PART VIII
59
Power to re-borrow,
3.216
97. (1) The Council may, without the consent of
the Governor, borrow for the purpose of
(a) paying off any moneys previously borrowed by
the Council which are intended to be repaid
forthwith; or
(b) replacing moneys which, during the preceding
twelve months, have been tempoarily applied
from other moneys of the Council in repaying
moneys previously barrowed, and which at the
time of such repayment it was intended to
replace by borrowed moneys:
Provided that the Council shall not have power to borrow
under this section
(a) for the purpose of making any payment to a sinking
fund or of paying any instalment or making any
annual payment which has or may become due in
respect of borrowed moneys;
(b) for the purpose of replacing any moneys previously
borrowed which have been repaid
-
(i) by instalments or annual payments; or
(ii) by means of a sinking fund; or
(iii) out of moneys derived from the sale of
land; or
(iv) out of any capital moneys properly applicable
to the purpose of the repayment, other than
moneys borrowed for that purpose.
(2) Any moneys borrowed under this section shell, for
the purposes of repayment, be deemed to form part of the
original loan, and shall be repaid within that portion of the
fixed period which remains unexpired, and the provisions which
are for the time being applicable to the original loan shall
apply to the moneys borrowed under this section:
(56)