sec.65Money borrowed other than under Statutory Bodies Financial Arrangements Act 1982

sec.65 Money borrowed other than under Statutory Bodies Financial Arrangements Act 1982

This section applies if a foundation borrows an amount it is not lawfully authorised to borrow under the Statutory Bodies Financial Arrangements Act 1982 . The members of the board of the foundation who consented to the borrowing of the amount are jointly and severally liable to repay the amount, and any interest payable on it, to the person from whom the amount was borrowed. If an amount is appropriated from a fund administered by the foundation to repay the borrowed amount or interest on it, the members of the board of the foundation 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 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 may recover from the members mentioned in subsection (4) the full costs incurred in recovering the amount, including legal costs. Subsection (2) does not apply to a member if, when the member consented to the borrowing, the member believed on reasonable grounds that the foundation was authorised under the Statutory Bodies Financial Arrangements Act 1982 to borrow the amount. (sec.65-ssec.1) This section applies if a foundation borrows an amount it is not lawfully authorised to borrow under the Statutory Bodies Financial Arrangements Act 1982 . (sec.65-ssec.2) The members of the board of the foundation who consented to the borrowing of the amount are jointly and severally liable to repay the amount, and any interest payable on it, to the person from whom the amount was borrowed. (sec.65-ssec.3) If an amount is appropriated from a fund administered by the foundation to repay the borrowed amount or interest on it, the members of the board of the foundation 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.65-ssec.4) If the members 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.65-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 may recover from the members mentioned in subsection (4) the full costs incurred in recovering the amount, including legal costs. (sec.65-ssec.6) Subsection (2) does not apply to a member if, when the member consented to the borrowing, the member believed on reasonable grounds that the foundation was authorised under the Statutory Bodies Financial Arrangements Act 1982 to borrow the amount.