Technological Universities Act 2018
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Borrowing, guaranteeing and underwriting | ||
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21. (1) Subject to subsection (2), a technological university, or any company in which the technological university has a proprietary interest, may borrow money by means of a bank overdraft or otherwise and may guarantee or underwrite a loan taken or borrowing undertaken by any person. | ||
(2) An tÚdarás shall, from time to time with the approval of the Minister, given with the consent of the Minister for Public Expenditure and Reform and the Minister for Finance, make rules to be complied with by a technological university in relation to any borrowing, guaranteeing or underwriting under subsection (1) and any such rules, which may be amended in like manner to which they are made, shall include rules relating to— | ||
(a) the purposes for which any proposed borrowing, guaranteeing or underwriting may be undertaken by a technological university, | ||
(b) the demonstration by a technological university of its ability to meet the costs arising from any such borrowing, guaranteeing or underwriting, | ||
(c) the identification of the potential for any such proposed borrowing, guaranteeing or underwriting to give rise to additional costs for the State, | ||
(d) the requirement for a technological university to obtain the prior approval of An tÚdarás, which approval shall be subject to the consent of the Minister and which consent is subject to the prior consent of the Minister for Public Expenditure and Reform and the Minister for Finance, before borrowing, guaranteeing or underwriting, | ||
(e) the provision by a technological university to An tÚdarás of information relating to any borrowing, guaranteeing or underwriting undertaken under subsection (1), and | ||
(f) the requirement to comply with the provisions of section 67 of the Credit Institutions (Stabilisation) Act 2010 . | ||
(3) Where An tÚdarás makes or amends rules under subsection (2), it shall— | ||
(a) so notify, and furnish a copy of the rules or amendments to, a technological university, and | ||
(b) arrange for the rules or amendments to be published on the internet. |