Skip to main content
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 September 2005 - onwards
Version 2 of 2

36. Amendment to Part VI of Principal Act.

Part VI of the Principal Act is amended by the insertion after section 61A (inserted by section 25 of the Act of 1996) of the following section:

"61B. Restriction on borrowing.

(1) Notwithstanding anything in the rules of the scheme and subject to regulations under subsection (2), trustees of a scheme may neither borrow money nor act as a guarantor on behalf of a third party.

(2) Subject to the Directive, regulations may provide that in the circumstances and subject to the conditions and restrictions that may be prescribed, trustees of a scheme may borrow money.".

Back to top