Page 226 - The Persian Gulf Historical Summaries (1907-1953) Vol II

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5 No addition, alteration or amendment shall be made to or in this
^A^Viorindum of Association or the Company’s Articles of Association for the time
in force, unless the same shall have been previously submitted to and
^Droved by the Board of Trade.
^ 6 The fourth and fifth paragraphs of this Memorandum contain conditions
dr ^hich a licence is granted by the Board of Trade to the Company in pursuance
1 Section 19(1) of the Companies Act, 1948.
7. The liability of the members is limited.
8. Every member of the Company undertakes to contribute to the assets of
Company, in the event of the same being wound up whilst he is a member, or
pUhin one year after he ceases to be a member, for payment of the debts and
‘’abilities of the Company contracted before he ceases to be a member, and of the
M?Sts» charges and expenses of winding up, and for the adjustment of the rights of
lhe contributories among themselves, such amount as may be required not
Exceeding £1.
9. If upon the winding up or dissolution of the Company there remains,
after the satisfaction of all its debts and liabilities, any property whatsoever, the
same shall not be paid to or distributed among the members of the Company, but
shall be applied under the direction of the Minister of Transport for all or any of the
objects for which the Company itself exists but without restriction to the Persian
Gulf or other geographical area.
10. True accounts shall be kept of the sums of money received and expended
by the Company, and the matters in respect of which such receipts and expenditure
take place, and of the property, credits and liabilities of the Company, and of all
sales and purchases of goods by the Company, and, subject to any reasonable
restrictions as to the time and manner of inspecting the same that may be imposed
in accordance with the Articles of Association of the Company for the time being,
such accounts shall be open to inspection by the members. Once at least in every
year the accounts of the Company shall be examined and the correctness of the
income and expenditure account and balance sheet ascertained by one or more
properly qualified Auditor or Auditors. The books of account, records and
documents of the Company shall at all reasonable times be available for
examination by the Comptroller and Auditor General or by any person
nominated either by him or by the Minister of Transport.

(ii)
(Paragraph 22)
Constitution and Rules of Procedure of the Local Advisory Committee
1. The Local Advisory Committee shall consist of the following
representatives and/or nominees: —
A.—One of each of: Anglo-lranian Oil Co. Ltd.
Gray, Mackenzie & Co. Ltd.
The Kuwait Oil Co. Ltd.
The Overseas Tankship Corporations
Petroleum Development (Qatar) Ltd.
'Two nominees of the Minister of Transport.
e C.-—Any other persons who may be appointed to the Local Advisory
^mittee by the Board.
^ ?• With the approval of the Board, suitable persons may be invited to attend
ebngs of the Committee.
3. The functions of the Committee shall be: —
day to day
(Q) To advise the Superintendent of Lights & Buoys on
maintenance.
To submit to the Board an annual Budget.
^c) To advise the Board on: —
(i) collection of light dues; . ^
(ii) technical matters connected with The Persian Gulf Lg S
Service;