Victorian Consolidated Legislation

Libraries Act 1988 - SECT 38

Borrowings

38. Borrowings



(1) To finance the erection of buildings for library purposes and associated
purposes, the trustees of library land may with the Minister's approval,
borrow and re-borrow money.

(2) Money may be borrowed under subsection (1) on the security of-

   (a)  an assignment of the rents payable, or which may become payable, to
        the trustees under any lease under this Part; or

   (b)  the issue of debentures payable to bearer with interest coupons
        attached.

(3) An assignment under subsection (2)(a) must be by deed and may relate to a
person or future entitlements for rents.

(4) Debentures under subsection (2)(b) may be issued on any terms that the
trustees think fit.

(5) The trustees of library land must not apply money borrowed under this
section for any purpose except a library purpose or an associated purpose,
being a purpose authorised by the instrument creating the trust or any
relevant document of title.