Section 31 Borrowing by harbour authorities.

(1)

The purposes for which a harbour authority may borrow money under any statutory provision shall include the following:—

(a)

meeting any expenses properly chargeable to capital;

(b)

acquiring a business or undertaking or part of a business or undertaking in the exercise of powers conferred by section 24 or any other statutory provision;

(c)

subscribing for or acquiring any securities (within the meaning of that section) of a body corporate in the exercise of such powers as are mentioned in paragraph ( b).

(2)

So much of any statutory provision of local application as limits the rate of interest at which a harbour authority may borrow money shall cease to have effect.

Notes on the whole Act

Textual amendments

F1: functions transf. by SR 1999/481