Article 35 General borrowing powers

(1)

The Commissioners may from time to time borrow upon the security of all or any of the revenues and property of the Commissioners and by any method or methods they see fit, such sums of money as they think necessary:

Provided that:
1. (a)
  
  the amount outstanding in respect of monies so borrowed shall not at any time exceed £500,000;
2. (b)
  
  in calculating for the purpose of this article the amount outstanding in respect of monies borrowed by the Commissioners there shall be excluded any sums borrowed for the purpose of repaying within 12 months of the date of borrowing any sum for the time being outstanding by way of principal on any amount previously borrowed.

(2)

Monies borrowed by the Commissioners under this article shall be applied only to purposes to which capital money is properly applicable.

(3)

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

(a)

the payment of any interest falling due within the 5 years immediately following the date of the borrowing of any sum of money borrowed by the Commissioners under this article; and

(b)

the repayment within twelve months of the date of borrowing of any sum for the time being outstanding by way of principal on any amount previously borrowed.