Article 12 Borrowing powers

(1)

The Members may from time to time borrow upon the security of their assets for the time being or of their revenues or both their assets and revenues, by any methods they see fit such sums of money as they think necessary.

(2)

Moneys borrowed by the Members 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 of that paragraph, purposes to which capital money is properly applicable shall be deemed to include:–

(a)

the payment of any interest, falling due within five years immediately following the date of borrowing, on any sum of money borrowed by the Members under this article; and

(b)

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