Article 61 Existing borrowing and harbour stock

Subject to paragraph (2), any sums of money borrowed by the Authority under or by virtue of the repealed enactments and outstanding on the date when this Order comes into force shall be deemed for the purposes of article 58 to have been borrowed under that article.

The Authority may purchase any harbour stock, whether at par or at a price above or below par, either in the market or by agreement with its holder for the purpose of extinguishing that stock.

In this article “harbour stock” means the harbour stock held under the Maryport Harbour Act 1939^f1.