Irish Aubrac Cattle Breed Society Limited
VI. LOANS AND BORROWING POWERS
26. BORROWING POWERS
Subject to the provisions of the Act of 1978 the Council may raise or borrow such sum or sums of
money as shall from time to time be considered necessary by the Council on such terms and conditions
as the Council shall agree provided that the aggregate amount of all monies so raised or borrowed
shall not at any time exceed such amount as may be fixed by resolution of a General Meeting of the
Society from time to time.
Subject to the provisions of the Act of 1978 the Council may secure the repayment of any such loans
and the interest thereon by the issue of debentures, debenture stock, mortgage, charge, bonds,
agreements, promissory notes or lien upon all or any of the property or assets of the Society both
present and future.
In addition the Council may, in accordance with the power vested in it by these Rules and subject to
the provisions of the Act of 1978, procure that the Society shall guarantee, support or by similar
debentures, debenture stock, mortgages, charges, bonds, agreements, promissory notes, liens or by
any indemnity secure the debts or obligations of any other Society, body corporate or person having
dealings with or interests similar to the Society provided that the Council shall resolve that the giving
of such guarantee or the provision of such security is directly or indirectly conducive or incidental to
the business or trade of the Society.
The Council in addition to such borrowings in relation to the business of the Society may from time to
time borrow such further sums as it may deem necessary from time to time by means of Loan Stock
from members, suppliers, other persons, and Bodies Corporate. The method of borrowing and the terms and conditions attached to the Loan Stock shall be determined by the Council from time to time,
subject to the provisions of the Act of 1978.
27. DEPOSITS
The Society shall not accept money on deposit from members and others within the meaning of
deposit in the Acts (or otherwise defined), however the Society may accept monies in the form of
down payment, instalment or security in relation to any transactions or activities incidental to its
business subject to the acceptance of such monies in those circumstances being:
a) compliant with applicable legislation; and
b) in such sums, at such rates of interest and on such terms as the Board may decide.
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