Here's the description from the Triumph Emission publication of 1973
"'Run-On' Control Valve
Due to the rigorous U.S.A. Federal Laws governing the exhaust emission and the use of specified fuels, current production engines have a tendency to 'run-on' after the ignition is switched off.
To combat this condition a run-on control valve is fitted to the bottom of the charcoal canister and actuated through the ignition switch.
Description
A solenoid moves a valve which seals off the air inlet to the bottom of the charcoal canister.
At the same time a passage is opened in the valve body to allow manifold vacuum to act through the canister, vent valve hose and drilling to the carburetter, causing a depression in the float-chamber.
The vacuum created equals the vacuum in the constant depression area of the carburetter, thus preventing fuel from rising and entering the air orifice and therefore stopping the engine.
As the oil pressure drops, an oil pressure sensitive switch breaks the electrical circuit and de-energizes the solenoid.
The engine is then ready again for operation"
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