PART III MISCELLANEOUS

Financial Provisions

31 Borrowing by harbour authorities.
(1) The purposes for which a harbour authority may borrow money under any statutory provision shall include the following:—
(a) meeting any expenses properly chargeable to capital;
(b) acquiring a business or undertaking or part of a business or undertaking in the exercise of powers conferred by section 24 or any other statutory provision;
(c) subscribing for or acquiring any securities (within the meaning of that section) of a body corporate in the exercise of such powers as are mentioned in paragraph ( b).
(2) So much of any statutory provision of local application as limits the rate of interest at which a harbour authority may borrow money shall cease to have effect.