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“10.—(1) The Institute may, with the consent of the Minister, given with the consent of the Minister for Finance and subject to any conditions imposed by the Minister, borrow by means of bank overdraft, or otherwise, moneys for the purpose of the administration and operation of its functions.
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(2) Where the repayment of moneys borrowed under this section is to be spread over a term of years, the Institute may borrow the moneys on the security of the land and property (other than the estate known as Johnstown Castle and Demesne and referred to in the Johnstown Castle Agricultural College Act, 1945, and in the Johnstown Castle Agricultural College (Amendment) Act, 1959) of the Institute or such other security as may be acceptable to the lender and may charge the income of the Institute with the payment of the principal moneys so borrowed and the interest thereon.”.
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