17
In forceParticular powers
Part 2Foundations generally
Division 3Functions and powers
17 Particular powers
(1)
A foundation’s banking powers are limited to the powers under the Statutory Bodies Financial Arrangements Act 1982, part 4.
(2)
A foundation’s borrowing powers are limited to the powers under the Statutory Bodies Financial Arrangements Act 1982, part 5.
Note—
Under the Statutory Bodies Financial Arrangements Act 1982, a foundation may, with the approval of the Minister administering that Act, under part 9 of that Act, operate an account with an overdraft facility or borrow.
This Act’s bill:Explanatory memorandumSecond reading speech
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