Article 39 Borrowing powersI1

England, Wales and Scotland

(1)

Notwithstanding anything contained in any enactment, the Commissioners may from time to time, for the general purposes of the undertaking, borrow upon the security of all or any of the revenues and property of the Commissioners and by any method or methods which they see fit such sums of money as they consider necessary.

(2)

Moneys borrowed under paragraph (1) may be applied only to purposes to which capital money is properly applicable.

(3)

For the purposes, but without prejudice to the generality, of paragraph (2) purposes to which capital money is properly applicable shall be deemed to include—

(a)

any major works of repair or maintenance of any part of the works forming part of the undertaking;

(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 Commissioners under this article;

(c)

the repayment within 12 months from the date of borrowing of any sum for the time being outstanding by way of principal on any amount previously borrowed; and

(d)

any payment relating to pensions paid or to be paid to any past or present employee of the Commissioners or to the family or dependants of such persons.

Annotations

Commencement

I1: Art. 39 in force at 23.7.2012, see art. 1(2)