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Reserve fund for extraordinary repairs.
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70.—When and so soon as the whole of the money borrowed and to be borrowed as aforesaid shall have been paid off and discharged as aforesaid, and subject to the payment of the expenses of or in anywise incident to the working, management and maintenance of the said harbour and works, and to such payments and contributions as the Commissioners are by section 9 of the Dundalk Pilotage Order, 1920 authorised to make, the Commissioners may yearly and in every year set apart and appropriate out of their revenue such a sum not exceeding £1,000 per annum as they shall think fit and shall accumulate the same at compound interest until the sum so set apart and appropriated and the accumulations thereof shall amount to the principal sum of £10,000, and the sums so set apart, appropriated and accumulated shall be invested in government securities of Saorstát Eireann in the name of the Commissioners, and such sum and the accumulations thereof and the interest thereof shall be held and applied by the Commissioners as circumstances may from time to time require in and for the purpose of extraordinary repairs of the harbour and works connected therewith, or other extraordinary expenses incident to the management improvement and extension of the said harbour and the works connected therewith.
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