General provisions

17 Financial provisions.

(1)

The F1Secretary of State may make grants and loans to an industrial training board.

(2)

The F2Secretary of State may give to an industrial training board such directions as F3he 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 F4Secretary of State or in accordance with the terms of any authority given by F5him, 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 F6Secretary of State may approve.