Article 14 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 of their assets and revenues, by any method which they see fit—
such sums of money as they think necessary not exceeding an aggregate of five million pounds (or that sum as adjusted in accordance with article 17 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.
Monies borrowed by the Commissioners under this article shall be applied only to the 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 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.