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(1)Subject to the following provisions of this section the government stock issued to any of the companies mentioned in the first Schedule to this Act (hereafter in this section referred to as "a shareholder") as compensation for any shares of the operating company shall be bid in the same right and on the same trusts and subject to the same powers, privileges, provisions, charges, restraints and liabilities (so far as subsisting on the date of issue of the stock) as those in, on or subject to which the shares were held on the eighteenth day of April, nineteen hundred and forty-six, and so as to give effect to and not revoke any deed, order, mandate, notice or other instrument or disposition disposing of or affecting those shares, and every such instrument or disposition (whether made or given before or after that day) shall take effect with reference to the whole or a proportionate part, as the case may be, of the government stock.
(2)It shall be the duty of a shareholder on the appointed day to deliver up to the operating company the certificates of the shares held by the shareholder on the said eighteenth day of April :
Provided that the shareholder shall not be bound to deliver up any such certificates which on the said eighteenth day of April were in the possession of some other person by reason of any mortgage, pledge or charge still subsisting on the appointed day, until the mortgage, pledge or charge has been discharged or government stock has been issued as compensation for the shares, whichever first occurs.
(3)Except as respects matters arising before the appointed day; the companies which were parties of the second and fourth parts to the agreement mentioned in the Third Schedule to this Act shall not be entitled to any right or subject to any obligation under or by virtue of that agreement.
(4)There shall be paid out of moneys provided by Parliament such sums as may be required for the purpose of any undertaking given by the Treasury to Cable and Wireless (Holding) Limited for indemnifying that company against liabilities accruing after the appointed day under any agreement entered into by it before the said eighteenth day of April as surety for, or jointly and severally with, the operating company, being liabilities in respect of pensions and other benefits payable on the death or retirement of persons in employment with the operating company, or with any other company or body whose telegraph business was acquired by the operating company, or of the sufficiency or administration of any fund for the provision of such pensions or other benefits.
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