The Mid Southern Water Order 1987

Modification of the Third Schedule

6.  Section 3 of the Mid-Wessex Water (No. 2) Order 1957(1) (which applied the Third Schedule to the undertaking with certain modifications) shall be amended by substituting for paragraph (g) of subsection (3) the following paragraphs—

“(g) in section 76 (which provides for the establishment of reserve and contingency funds)—

“(i) in subsection (1) for the word“they”, where that word first occurs, there shall be substituted the words“the directors of the company”, after the words“as they think fit”there shall be inserted the words“(not being provisions for liabilities or charges within paragraph 89 of Schedule 4 to the Companies Act 1985)(2)”and for the word“them”in paragraph (a) there shall be substituted the words“the company”;

(ii) in subsection (3) for the words“The undertakers”there shall be substituted the words“The directors of the company”;

(iii) in subsection (4) for the words“twelve and a half”there shall be substituted the words“twenty-five”; and

(iv) in subsection (5) for the words“one and a quarter”there shall be substituted the words“two and a half”;

(gg) in subsection (1) of section 77 (which places a limitation on the balance carried forward at the end of the year) in paragraph (a) after the word“dividend”and in paragraph (c) after the word“dividends”there shall be inserted the words“together with the advance corporation tax associated therewith”;”.”.

(1)

S.I. 1957/2233.

(2)

1985 c. 6.