Coal Act 1938

27 Purposes for which the Commission may borrow

(1) Subject to the provisions of this section, the Commission may borrow for all or any of the following purposes:—

(a) the payment of the principal sums payable by way of compensation under section six of this Act and of the interest on those sums;

(b) the payment of the sums payable by the Commission under the Registration Act, or this Part of, or the Third, Fourth or Fifth Schedule to, this Act, in respect of costs;

(c) the payment of the sum payable by the Commission under this Act to the Board of Trade in respect of the expenses incurred by the Board under the Registration Act;

(d) the payment of the sums payable by the Commission under paragraph 5 of the Third Schedule to this Act in respect of remuneration and expenses;

(e) the payment of interest accrued up to the first anniversary of the vesting date on money borrowed by the Commission, of the administrative expenses of the Commission incurred before the said first anniversary, and of any other expenditure properly incurred by the Commission before the said first anniversary on revenue account;

(f) the payment of any sums payable by the Commission in respect of assignments to them of debts due in respect of rent payable before the vesting date;

(g) any purpose within the powers of the Commission the cost of which ought in the opinion of the Board of Trade to be spread over a term of years.

(2) Any money borrowed under this section and the interest thereon shall be charged on all the property and revenues of the Commission.

(3) The Commission shall not have power to borrow under subsection (1) of this section more than the aggregate of amounts sufficient to raise seventy-six million, four hundred and fifty thousand pounds.

(4) The Commission may borrow for the purpose of paying off moneys previously borrowed by them under subsection (1) of this section or under this subsection which are intended to be repaid, so far as provision has not been made for the repayment of those moneys under the regulations in accordance with which they were borrowed.