Northern Territory Consolidated Acts

BATCHELOR INSTITUTE OF INDIGENOUS TERTIARY EDUCATION ACT - SECT 41

(1) For the purpose of providing financial accommodation for enabling the Institute to perform its functions, the Council may obtain advances by way of a loan -

(a) from the Treasurer;

(b) on overdraft from an ADI; or

(c) subject to subsection (2), from any other person or body on the security, at the rate of interest and subject to any other terms and conditions as the Council agrees to.

(2) The Council must not obtain a loan referred to in subsection (1)(c) unless -

(a) the Council has the written approval of the Treasurer to do so; and

(b) the terms and conditions of the loan comply with the conditions of the Treasurer's approval.

(3) The Council must provide the Treasurer with any information he or she requires to determine whether to approve the Council obtaining the loan.