(1) It shall be lawful for the Board to borrow, upon the security of the rents, proceeds, and profits of all or any of the lands vested in the Board, any sum or sums of money not exceeding in the whole the sum of six thousand six hundred dollars, at a rate of interest not exceeding ten dollars per centum per annum, for the purpose of paying off the balance still remaining unpaid of the said sum of seven thousand dollars, and for the purpose of such security either to renew the existing debentures or any of them, or to issue new debentures for the whole or any part of the said sum, such debentures to be in such form and for such term not exceeding twenty years as the said Board shall think proper.
(2) In case of such renewal or issue of debentures being made for a period less than twenty years, debentures may be renewed or issued from time to time for terms not exceeding in the whole the period of twenty years from the date of the first renewal or issue.
“six thousand six hundred dollars”,
“seven thousand dollars” and the reference to
“$6,600” were substituted, as from 10 July 1967, for the words
“three thousand three hundred pounds”,
“three thousand five hundred pounds” and a reference to
“£3,300” respectively pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).