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The Health and Personal Social Services(Northern Ireland) Order 1991

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This is the original version (as it was originally made).

Borrowing

1.—(1) Subject to the provisions of this paragraph and to any limit imposed under the following provisions of this Schedule, for the purpose of its functions an HSS trust may borrow (both temporarily, by way of overdraft, and longer term) from the Department or from any other person.

(2) An HSS trust may not mortgage or charge any of its assets or in any other way use any of its assets as security for a loan.

(3) Except with the consent of the Department, an HSS trust may not borrow in any currency other than sterling; and the Department shall not give its consent to any such borrowing except with the approval of the Department of Finance and Personnel.

(4) Interest on any sums borrowed from the Department by an HSS trust shall be paid at such variable or fixed rates and at such times as the Department may determine.

(5) The other terms on which any sums are borrowed from the Department by an HSS trust shall be such as the Department may determine; and, in the event of the early repayment of any sums so borrowed, such terms may require the payment of a premium or allow a discount.

(6) A determination under sub-paragraph (4) or (5) shall be made with the consent of the Department of Finance and Personnel.

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