The Harwich Haven Harbour Revision Order 2008

Borrowing Powers

3.  For section 54 (borrowing powers) of the 1974 Act(1) substitute–

“54.— (1) The Harwich Haven Authority may borrow money for any of the purposes of its undertaking whether the purposes concerned are of a capital or revenue nature, and may do so in such manner and on such terms as the Authority considers expedient.

(2) Without prejudice to the generality of subsection (1), the power to borrow conferred by that subsection may be exercised—

(a) by the issue of debentures on such terms as the Authority thinks fit;

(b) by borrowing from a government source or bank or other provider on overdraft or loan;

(c) by opening an acceptance credit with a bank or accepting house;

(d) by accepting money on deposit.

(3) The Authority may for the purposes of its undertaking give guarantees to any person for the benefit of any undertaking carried on by that person or, if that person is a company, by any subsidiary of that person.

(4) The Authority may by way of security for any borrowing authorised or any guarantee given by it under this section grant any mortgage or charge which it thinks fit over all or any part of its revenues (present or future) and by way of security for any overdraft or loan under subsection (2)(b) charge all or any part of the Authority’s assets.”

(1)

Subsection (1) was amended by the Harwich Harbour Revision Order 1985 (S.I. 1985/1803), article 2(1).