Marginal note:Borrowing powers

18. For the purpose of defraying the expenses of constructing or improving wharfs, structures and other works within the limits of the harbour, a Commission may, on such terms and conditions as the Governor in Council may approve,

• (a) borrow money in Canada or elsewhere; and

• (b) issue debentures for sums of not less than one hundred dollars, payable in not more than forty years.

Marginal note:Charges against revenues

• 19. (1) The revenues of a Commission shall be charged with

  • (a) the costs of collecting those revenues;

  • (b) the expenses, including depreciation, incurred by the Commission in operating and maintaining the harbour and works and property owned, controlled, administered or managed by the Commission under this Act;

  • (c) the interest and other charges incurred in connection with debentures issued or money borrowed by the Commission under this Act; and

  • (d) any other expenses lawfully incurred by the Commission in carrying out its duties and functions under this Act.

• Marginal note:Amounts payable to Receiver General

  (2) After providing for

  • (a) the charges specified in subsection (1), other than depreciation, and

  • (b) the appropriation to the funded reserves of the Commission of such amounts as may be approved by the Minister,

  the revenues of a Commission remaining at the end of each fiscal year of that Commission shall be paid by the Commission to the Receiver General.

Marginal note:Powers to invest

20. A Commission may, with the approval of the Minister of Finance, invest in bonds or other obligations of Her Majesty in right of Canada or any province or of any municipality in Canada any moneys in its reserves or any moneys not immediately required for the purpose of the Commission.

Marginal note:Accounts

• 21. (1) A Commission shall

  • (a) keep accounts of all moneys borrowed, received and expended by it under this Act, and

  • (b) account therefor to the Minister within three months after the end of each fiscal year of the Commission,

  in such form and manner as the Minister may direct.

• Marginal note:Inspection of accounts

  (2) All books, accounts, records and documents of the Commission shall be at all reasonable times open for inspection by the Minister or by a person authorized by the Minister for that purpose, or, in the case of a municipality having a substantial interest in the harbour, as determined by the Minister, by the auditors of that municipality.