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Alteration of purposes for which borrowing powers conferred by Acts of 1902 and 1920 may be exercised.
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3.—(1) The powers respectively conferred upon the Board by the Acts mentioned in the first column of the next following table of borrowing money and of applying borrowed money for the purposes mentioned in the second column of that table to the amounts mentioned in the third column of the said table shall cease to be exerciseable for the said purposes and may notwithstanding anything in the said Acts or either of them be exercised by the Board in the manner prescribed by sub-section (2) of this section:—
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Act
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Purpose
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Amount
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|
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£
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Act of 1902
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Construction of a Graving Dock
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209,000
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Act of 1920
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{
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Construction of a Dry Dock or pontoon
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141,000
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Reconstruction of the Custom House Quay
|
100,000
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Improvement of the Custom House Docks
|
420,000
|
|
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Total:
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£870,000
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(2) The Board may exercise the said powers for the purposes mentioned in the first column of the following table and to the extent of any sum or sums not exceeding in the case of any of those purposes (except as hereinafter provided) the amount mentioned opposite thereto in the second column of that table:—
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Purpose
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Amount
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|
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£
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The reconstruction of the Custom House Quay and transit sheds thereon
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150,000
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The development of the Custom House Docks area
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200,000
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The reconstruction of No. 1 and No. 2 Graving Slips
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25,000
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The reclamation of land northward and eastward of Alexandra Basin
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120,000
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The improvement of Alexandra Basin and the construction of jetties
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285,000
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The provision of dredging plant
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90,000
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Total:
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£870,000
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Provided that if the amount mentioned in the second column of the last preceding table opposite to any of the purposes mentioned in the first column of that table exceeds the amount required to be expended for that purpose the Board may with the consent of the Minister exercise the said borrowing powers for any other of the said purposes to the extent of the amount of such excess in addition to the amount mentioned in the said second column opposite to such other purpose.
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(3) Except as expressly provided by this section nothing therein shall alter or affect the provisions contained in the Act of 1902 and the Act of 1920 respectively with respect to the raising of money by borrowing or by the creation and issue of stock or the application of money so raised or the repayment of borrowed money or the redemption of stock.
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