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Confirmation of the Scheduled Agreement.
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3.—The Scheduled Agreement is hereby confirmed, and for that purpose it is hereby declared and enacted as follows, that is to say:—
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(a) the Scheduled Agreement shall have statutory effect and shall be binding on every of the Participating Companies as fully as if it had been enacted in this Act;
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(b) the directors of each of the Participating Companies shall have and be deemed always to have had power, notwithstanding anything contained in the Memorandum of Association or the Articles of Association of their company or in the Companies Acts, 1908 to 1924, or in the Insurance Acts, 1909 and 1936, or in any other enactment, to enter into the Scheduled Agreement on behalf of their company and to bind their company thereby;
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(c) it shall be the duty of every of the Participating Companies, and they are hereby respectively empowered. to carry out the Scheduled Agreement so far as the provisions thereof are to be performed by them respectively;
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(d) it shall be the duty of the Terminating Company, and that Company is hereby empowered, when it has been duly incorporated pursuant to the Scheduled Agreement, to carry out the Scheduled Agreement so far as the provisions thereof are to be carried out by it;
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(e) it shall be the duty of the Permanent Company, and that Company is hereby empowered, when it has been duly incorporated pursuant to the Scheduled Agreement, to carry out the Scheduled Agreement so far as the provisions thereof are to be carried out by it.
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