Section 1 The Treasury empowered to grant priority of security in respect of loans to harbour authorities by other persons.F4

Notwithstanding any provision to the contrary contained in the Acts herein-before mentioned, or in any other Act or Acts passed or to be passed relating to F1local loans made under section 3 of the National Loans Act 1968, it shall be lawful for F2the Treasury from time to time to grant priority of security, as well for principal as interest, in respect of any loan made or to be made to any harbour authority by any person or persons other than the Treasury, over any security which has been or shall be given to the Treasury by such harbour authority; provided, that the grant of such priority will not, in the opinion of F3the Treasury, affect the sufficiency of the security given or to be given to the Treasury.