Clause 3

by deleting the words “the company and” appearing in the sixth and seventh lines of subsection (3) thereof; and

by inserting immediately after subsection (3) thereof the following new subsections: —“(3A) Subsection (3) of this section shall not apply if the contract is entered into by a receiver and manager of any part of the undertaking of the company appointed under a power contained in any instrument or a liquidator of the company appointed in a voluntary winding up.(3B) Any contract for the sale of all or substantially all of the undertaking or assets of the company entered into with a purchaser for value acting in good faith and without knowledge of any breach of subsection (3) of this section shall be valid and enforceable notwithstanding the breach of that subsection by an officer acting on behalf of the company.”.