Overview
Loans/overdrafts and leasing or other forms of debts must be approved by the patron/trustee.
Loans and overdrafts should be avoided except for limited periods and where the board of management is satisfied that the overdraft/loan can be cleared by the board of management in a reasonable timeframe.
No loan or overdraft should be entered into without the written approval of the patron/trustees and the formal approval of the board of management.
Internal Controls Manual Reference:
See Internal Controls Manual: section 3.12 Loans/Overdrafts or Other Forms of Debts