8.—(1) The Council shall establish and maintain a reserve fund.
(2) The Council shall carry to a reserve fund such part of the harbour revenue as shall be available for the purpose in accordance with article 7(d).
(3) Any reserve fund established or maintained under this article shall from time to time be applied by the Council in its discretion—
(a)in or towards meeting any deficiency on the harbour revenue account in any year; or
(b)to meet any extraordinary claim or demand in respect of the harbour undertaking; or
(c)in or towards payment of the cost of renewing, improving, extending or replacing any part of the works forming part of the harbour undertaking or any vessels, plant or equipment of the Council connected to the harbour undertaking; or
(d)for improving the operational area and the navigation of the harbour and the approaches to the harbour; or
(e)for any other lawful purpose sanctioned by the Council and connected with the harbour undertaking.