sec.108Councillors liable for loans to individuals

### sec.108 Councillors liable for loans to individuals The council must not, either directly or indirectly, make or guarantee a loan to an individual. Guarantee a loan includes provide a security in connection with a loan. The councillors who knowingly agree to loan the money are jointly and severally liable to pay the council— the amount of the loan; and interest on the amount of the loan, at the rate at which interest accrues on overdue rates, calculated from the day of the borrowing to the day of repayment; and any fees, charges, penalties or other expenses incurred by the council in relation to the loan. Those amounts may be recovered as a debt payable to the council. (sec.108-ssec.1) The council must not, either directly or indirectly, make or guarantee a loan to an individual. (sec.108-ssec.2) Guarantee a loan includes provide a security in connection with a loan. (sec.108-ssec.3) The councillors who knowingly agree to loan the money are jointly and severally liable to pay the council— the amount of the loan; and interest on the amount of the loan, at the rate at which interest accrues on overdue rates, calculated from the day of the borrowing to the day of repayment; and any fees, charges, penalties or other expenses incurred by the council in relation to the loan. (sec.108-ssec.4) Those amounts may be recovered as a debt payable to the council. - (a) the amount of the loan; and - (b) interest on the amount of the loan, at the rate at which interest accrues on overdue rates, calculated from the day of the borrowing to the day of repayment; and - (c) any fees, charges, penalties or other expenses incurred by the council in relation to the loan.