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Article 15 Application of finances

Original text. Later amendments are not shown.

The Authority must apply the port revenue in the following way—

(a)

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

(b)

secondly, in payment of the interest on any moneys borrowed by the Authority for the port undertaking under any statutory borrowing power;

(c)

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

(d)

fourthly, to any reserve fund maintained under article 16 (reserve fund).