AGRICULTURAL TRUST ACT (NORTHERN

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AGRICULTURAL TRUST ACT (NORTHERN



4.(1) Subject to subsection (2), the Trust may borrow, by way of temporary
loan or overdraft from a bank or otherwise, any sum which they may temporarily
require for the purposes of

(a)defraying expenses pending the receipt of revenues receivable by them; or

(b)defraying, pending the raising of a loan authorised under subsection (3),
expenses intended to be defrayed by means of the loan.

(2) The total amount for the time being outstanding on foot of borrowings made
under subsection (1) shall not exceed such sum as the Ministry may specify in
writing to the Trust.

(3) The Trust may, with the prior consent of the Ministry given with the
approval of the Ministry of Finance, borrow or raise money on the security of
any property or assets of the Trust for all or any of the following purposes

(a)meeting expenses incurred in connection with any permanent work the cost of
which could be regarded as properly chargeable to capital;

(b)the acquisition of any valuable asset, including any undertaking or
business;

(c)redeeming any loan previously borrowed or raised under this section; or

(d)any other purpose for which capital moneys may properly be applied.

(4) The Ministry may, with the approval of the Ministry of Finance, guarantee
in such manner and form and on such terms and conditions as the Ministry of
Finance may approve, the due repayment of the principal of, and the due
payment of interest on, any moneys borrowed under this section; and any sums
which the Ministry may be required to pay on foot of any such guarantee shall
be defrayed out of moneys provided by Parliament.

(5) A person lending money to the Trust shall not be bound to enquire whether
the borrowing is within the powers of the Trust.

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Northern Irish Legislation

AGRICULTURAL TRUST ACT (NORTHERN