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Community Land Management Act 2021
104Power to borrow money
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104 Power to borrow money
104 Power to borrow money
(1) An association may borrow money and secure the repayment of money and of any interest in a manner agreed between the association and the lender, otherwise than by charging the repayment on the association property.
(2) An association must not borrow money, or secure the payment of money and interest, unless a resolution approving the relevant loan has been passed at a general meeting of the association.