42Borrowings by territory authorities to be approved

42 Borrowings by territory authorities to be approved (1) A territory authority must not borrow unless— (a) the borrowing is approved in writing by the Treasurer; and (b) the terms and conditions of the borrowing include the terms and conditions (if any) specified in the approval and are otherwise consistent with the approval; and (c) the borrowing is within the borrowing limits (if any) of the authority for the financial year in which the borrowing is entered into, that are approved in writing by the Treasurer. (2) However, subsection (1) (a) and (b) does not apply to a loan made to a territory authority under section 59 (1) (b).