New South Wales Consolidated Acts

WATER MANAGEMENT ACT 2000 - SECT 190

190 Temporary accommodation

(1) For the temporary accommodation of a private irrigation board it may obtain advances by way of overdraft of current account in any one or more banks or authorised deposit-taking institutions on the security of the income of the board.

(2) The amount of any such overdraft must be limited to:

(a) one-half of the income of the private irrigation board as shown by the last audited accounts, or

(b) if there are no audited accounts, one-half of the income of the private irrigation board estimated by the board in respect of the year commencing on 1 July immediately preceding the date on which the overdraft is proposed to be obtained.

(3) No greater amount may be borrowed under this section than the amount stated in a certificate of the auditor of the private irrigation board as being the sum that may be borrowed within the limits imposed by this section.