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Ports (Finance) Act 1985

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This is the original version (as it was originally enacted).

3Borrowing powers of certain harbour authorities.

(1)Where by virtue of an existing local provision any power of a relevant harbour authority with respect to borrowing, the repayment of a loan or the application of borrowed money is subject to the consent or approval of a Minister of the Crown, it may be exercised without that consent or approval.

(2)Where by virtue of such a provision a relevant harbour authority have power to borrow any amount with the consent or approval of a Minister of the Crown (whether or not they may borrow any other sum without such consent or approval) the maximum amount they may borrow by virtue of that power shall be—

(a)if a limit is specified in that provision on the sums that may be borrowed with such consent or approval, the amount of that limit; or

(b)if no limit is so specified, an amount equal to the aggregate of the sums specified in the consents or approvals given under that provision before the coming into force of this section, increased in each case by 20 per cent.

(3)Where a relevant harbour authority may by virtue of an existing local provision borrow any amount without the consent or approval of a Minister of the Crown and, by virtue of that or another such provision, may borrow a further amount with such consent or approval, the amount which may be borrowed without such consent or approval shall be increased by 20 per cent.

(4)Any amount specified in an existing local provision as a limit on the sums that may be borrowed by a relevant harbour authority and any such limit which applies by virtue of subsection (2) or (3) above shall, if it would not otherwise do so, apply to the amount for the time being outstanding in respect of money borrowed under the power to which the limit applies.

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