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INDUSTRIAL TRAINING ACT (NORTHERN IRELAND) 1964 - SECT 5

Grants and loans, etc.

5.(1) The Ministry may with the approval of the Ministry of Finance make
grants or loans to an industrial training board out of moneys provided by
Parliament.

(2) An industrial training board may, with the consent of the Ministry or in
accordance with the terms of any authority given by the Ministry, borrow
temporarily from any other person by way of overdraft or otherwise such sums
as the board may require.

(3) The aggregate of the grants and loans made under subsection (1) shall not
exceed one million, five hundred thousand pounds or such greater amount as
the Ministry with the consent of the Ministry of Finance may by order
determine.

(4) Every order under subsection (3) shall be subject to affirmative
resolution of the Commons.

(5) An industrial training board may give security for any money borrowed by
them.

(6) An industrial training board shall not invest any money otherwise than in
such manner as the Ministry and the Ministry of Finance may approve.

© 1964 Crown Copyright

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