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Borrowing by vocational education committee for permanent works.
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50.—(1) Where a vocational education committee proposes to incur expenditure under this Act on works the cost of which ought, in the opinion of the Minister, by reason of their permanent character to be spread over a term of years, such committee may, with the consent of the Minister, spread the defrayal of such expenditure over such term of years as the Minister may approve, and may for that purpose borrow money on the security of the vocational education fund maintained by it and charge that fund with payment of the principal moneys so borrowed and the interest thereon.
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(3) A vocational education committee borrowing money under this section may, where it so thinks proper, borrow such money from the Commissioners of Public Works in Ireland, and those Commissioners may, if they think fit, lend such money to such committee under the Public Works (Ireland) Acts, 1831 to 1886 and notwithstanding anything in those Acts such loan may be made for such term as the Commissioners think fit.
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