments of Act of 1851

1 After section IX (Calls) there shall be inserted the following section:—

“IXA Limited liability

The liability of the shareholders is limited to the amount, if any, unpaid on the shares respectively held by them.”.

2 In section XXX (Power to hold Markets) the words “with the previous Consent and Concurrence of the Mayor, Aldermen and Citizens of the City of Durham for that Purpose first had and obtained” and paragraph (b) of the proviso shall be omitted.

3 In section XXXI (Power to lease Stands, &c. in Markets) the words “not exceeding Seven Years” and “and not exceeding Twenty-one Years” shall be omitted.

4 In section XXXIII (Tolls to be taken for Markets) for the words “such Stallages, Rents, and Tolls as the Company shall from Time to Time appoint, not exceeding the several Stallages, Rents, and Tolls specified in Schedule (B.) to this Act” there shall be substituted the words “such charges as the Company may determine”, for the words “Stallages, Rents, and Tolls hereby authorized” there shall be substituted the words “charges hereby authorized” and for the words “several Stallages, Rents, or Tolls specified in the said Schedule (B.)” there shall be substituted the word “charges”.

5 In section XXXV (Tolls for Use of Market Place during Fairs) for the words from “such Stallages”, where those words first occur, to the end of the section there shall be substituted the words “such charges as the Company may determine”.

6 In section XXXVI (Tolls for weighing Carts, &c.) for the words from “such Tolls” to the end of the section there shall be substituted the words “such charges as the Company may determine”.

7 In section XXXVIII (Sales elsewhere than in Markets prohibited under Penalty of Forty Shillings) after the word “Sale” there shall be inserted the words “any articles, or shall arrange for or organise the sale or exposure for sale by any person of any articles”, for the words “any Articles” there shall be substituted the words “being Articles” and for the words “Twenty Pounds” there shall be substituted the words “level 3 on the standard scale”.

8 In section XL (The Company may collect or take a Lease of the other Market Tolls payable to the Corporation) for the words “Stallages, Rents, and Tolls specified in the Schedule (B.) to this Act annexed” there shall be substituted the word “charges”.

Amendments of Act of 1965

9 In subsection (3) of section 7 (Tolls, etc.), for the words from “also” to “sanction” there shall be substituted the words “make such charges as the Company may determine”.

10 After section 7 (Tolls, etc.) there shall be inserted the following section:—

“7A Power to hold, lease and sell lands

(1) Notwithstanding anything contained in any other provision of this Act the Company may acquire by purchase or otherwise, retain, hold or use any land and may from time to time, for such considerations or such rents and upon such terms (pecuniary or otherwise) and conditions as they may from time to time think fit, sell, exchange, lease or otherwise dispose of any land from time to time belonging to them and which in the opinion of the Company either may be disposed of for the better advantage of the undertaking or may not be for the time being required for the purposes of the undertaking and (for such term or period as they may think proper) may lease or grant the use or occupation of or easements or rights over or affecting any shop, building, work, approach or convenience for the time being belonging to or provided by them.

(2) The Company—

(a) may, for the purposes of the undertaking, manage, use or develop land belonging to or held by them as they think fit; and

(b) in addition may, with a view to selling or otherwise disposing of any right or interest in the land after the development is carried out—

(i) retain any land belonging to them which is not required for the purposes of the undertaking and develop it or procure its development for use by other persons; and

(ii) where the use of land belonging to them for the purposes of the undertaking can be combined with its use for other purposes, develop the land or procure its development for use wholly or partly by other persons.

(3) The Company may acquire other land by agreement, whether by purchase, exchange, lease, licence or otherwise, for the purpose of developing it or of procuring its development together with the land already belonging to them.”.

11 In subsection (1) of section 8 (Additional capital) for the words “one hundred thousand pounds” in both places where they occur there shall be substituted the words “five hundred thousand pounds”.

12 For subsection (2) of section 8 (Additional capital) there shall be substituted the following subsections:—

“(2) The Company may borrow or raise or secure the payment of money for the purposes of or in connection with the undertaking not exceeding in the whole the sum of two million pounds or such larger amount as the Company may from time to time in general meeting determine.

(3) Notwithstanding anything in any enactment, the directors may by virtue of this section and without further or other sanction or authority exercise any powers of borrowing for the time being vested in the Company.”.

13 After section 8 (Additional capital) there shall be inserted the following section:—

“8A Powers of investment

The directors may invest and deal with the moneys of the Company not immediately required for the purposes of the undertaking and may deal with the securities and other investments of the Company in such manner as they may from time to time determine.”.