# The Gloucester Harbour Revision Order 1988, Article 7: Power to borrow


(1) The Trustees may from time to time borrow upon the security of all or any of the revenues and property of the Trustees and by any method or methods they see fit, such sums of money as they think necessary:
Provided that:
(i) the amount outstanding in respect of monies so borrowed shall not at any time exceed £500,000;
(ii) in calculating for the purpose of this article the amount outstanding in respect of monies borrowed by the Trustees 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.
(2) Monies borrowed by the Trustees under this article shall be applied only to purposes to which capital money is properly applicable.
(3) For the purposes of the last foregoing paragraph, but without prejudice to the generality thereof, purposes to which capital money is properly applicable shall be deemed to include:—
(a) the provision of pilotage services;
(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 Trustees under this article; and
(c) 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.
(4) Section 28 (Power to borrow) of the Order of 1890 is hereby repealed.

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Source: https://www.legislation.gov.uk/uksi/1988/1040/article/7 (the official version)
Page: https://openlegislation.uk/gloucester-harbour-revision-order-1988/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.