[284A Power to borrow from permanent endowment: general]

[Power to borrow from permanent endowment]

[284A  Power to borrow from permanent endowment: general]

[(1)     This section applies to any available endowment fund of a charity.

(2)     The charity trustees may resolve to borrow an amount, not exceeding the permitted amount, from the available endowment fund if they are satisfied—

(a)     that it is expedient for the amount to be borrowed, in the light of the purposes set out in the trusts to which the fund is subject and the purposes of the charity, and

(b)     that arrangements are in place for the amount to be repaid within 20 years of being borrowed.

(3)     Any amount borrowed in accordance with subsection

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