Article 2 Borrowing powers

The Authority (including any subsidiary of the Authority) may from time to time borrow, by any methods they see fit, such sums of money as they think necessary for the purposes of meeting their obligations in carrying out their functions; and where moneys are borrowed by the Authority under this article, the Authority may, if they see fit, borrow those moneys upon the security of some or all of their assets for the time being or of some or all of their revenues or of some or all of both their assets and their revenues.

In this article “subsidiary” means a subsidiary formed under the Port of Tyne Act 1989.