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Taratahi Agricultural Training Centre (Wairarapa) Act 1969

11: Borrowing powers of trust board

You could also call this:

"The trust board can borrow money, but must follow rules and ask for permission."

Illustration for Taratahi Agricultural Training Centre (Wairarapa) Act 1969

You can think of a trust board like a group of people who manage something. The trust board can borrow money from the bank when they need it. They can also borrow money for special reasons, but they need to ask the Minister first and follow any rules the Minister sets. If they borrow money, they might need to use something they own as a guarantee that they will pay the money back, and they need to ask the Minister before they do this.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM394312.

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"Rules for trust board contracts"

11Borrowing powers of trust board

  1. The trust board may from time to time borrow money from its bankers by way of overdraft.

  2. In addition to the power conferred by subsection (1), the trust board shall have power, with the prior consent of the Minister and upon and subject to such conditions as the Minister thinks fit, to borrow money for any of the purposes of the board.

  3. For the purpose of securing the repayment of money borrowed pursuant to this section, the trust board may, with the prior consent of the Minister and upon and subject to such conditions as the Minister thinks fit, mortgage or charge any real or personal property owned by the board.

Notes
  • Section 11(3): amended, on , by section 5 of the Taratahi Agricultural Training Centre (Wairarapa) Amendment Act 2010 (2010 No 89).