Harbours Act, 1946

Temporary borrowing.

121.—(1) A harbour authority, with the consent of the Minister, may, for the purpose of providing temporarily for current expenses, borrow by way of temporary loan or overdraft.

(2) Payments, in respect of moneys borrowed under this section by a harbour authority, of interest and of repayment of principal shall be included among the working and establishment expenses of the harbour authority and shall be made in such manner and during such periods as may be approved of by the Minister.

(3) Without prejudice to subsection (2) of this section, moneys borrowed under this section by a harbour authority shall stand charged on the revenue, funds and property of the harbour authority pari passu with all mortgages, stock and other securities affecting such revenue, funds and property.

(4) References in this section to borrowing include references to reborrowing.