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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)A National Park authority may—
(a)borrow from the Scottish Ministers, by way of temporary loan or otherwise,
(b)with the consent of the Scottish Ministers, borrow temporarily, by way of overdraft or otherwise, from persons other than the Scottish Ministers,
such sums as it may require for meeting its obligations and carrying out its functions.
(2)A consent under subsection (1)(b) may be granted subject to conditions.
(3)In any financial year the net amount of sums borrowed by an authority under this section must not exceed the amount specified for that year for the purposes of this section in a Budget Act.
(4)In subsection (3), “net amount” means the amount of sums borrowed in the financial year less any repayments made during that year (otherwise than by way of interest) in respect of sums borrowed in that or any other year.
(5)An authority may borrow money only under this section.
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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