Part 6 — Finance and Property Division 1 Finance
180 Division 7 Borrowing Borrowing
operating and capital expenditures only with the prior approval of
the Minister.
(2) The Minister may make regulations respecting the
circumstances in which a board is not required to obtain the prior
approval of the Minister before borrowing to meet operating and
capital expenditures, including qualifying conditions or
requirements that the Minister considers appropriate.
(3) The Minister may approve all or a part of a request to borrow
and may impose any conditions on the approval that the Minister
considers appropriate.
(4) Where the amount of any borrowing by a board is secured, a
charge secured by the board is not effective against the
Government, the municipality or any other person who is not a
party to the charge.
(5) The Minister may make regulations respecting borrowing by a
board under this section.