(1)The Chapter of a cathedral may borrow money for any purpose connected with the cathedral.
(2)But if the purpose for which the money is to be borrowed is such that the use of money forming part of the permanent endowment of the cathedral for that purpose would require the consent of the Church Commissioners, the Chapter may not borrow the money unless it has obtained their consent.
(3)If the prospective debt arising from borrowing under this section would cause the Chapter’s total borrowings to exceed such threshold as the Church Commissioners may from time to time specify by order, the Chapter may not borrow the money unless it has obtained their consent.