Canada Marine Act
Marginal note:Borrowing powers
31 (1) Subject to the letters patent, a port authority may borrow money on the credit of the port authority for port purposes.
Marginal note:Delegation of borrowing powers
(2) Unless the letters patent or by-laws of a port authority provide otherwise, the board of directors may, by resolution, delegate the powers referred to in subsection (1) to a committee established by the directors.
Marginal note:No pledge of property
(3) Subject to subsection (4), a port authority may not mortgage, hypothecate, pledge or otherwise create a security interest in any federal real property or federal immovable that it manages in any way other than to pledge the revenues of that property.
Marginal note:Pledge of fixtures
(4) A port authority may, if authorized in the letters patent, create a security interest in fixtures on federal real property and federal immovables to the same extent as Her Majesty could create such an interest and may, instead of Her Majesty, execute and deliver the documents required for that purpose.
Definition of security interest
(5) For the purposes of subsections (3) and (4), security interest means an interest in or charge on property or fixtures mentioned in those subsections to secure the discharge of an obligation or liability of the port authority.
Marginal note:Application of provincial law
(6) A grant under subsection (4) may be effected by any instrument by which an interest in real property or a right in an immovable may be granted by a private person under the laws in force in the province in which the federal real property, federal immovable or fixtures are situated.
- 1998, c. 10, s. 31
- 2001, c. 4, s. 139
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