54. Power to borrow

A Town Council may raise any loan, chargeable upon and payable out of the revenues and assets of the Town Council, of such sums of money as may be required for —

the purposes of meeting expenses or liabilities in respect of any works specified in section 47(5)(a) or (8)(a);

the repayment of any loan previously raised for any such purposes; and

such other purposes as may be prescribed.[40