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The Pamphlet Collection of Sir Robert Stout: Volume 7

XIV.—The Directors may Borrow Money

XIV.—The Directors may Borrow Money.

Directors empowered to Borrow Money on Debentures.

As often as it shall be deemed advisable, it shall be lawful for the Trustees, with the sanction and advice of the Board of Directors, to take up money on Debentures; such Debentures to be signed by the Trustees, or one of them, and countersigned by the Manager for the time being; the money to be raised on such Debentures to be paid over to the Board of Directors for the purposes of the Association. And for any sum so borrowed, it shall be lawful for the Board of Directors to pay interest out of the funds of the Association at any rate not exceeding £8 per centum per annum; and the funds for page 15 the time being of the Association, and all property being vested in the Trustees of the Association, shall be security for, and primarily liable for, all moneys so borrowed. Provided always, that no Trustee or Manager signing or counter-signing such Debentures shall be personally liable thereupon or for the moneys thereby borrowed.