- (1) The Commissioners shall have power—
- (a) to borrow for the purpose of paying off any money previously borrowed under this Act which is intended to be forthwith repaid; or
- (b) to borrow in order to replace money which during the previous 12 months has been temporarily applied from other funds of the Commissioners in repaying money previous borrowed under this Act, and which at the time of such repayment it was intended to replace by borrowed money.
- (2) Any money borrowed under this Section shall, for the purposes of repayment, be deemed to form part of the original loan and shall be repaid within that portion of the prescribed period which remains unexpired and the provisions which are for the time being applicable to the original loan shall apply to the money so borrowed.
- (3) The Commissioners shall not borrow for the purposes of making any payment to a sinking fund, or of paying any instalment, or of making any annual payment, which has or may become due in respect of borrowed money.
- (4) The Commissioners shall not borrow in order to replace any money previously borrowed which has been repaid—
- (a) by instalments or annual payments; or
- (b) by means of a sinking fund; or
- (c) out of money derived from the sale of land; or
- (d) out of any capital money properly applicable to the purpose of the repayment, other than money borrowed for that purpose.—[Mr. Guinness.]
§ Brought up, and read the First time.
I beg to move, "That the Clause be read a Second time."
This Clause is in substitution for Clause 27. It provides, inter alia, that the Commissioners can borrow money for the purpose of paying off existing loans.
§ Clause read a Second time, and added to the Bill.