(1)The Commission may with the approval of the Secretary of State make grants and loans to an industrial training board.
(2)The Commission may give to an industrial training board such directions as the Commission thinks fit for the purpose of securing—
(a)that the board's expenditure for a purpose specified in the directions does not exceed an amount so specified ; and
(b)that the whole or part of any grant or loan made to the board in pursuance of subsection (1) above is used only for the purposes specified in the directions ;
and it shall be the duty of the board to comply with the directions.
(3)An industrial training board may, with the consent of the Commission or in accordance with the terms of any authority given by the Commission, borrow temporarily from any other person by way of overdraft or otherwise such sums as it may require.
(4)An industrial training board may give security for any money borrowed by it.
(5)An industrial training board shall not invest any money otherwise than in such manner as the Commission may approve.