Victorian Consolidated Legislation

Municipal Association Act 1907 - SECT 19

Borrowing power, etc.

19. Borrowing power, etc.

For the purpose of enabling the maximum utilization of money in the Fund the
Association may-

   (a)  obtain temporary financial accommodation from any authorised
        deposit-taking institution by way of overdraft; and



   (b)  obtain temporary financial accommodation from any institution person
        or body other than an authorised deposit-taking institution-

   (i)  which does not exceed 20 per centum or such higher per centum as may
        be determined by the Treasurer from time to time and specified in a
        notice published in the Government Gazette of the total liabilities of
        the Association in respect of the Fund at the time at which the
        temporary financial accommodation is obtained; and

   (ii) which is fully secured by investments the market value of which at the
        time at which the temporary financial accommodation is obtained is not
        less than the amount of the temporary financial accommodation.