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EDUCATION AND LIBRARIES (NORTHERN IRELAND) ORDER 1972 - SECT 102

102.(1) A board may, by means of a bank overdraft or by such other means,
within such limits and subject to such conditions as may be approved by the
Ministry, temporarily borrow such sums as may be necessary for the purpose of
defraying any expenses incurred by it in accordance with a financial scheme
approved under Article 103.

(2) Any sum borrowed by a board under paragraph (1) shall be repaid by the
board before the end of the financial year in which it is borrowed.

(3) A board may borrow or raise money, on such terms and subject to such
conditions as the Ministry may approve, upon the security of any property or
assets of the board for the purposes of meeting expenses incurred in
connection with any permanent works the cost of which is properly chargeable
to capital or for any other purpose for which capital moneys may properly be
applied.

© 1972 Crown Copyright

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