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Docks and Harbours Act 1966

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This is the original version (as it was originally enacted).

39Borrowing powers of harbour authorities

(1)The purposes for which a harbour authority, not being one of the Boards, may borrow money under any statutory provision shall include power to borrow it for any of the following purposes:—

(a)meeting any expenses properly chargeable to capital, being expenses incurred in connection with the provision or improvement of assets in connection with any activity in which the authority has power to engage;

(b)acquiring a business or undertaking or part of a business or undertaking in the exercise of powers conferred by section 37 of this Act or any other statutory provision ;

(c)subscribing for or acquiring any securities (within the meaning of that section) of a body corporate in the exercise of any such powers as aforesaid.

(2)So much of any statutory provision of local application as limits the rate of interest at which a harbour authority may borrow money shall cease to have effect; and accordingly section 28 of the Sea Fish Industry Act 1962 (power of appropriate Minister to authorise harbour authorities for fishery harbours and marine works to borrow money at a rate above that specified in any such provision) shall cease to have effect.

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