Harbours Act, 1947

Amendment of Section 120 of the Principal Act.

6.—There shall be inserted in section 120 of the Principal Act the following subsection:—

“(8) Where a harbour authority is authorised by the Minister, under subsection (1) of this section, to borrow money by the issue of stock for the repayment of any debt incurred by them under statutory authority, they may, with the consent of the holder of any security issued by them in respect of such debt, issue stock in substitution for such security on terms agreed by the holder and approved by the Minister.”