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STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 32
Interpretation
32 Interpretation
(1) In this Act—
"borrow" includes raise and obtain, in any way, money, credit and
other financial accommodation.
"other financial accommodation" includes— (a) finance leases primarily to
raise amounts to buy, or to finance the purchase of, property the subject of
the leases; and
(b) guarantees, letters of credit and any other form of
undertaking, provided by a financial institution or other person to meet the
liabilities or obligations of a statutory body.
(2) Subject to a regulation
under subsection (3) , a statutory body does not borrow merely because, in the
ordinary course of performing its functions, it enters into any of the
following— (a) a hire-purchase agreement;
(b) an operating lease;
(c) a
credit card facility.
(3) A regulation may prescribe that something is, or is
not, a form of financial accommodation for the definition
"borrow" , including, for example, a particular type of hire-purchase
agreement, operating lease or credit card facility.
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