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Powerof Port Trust
to borrow
Loans and
sinking fund
Balance
of loan
PART V.
Finance, Accounts and Audit
45.(1) The Port Trust may, with the consent of the
Governor in Council borrow money required for the gen
eral
purposes of this Ordinance or for the
purpose of re-paying, either in whole or in part,
any moneys heretofore or hereafter borrowed or owing
by the Port Trust.
(2) Money so borrowed may be secured by the issue
of debentures or by mortgage of the property of the
Port Trust or otherwise as may be approved by the
Governor in Council.
46.(1) No loan raised under section 45 shall be for
a period longer than thirty years and in every case
a skinking fund shall be established and annual
payments made there to sufficient to liquidate the loan
in conformity with the conditions there of.
(2) The sum so set apart as a sinking fund shall be
invested by the Port
in such securities
Trust
as the Governor may approve for that purpose and the
securities shall be held in the name of the Fort
Trust. Any transactions in such securities sha 11
be under the common seal of the Port Trust.
(3) Every such sinking fund shall be subject to
annual examination by an auditor to be appointed by
the Governor and if after such examination the
auditor shall certify that it is necessary to pay
any additional sum to the sinking fund owing to the
depreciation of securities or for any other reason
the Port
Trust
shall make good the deficiency
either in single inmediate payment or in such payments
as the Governor may approve.
47. The unexpended balance, if any, of any loon
raised for the carrying out of works shall
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