23Borrowing

23 Borrowing

(1) The Board must not borrow money for a purpose in connection with the Fund unless the borrowing is authorised by subsection (2) or (3). (2) The Board is authorised to borrow money for a purpose in connection with the Fund if: (a) the purpose of the borrowing is to enable the Board to cover settlement of a transaction for the acquisition of one or more financial assets; and (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and (c) the period of the borrowing does not exceed 7 days; and (d) if the borrowing were to take place, the total amount borrowed by the Board would not exceed 10% of the balance of the Fund. (3) The Board is authorised to borrow money for a purpose in connection with the Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.