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3.—(1) The Aircraft and Shipbuilding Industries Act 1977 is amended as follows.
(2) Omit sections 42 to 44.
(3) In section 56(1), omit the definition of “stockholders’ representative”.
(4) In Schedule 3 (vesting of assets of undertakings in acquired companies), in paragraph 2(1), omit “or, in default of such agreement, by arbitration under this Act”.
(5) Omit Schedule 7.
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