2Loans for execution of harbour works, etc.N.I.
(1)Subject to the provisions of this section, the Ministry, with the approval of the Ministry of Finance, may give to a harbour authority assistance by way of loan—
(a)in respect of expenses incurred by the authority—
(i)in executing, at a harbour which it is improving, maintaining or managing, works for the improvement, maintenance or management of the harbour;
(ii)in executing works for the construction of a harbour which it proposes to improve, maintain or manage;
(iii)in providing plant or equipment required for the carrying out of harbour operations;
(iv)in acquiring land required for the purposes of the harbour or an extension thereof or in constructing a harbour as mentioned in sub-paragraph (ii);
(b)to enable it to repay the whole or part of the principal of, or to pay the whole or part of a sum due by way of the payment of interest on, a loan made to it by virtue of paragraph ( a);
(c)where the authority is established by a harbour order, in respect of any expenses chargeable against income, being expenses which are incurred by the authority during a period in respect of which in the opinion of the Ministry the authority was not in receipt of sufficient revenue to meet its expenses.
(2)A loan under this section shall be made on such terms and conditions (including conditions by virtue of which the Ministry may participate in the profits or income of the authority) as the Ministry thinks proper and as are specified in the agreement for the loan.
(3)After a loan is made under this section, its terms and conditions may be varied by the Ministry with the agreement of the harbour authority to which it is made.
F1[(4)Subject to subsection (5), where any instalment of principal or interest or both principal and interest due on foot of any loan made under this section is more than thirty-one days in arrear additional interest at such rate as may from time to time be determined by an order made by the Department of Finance subject to negative resolution shall, notwithstanding any enactment or rule of law to the contrary, be chargeable on that instalment as from the date on which it fell due and shall be recoverable therewith.
(5)The Department may, with the approval of the Department of Finance, in such cases as it thinks fit waive the payment of such additional interest as is mentioned in subsection (4).]