and opinion given re the Great Orme Tramway Company's application for an overdraft from the National Provisional Bank in order to meet financial committments. The document outlines the original financing arrangement of the Company and goes on to detail the terms of the resolution.
In order to pay contractors, G.O.T. propose that Lloyds Bonds be issued for the amounts owed to them, then these Bonds will be paid by the guarantors out of the overdraft and then [the Bonds] deposited at the bank as collateral security for said overdraft.
Opinion considers the proposed arrangement to be legal and effective and that the Company would be justified in issuing Lloyds Bonds to the contractors for amounts owing.
[?Draft copy: sections have been crossed out or underlined and there are notations in the margins].