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Article 7 Application of finances

Original text. Later amendments are not shown.

The Council must apply the harbours revenue in the following way—

(a)

firstly, in payment of the working and establishment expenses and cost of maintenance of the harbours;

(b)

secondly, in payment of the interest on any moneys borrowed by the Council for the harbours under any statutory borrowing power;

(c)

thirdly, in payment of all other expenses properly chargeable to harbours revenue;

(d)

fourthly, to any reserve fund maintained under article 8 (reserve fund).