Control of borrowing
This section has no associated Explanatory Notes
12.—(1) A council may not borrow money if doing so would result in a breach of—
(a)the limit determined by it under section 13, or
(b)any limit applicable to it under section 14.
(2) The Department may, in relation to specific borrowing by a particular council, by direction disapply subsection (1)(b), so far as relating to any limit applicable under section 14(1).
(3) A council may not, without the consent of the Department of Finance and Personnel, borrow otherwise than in sterling.
(4) This section applies to borrowing under any power available to a council under any statutory provision.