sec.268Money borrowed other than under the Statutory Bodies Financial Arrangements Act 1982

sec.268 Money borrowed other than under the Statutory Bodies Financial Arrangements Act 1982

This section applies if the college borrows money it is not lawfully authorised to borrow under the Statutory Bodies Financial Arrangements Act 1982 . All the members of the board who consented to the borrowing of the money (the consenting board members ) are jointly and severally liable to repay the money, and to pay interest on it, to the person from whom the money was borrowed. The money and interest mentioned in subsection (2) may be recovered from the consenting board members by the Minister as a debt in a court of competent jurisdiction. If money is appropriated from a fund to repay the borrowed money or interest on it, the members of the board who consented to the misappropriation of the money are jointly and severally liable to refund— the misappropriated money; and interest at the rate of 12% per year. The misappropriated money and interest mentioned in subsection (4) may be recovered from the board members mentioned in the subsection by the Treasurer as a debt in a court of competent jurisdiction. On recovering all or part of the misappropriated money and interest, the Treasurer— must pay the amount recovered into the fund from which the money was appropriated; and is entitled to recover from the board members the full costs incurred in recovering the amount, including legal costs. (sec.268-ssec.1) This section applies if the college borrows money it is not lawfully authorised to borrow under the Statutory Bodies Financial Arrangements Act 1982 . (sec.268-ssec.2) All the members of the board who consented to the borrowing of the money (the consenting board members ) are jointly and severally liable to repay the money, and to pay interest on it, to the person from whom the money was borrowed. (sec.268-ssec.3) The money and interest mentioned in subsection (2) may be recovered from the consenting board members by the Minister as a debt in a court of competent jurisdiction. (sec.268-ssec.4) If money is appropriated from a fund to repay the borrowed money or interest on it, the members of the board who consented to the misappropriation of the money are jointly and severally liable to refund— the misappropriated money; and interest at the rate of 12% per year. (sec.268-ssec.5) The misappropriated money and interest mentioned in subsection (4) may be recovered from the board members mentioned in the subsection by the Treasurer as a debt in a court of competent jurisdiction. (sec.268-ssec.6) On recovering all or part of the misappropriated money and interest, the Treasurer— must pay the amount recovered into the fund from which the money was appropriated; and is entitled to recover from the board members the full costs incurred in recovering the amount, including legal costs.

• (a) the misappropriated money; and
• (b) interest at the rate of 12% per year.