I think it was. Upon considering the matter, it was found that these words were left out through a misapprehension. Clause 2 deals with the preference shares which have been heretofore issued and their redemption by unanimous consent; clause 3 deals with preference shares heretofore created and provides for redemp-
tion, when the consent of each of the holders is secured; clause 4 provides for the creation of preference shares hereafter, and also their redemption, but there was no provision for the passing of a by-law by the directors, which brought into effect the provisions of sections 2, 3 and 4, and this merely authorizes the directors, having got the right by the previous sections, to pass a by-law whenever they are ready to do so, providing for the actual redemption of the shares in accordance with the previous sections. That has to be filed in the department for reference in future, and they also have to file a statement at the end of each twelve months, after the passing of such by-law.
Topic: BARCELONA LIGHT AND POWER COMPANY.