Article 16 Port of Penryn Reserve FundI1

England and Wales

(1)

The Council may establish and maintain a Port of Penryn Reserve Fund and carry to it the Existing Port of Penryn Reserve.

(2)

Any reserve fund established or maintained under this article must be applied by the Council in its discretion—

(a)

in or towards payment of the cost of renewing, improving, extending or replacing any part of the works forming part of the Port of Penryn or any vessels, plant or equipment of the Council connected to the Port of Penryn;

(b)

for improving the operational area and the navigation of the Port of Penryn and the approaches to the Port of Penryn;

(c)

for any other lawful purpose sanctioned by the Council and connected with the Port of Penryn.

Annotations

Commencement

I1: Art. 16 in force at 14.7.2023, see art. 1(1)