C1C2PART VFINANCIAL PROVISIONS

Annotations:
Modifications etc. (not altering text)
C1

Pt. V (ss. 53 - 89A) applied (with modifications) by S.R 2004/49, art. 3 (as substituted (28.1.2008) by Local Government (Constituting a Joint Committee a Body Corporate) (Amendment) Order (Northern Ireland) 2007 (S.R. 2007/505), art. 2(3))

Borrowing

64Priority of securities.

1

Subject to subsection (2), all securities created by a council shall rank equally without any priority.

2

Nothing in this section shall affect any priority existing at, or any right to priority conferred by a security created before, 13th December 1949.

3

For the purposes of this section a right in respect of money borrowed by a council by any of the methods mentioned in section 62 shall be deemed to be a security, notwithstanding that it is not evidenced in writing.