Article 13 Borrowing powers
Subject to paragraph (2) below, the Commissioners may from time to time borrow upon the security of their assets for the time being or of their revenues or both their assets and their revenues, by any methods they see fit—
such sums of money as they think necessary not exceeding five million pounds (or that sum as adjusted in accordance with article 15 below); 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) above, 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.
Moneys borrowed by the Commissioners under this article shall be applied only to purposes to which capital money is properly applicable.
For the purposes of paragraph (3) above, but without prejudice to the generality of that paragraph, purposes to which capital money is properly applicable shall be deemed to 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 from the date of borrowing, of any sum for the time being outstanding by way of principal on any amount previously borrowed.
Section 44 (protection of lenders) and section 47 (appointment of receiver) of the Cattewater Harbour Order 1915f1 shall apply to the exercise of the powers of this article but subject to the substitution for the words “two thousand pounds in the whole” in section 47 of the words “one-tenth of the amount for the time being borrowed by the Commissioners”.
Annotations
Footnotes
- f1