sec.53Money borrowed other than under Statutory Bodies Financial Arrangements Act 1982

sec.53 Money borrowed other than under Statutory Bodies Financial Arrangements Act 1982

This section applies if a board borrows an amount 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 amount are jointly and severally liable to repay the amount, and to pay interest on it, to the person from whom the amount was borrowed. If an amount is appropriated from a fund administered by the board to repay the borrowed amount or interest on it, the members of the board who consented to the misappropriation of the amount are jointly and severally liable to refund— the misappropriated amount; and interest at the rate of 12% a year. If the members of the board fail to repay an amount and interest under subsection (2) or (3) , the amount may be recovered from the members by the Minister as a debt. On recovering all or part of an amount and interest under subsection (4) , the Minister— must pay the amount recovered— for an amount mentioned in subsection (2) —to the person from whom the amount was borrowed; or for an amount mentioned in subsection (3) —into the fund from which the amount was appropriated; and is entitled to recover from the members mentioned in subsection (4) the full costs incurred in recovering the amount, including legal costs. (sec.53-ssec.1) This section applies if a board borrows an amount it is not lawfully authorised to borrow under the Statutory Bodies Financial Arrangements Act 1982 . (sec.53-ssec.2) All the members of the board who consented to the borrowing of the amount are jointly and severally liable to repay the amount, and to pay interest on it, to the person from whom the amount was borrowed. (sec.53-ssec.3) If an amount is appropriated from a fund administered by the board to repay the borrowed amount or interest on it, the members of the board who consented to the misappropriation of the amount are jointly and severally liable to refund— the misappropriated amount; and interest at the rate of 12% a year. (sec.53-ssec.4) If the members of the board fail to repay an amount and interest under subsection (2) or (3) , the amount may be recovered from the members by the Minister as a debt. (sec.53-ssec.5) On recovering all or part of an amount and interest under subsection (4) , the Minister— must pay the amount recovered— for an amount mentioned in subsection (2) —to the person from whom the amount was borrowed; or for an amount mentioned in subsection (3) —into the fund from which the amount was appropriated; and is entitled to recover from the members mentioned in subsection (4) the full costs incurred in recovering the amount, including legal costs.

• (a) the misappropriated amount; and
• (b) interest at the rate of 12% a year.
• (a) must pay the amount recovered— (i) for an amount mentioned in subsection (2) —to the person from whom the amount was borrowed; or (ii) for an amount mentioned in subsection (3) —into the fund from which the amount was appropriated; and