All moneys received by the Board (including loan moneys) shall be paid into and form a fund to be called the "General Fund" and may be applied by the Board in carrying this Act into execution. Ss 24, 25 repealed by No. 31/1994 s. 4(Sch. 2 item 27). * * * * * 26 Borrowing by Board (1) Subject to this Act the Board may borrow by way of loan, advance, or overdraft such moneys as it thinks necessary from time to time for carrying out its objects. (2) Before the Board adopts any project or scheme or programme of works involving in whole or in part the expenditure of moneys borrowed or proposed to be borrowed by the Board under this Act the Board shall obtain the approval of the Minister and for that purpose shall submit or cause to be submitted to the Minister a statement of the purpose of the expenditure, including particulars of any proposed works or services, and a detailed statement of the manner in which the Board proposes to repay the moneys to be borrowed under the project, scheme, or programme. 27 Board may make loans (1) For carrying out its objects the Board may make loans to any person seeking to assist in establishing or developing the undertaking of the Board on such terms and conditions as the Board thinks fit. (2) The Board shall not make a loan to a member, officer, or employé of the Board or enter into a
All moneys received by the Board (including loan moneys) shall be paid into and form a fund to be called the "General Fund" and may be applied by the Board in carrying this Act into execution. Ss 24, 25 repealed by No. 31/1994 s. 4(Sch. 2 item 27). * * * * * 26 Borrowing by Board (1) Subject to this Act the Board may borrow by way of loan, advance, or overdraft such moneys as it thinks necessary from time to time for carrying out its objects. (2) Before the Board adopts any project or scheme or programme of works involving in whole or in part the expenditure of moneys borrowed or proposed to be borrowed by the Board under this Act the Board shall obtain the approval of the Minister and for that purpose shall submit or cause to be submitted to the Minister a statement of the purpose of the expenditure, including particulars of any proposed works or services, and a detailed statement of the manner in which the Board proposes to repay the moneys to be borrowed under the project, scheme, or programme. 27 Board may make loans (1) For carrying out its objects the Board may make loans to any person seeking to assist in establishing or developing the undertaking of the Board on such terms and conditions as the Board thinks fit. (2) The Board shall not make a loan to a member, officer, or employé of the Board or enter into a
77-9020a024.docx