Article 14 Borrowing Powers
Subject to paragraph (2), the Commissioners may from time to time borrow upon the security of their assets for the time being or of their revenues or of both their assets and their revenues, by any methods they see fit—
such sums of money as they think necessary not exceeding one million pounds (or that sum as adjusted in accordance with article 16); and
with the consent of the Secretary of State, such further sums of money as they may require.
In calculating the aggregate sums of money borrowed by the Commissioners under paragraph (1), there shall be excluded any sums borrowed for the purpose of repaying, within twelve months of the date of borrowing, any sum for the time being outstanding by way of principal on any amount previously borrowed.
Monies borrowed by the Commissioners under this article must be applied to purposes to which capital money is properly applicable.
For the purposes of paragraph (3), but without prejudice to the generality of that paragraph, the purposes to which capital money is properly applicable include—
the payment of any interest, falling due within five years immediately following the date of borrowing, on any sum of money borrowed by the Commissioners under this article; and
the repayment, within twelve months of the date of borrowing, of any sum for the time being outstanding by way of principal on any amount previously borrowed.