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Contents (2000 - 92)
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Water Management Act 2000 No 92
Current version for 1 July 2019 to date (accessed 23 September 2019 at 08:56)
190   Temporary accommodation
(1)  For the temporary accommodation of a private irrigation board it may obtain advances by way of overdraft of current account in any one or more banks or authorised deposit-taking institutions on the security of the income of the board.
(2)  The amount of any such overdraft must be limited to:
(a)  one-half of the income of the private irrigation board as shown by the last audited accounts, or
(b)  if there are no audited accounts, one-half of the income of the private irrigation board estimated by the board in respect of the year commencing on 1 July immediately preceding the date on which the overdraft is proposed to be obtained.
(3)  No greater amount may be borrowed under this section than the amount stated in a certificate of the auditor of the private irrigation board as being the sum that may be borrowed within the limits imposed by this section.