|
|
Establishment and abolition of funds.
|
125.—(1) A harbour authority may, with the consent of the Minister, and shall, if so required by the Minister, establish a fund for any specified purpose connected with their harbour.
|
|
| |
(2) A harbour authority may, with the consent of the Minister, and shall, if so required by the Minister, abolish any fund (other than a sinking fund) established, whether before or after the passing of this Act, for any purpose connected with their harbour and shall thereupon apply any moneys standing to the credit of the fund in such manner as the Minister may direct.
|
|
| |
(3) The sums to be paid into any fund established under this section, the times at which such sums shall be paid, the sources from which such sums shall be obtained, and the purposes for and manner in which moneys in the fund shall be appropriated and applied shall be such as may from time to time be directed or approved by the Minister.
|
|
| |
(4) A harbour authority may, and if so required by the Minister, shall, invest the moneys in any fund established under this section and the income arising from such investment shall form part of the fund.
|
|
| |
(5) Moneys invested pursuant to subsection (4) of this section by a harbour authority shall be invested in such securities (other than real or heritable securities) for the time being authorised by law for the investment of trust funds as the harbour authority think proper, but the harbour authority shall not, save with the consent of the Minister, invest any such moneys in stocks, funds, shares or securities created by the harbour authority themselves.
|
