Financial accommodation
30 Financial accommodation
Subject to subsection (2), for the purpose of providing financial accommodation for enabling the School to perform its functions, the Board may, with the prior approval of the Council and the Treasurer, obtain advances by way of loan:
from the Treasurer;
from Charles Darwin University;
on overdraft from an ADI; or
from any other person, on such security at such rate of interest and subject to such other terms and conditions as the Board, with the approval of the Council and the Treasurer, thinks fit.
The Board may, without the prior approval of the Council and the
Treasurer, obtain an advance by way of loan on overdraft from an ADI where the aggregate of that advance and all other such advances on overdraft from that or any other ADI obtained without the prior approval of the Council and the Treasurer does not exceed $50,000.
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