198Security for borrowing

198 Security for borrowing (1) A council or local government subsidiary may, with the Minister's approval, give security for a borrowing in the nature of a mortgage or charge over property of the council or local government (2) The property over which a security is granted may consist of or include (present and future) general revenue of the council or local (3) The Minister must not approve a security over property if, in the Minister's opinion, it is essential that the property be retained in the ownership of the council or local government subsidiary. (4) The Minister must consult with the Treasurer before approving a security under this section.