PART 4MISCELLANEOUS

Borrowing

article 16 + 16.—(1) The Commissioners may, for the purposes of the harbour undertaking, borrow upon the security of all or any of the harbour revenue and property and by any method or methods which they see fit such sums of money as they consider necessary.

(2) Moneys borrowed under paragraph (1) may be applied only to purposes to which capital money is properly applicable.

(3) Without limiting the scope of paragraph (2) purposes to which capital money is properly applicable are deemed to include—

article 16 3 a + (a)any major works of repair or maintenance of any part of the works forming part of the harbour undertaking;

article 16 3 b + (b)the payment of any interest falling due within the five years immediately following the date of the borrowing of any sum of money borrowed by the Commissioners under this article;

article 16 3 c + (c)the repayment within 12 months from the date of borrowing of any sum for the time being outstanding by way of principle on any amount previously borrowed;

article 16 3 d + (d)a payment relating to pensions paid or to be paid to past or present employees of the Commissioners whose employment related to the harbour undertaking or to the family or dependants of such persons.