4 Harbour authorities empowered to borrow money to pay off debts having priority over securities for [F1local loans made by the Treasury].U.K.
Where any debt due from a harbour authority has or shall have priority over any security made or to be made for any [F2local loan, made under section 3 of the National Loans Act 1968,] to the same harbour authority, then, notwithstanding any provision to the contrary contained in the Acts herein-before mentioned, or in any other Act or Acts passed or to be passed [F3relating to local loans], it shall be lawful for the same harbour authority from time to time to borrow money to be applied in paying off any debt for the time being having such priority as aforesaid, and to grant and give security for such money similar to the security which had previously existed for the debt paid off; and all securities for money so borrowed and applied shall have the like priority as the security for the debt paid off thereout previously had.
Textual Amendments
F1Words in s. 4 heading substituted (25.2.2020) by virtue of The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 7(2) (with art. 9)
F2Words in s. 4 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 7(3) (with art. 9)
F3Words in s. 4 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 7(4) (with art. 9)