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Local Government Act, 1955

PART IV.

Provisions relating to Local Finance.

Borrowing by way of temporary loan or overdraft.

42.—(1) A local authority having any power to borrow may, for the purposes of providing temporarily for any expenses that may be incurred by them in the execution or performance of any of their powers and duties, borrow with the consent of the Minister by way of temporary loan or overdraft.

(2) The period for which a sum is borrowed under this section shall be such period, not exceeding ten years, as the Minister may sanction.

(3) A sum borrowed by a local authority under this section shall not be reckoned as part of the debt of such authority for the purposes of any statutory limitation of borrowing.

(4) In this section references to borrowing include references to reborrowing.