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(1)Without prejudice to the borrowing powers of a residuary body by virtue of section 75 above but subject to subsection (2) below, a residuary body may borrow by way of temporary loan or overdraft from a bank or otherwise any sums which it may require for the purpose of defraying its expenses before the abolition date.
(2)The sums borrowed by a residuary body under this section shall not exceed such amount as the Secretary of State may determine and shall be repaid before the end of the financial year in which revenue is first received by the body as a result of levies made by it under section 74 above.
(3)Paragraph 12 of Schedule 13 to the principal Act (joint borrowing) shall apply to the power conferred by this section as it applies to the powers of borrowing conferred by Part I of that Schedule.
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