Article 8 Reserve fund

(1)

The Council may have and maintain a reserve fund.

(2)

The Council must carry to any such reserve fund such part of the harbours revenue as may be available for the purpose in accordance with article 7(d).

(3)

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

(a)

in or towards meeting any deficiency in harbours revenue for the purposes of article 7(a) to (c) in any year;

(b)

to meet any extraordinary claim or demand in respect of the harbour undertaking;

(c)

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

(d)

for improving the operational area and the navigation of the harbours and the approaches to the harbours;

(e)

for any other lawful purpose sanctioned by the Council and connected with the harbour undertaking.