PART 4

MISCELLANEOUS AND GENERAL

Borrowing powers
20
1
Notwithstanding anything contained in any enactment, the Company may from time to time, for the general purposes of the harbour undertaking, borrow upon the security of all or any of its revenues and property and by any method or methods which it sees fit such sums of money as it considers necessary.
2
Moneys borrowed under paragraph (1) may be applied only to purposes to which capital money is properly applicable.
3
For the purposes, but without prejudice to the generality, of paragraph (2) purposes to which capital money is properly applicable shall be deemed to include –
a
any major works of repair or maintenance of any part of the works forming part of the undertaking;
b
the payment of any interest falling due within the five years immediately following the date of the borrowing of any sum of money borrowed by the Company under this article;
c
the repayment within 12 months from the date of borrowing of any sum for the time being outstanding by way of principle on any amount previously borrowed; and
d
a payment relating to pensions paid or to be paid to past or present employees of the Company or to the family or dependants of such persons.