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General power to borrow.
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120.—(1) A harbour authority may from time to time, with the consent of the Minister, borrow money for expenditure on purposes in connection with their harbour (including expenditure on improvement or in discharge of existing obligations) either, as may be directed by the Minister, by the issue of stock or debenture stock, by way of mortgage or in any other manner.
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(2) Save with the consent of the Minister for Finance, the Minister shall not consent to the borrowing by a harbour authority of any sum exceeding—
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(a) in case the harbour authority is the Dublin Port and Docks Board, two hundred thousand pounds, and
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(b) in any other case, fifty thousand pounds.
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(3) An application made by a harbour authority to the Minister for his consent to their borrowing of money shall be in such form as the Minister directs and shall specify the amount of money to be borrowed, the purposes to which the money is to be applied, the manner in which the money is proposed to be borrowed and such other particulars as the Minister may require.
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(4) For the purpose of deciding whether to grant or refuse to grant his consent to the borrowing of money by a harbour authority, the Minister may direct a local inquiry to be held into the purposes of or the need for or both the purposes of and the need for the borrowing.
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(5) Where a harbour authority borrow money under this section, they shall carry out such directions as the Minister may give in respect of the following matters:
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(a) the manner and the terms of the borrowing,
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(b) the purposes to which the money borrowed is to be applied,
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(c) the income, funds or property to be charged as security in respect of the borrowing,
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(d) the form of the security to be created in respect of the borrowing,
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(e) in case any mortgage is to be created in respect of the borrowing, the terms and conditions as to redemption of the mortgage,
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(f) the period for repayment of the money borrowed and the provisions to be made for securing repayment within that period.
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(6) The Minister shall not give a direction under subsection (5) of this section in relation to any borrowing from the local loans fund save with the concurrence of the Minister for Finance.
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(7) A harbour authority shall not borrow save under and in accordance with this section or the next following section.
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