Victorian Consolidated Legislation

Emerald Tourist Railway Act 1977 - SECT 26

Borrowing by Board

26. Borrowing by Board



(1) Subject to this Act the Board may borrow by way of loan, advance, or
overdraft such moneys as it thinks necessary from time to time for carrying
out its objects.

(2) Before the Board adopts any project or scheme or programme of works
involving in whole or in part the expenditure of moneys borrowed or proposed
to be borrowed by the Board under this Act the Board shall obtain the approval
of the Minister and for that purpose shall submit or cause to be submitted to
the Minister a statement of the purpose of the expenditure, including
particulars of any proposed works or services, and a detailed statement of the
manner in which the Board proposes to repay the moneys to be borrowed under
the project, scheme, or programme.