Water Supplies (Exceptional Shortage Orders) Act 1934

8 Power to give directions as to sinking funds and borrowing with a view to bringing reservoirs into immediate use

(1) Where a local authority are under obligation to commence to make payments towards a sinking fund on a date which is dependent on the bringing into use of a reservoir or other works, and the Minister is satisfied that the immediate use of the reservoir or works is rendered necessary by a deficiency of water supplies due to an exceptional shortage of rain, he may direct that the obligation shall be modified in any manner which appears to him to be expedient in the circumstances.

(2) Where a local authority are authorised in connection with a water undertaking to borrow money for the purpose of paying interest accruing during the period of construction of a reservoir or other works, and the Minister is satisfied that the immediate use of the reservoir or works is rendered, necessary by such a deficiency as aforesaid, he may give directions authorising the local authority, subject to any specified conditions, to borrow money for the purpose of paying interest during such period after completion of the works as he thinks expedient.