Chapter 13: Finance
Provincial loans
230.
(1)
(2)
A province may raise loans for capital or current expenditure in accordance with
national legislation, but loans for current expenditure may be raised only when
necessary for bridging purposes during a fiscal year.
National legislation referred to in subsection (1) may be enacted only after any
recommendations of the Financial and Fiscal Commission have been considered.
[S. 230 substituted by s. 10 of the Constitution Seventh Amendment Act of 2001.]
Municipal loans
230A. (1)
(2)
A Municipal Council may, in accordance with national legislation—
(a) raise loans for capital or current expenditure for the municipality, but loans for
current expenditure may be raised only when necessary for bridging purposes
during a fiscal year; and
(b) bind itself and a future Council in the exercise of its legislative and executive
authority to secure loans or investments for the municipality.
National legislation referred to in subsection (1) may be enacted only after any
recommendations of the Financial and Fiscal Commission have been considered.
[S. 230A inserted by s. 17 of the Constitution Sixth Amendment Act of 2001.]
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