Overview
Loans/overdrafts and leasing or other forms of debts must be approved by the patron.
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 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.