21.—(1) Subject to paragraph (2) and to any Order made under sections 1 and 3(4) of the Borrowing (Control and Guarantees) Act 1946(1), the Commissioners may from time to time borrow upon the security of all or any of the revenues and property of the Commissioners and by any method they see fit, such sums of money as they may think necessary not exceeding in the aggregate twice the value of the capital and reserve held by them as certified from time to time by their auditors or one million pounds whichever is the greater.
(2) In calculating for the purpose of paragraph (1) the aggregate sums of money borrowed by the Commissioners there shall be excluded any sums borrowed for use within twelve months of the date of borrowing for repayment of any sum for the time being outstanding by way of principal on any amount previously borrowed.
(3) Moneys borrowed by the Commissioners under this article shall be applied only to purposes to which capital money is properly applicable.
(4) For the purposes of the last foregoing paragraph, but without prejudice to the generality thereof, purposes to which capital money is properly applicable shall be deemed to include
(a)the payment of any interest falling due within the five years immediately following the date of the borrowing on any sum of money borrowed by the Commissioners under this article; and
(b)the repayment within twelve months of the date of borrowing of any sum for the time being outstanding by way of principal on any amount previously borrowed.
(5) Article 29 of the Newlyn Pier and Harbour Revision Order 1978 is hereby revoked and all moneys borrowed by the Commissioners at the date of this Order shall be deemed to have been borrowed under the provisions of this article.