borrowing powers

borrowing powers

the power of a public or corporate body to borrow. Most public bodies are invested by statute with power to borrow; the extent of any power in a particular case will depend on the precise language of the statute concerned A UK-registered company has no inherent power to borrow. However, a company that carries on a business has an implied power to borrow money and give security for the purpose of its business. Borrowing powers may be expressly conferred by provision in the company's memorandum of association; a company whose object is to carry on business as a general commercial company is endowed with the power to do all such things as are incidental or conducive (including borrowing) to that end.
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At the time concerns were raised over indications that the Westminster Government would make devolution of extra borrowing powers conditional on the development of a specific M4 relief road route.
Tory MSP Adam Tomkins said: "There isn't enough in the Scottish reserves, there isn't enough in your borrowing powers to cope with that."
While the Scottish Government has more borrowing powers under devolution, SFC chief executive John Ireland told Holyrood's Finance Committee that these are limited.
THE Welsh Government has been urged to make progress on the M4 relief road with a funding boost promised of more than half a billion pounds and the potential for new borrowing powers to support the project.
If Labour councils pooled their PS4.5 bn they hold in unused general reserves, with Britain's very low interest rates they would be able to make use of prudent borrowing powers to set legal no-cuts budgets.
He said Northern Ireland needed to end its financial dependency on Britain, take on devolved borrowing powers from London and free itself from the "choke lead" held by the Treasury on spending.
As part of a new package of tax and borrowing powers which are being devolved via the Wales Bill, the Wales Joint Exchequer Committee has agreed to work together to consider if Welsh Ministers should be able to issue bonds.
The announcement came as Plaid Cymru prepared to table its own amendments to the Bill to expand the areas devolved to the Assembly; powers over Welsh general elections; ability to increase its members to 100; reform the funding formula on the basis of need; and increasing the Welsh Government's borrowing powers. Plaid leader Leanne Wood said: "It is time now for Wales to move from piecemeal devolution to proper selfgovernment.
The Conservative-Liberal Democrat coalition missed a spring deadline to respond to the cross-party Silk Commission's call for the Assembly to gain borrowing powers and the ability to vary income tax, subject to a referendum.
Lord Roberts said borrowing powers should be available to the Assembly, but under strict Treasury control.
Mr Forbes is also seeking new borrowing powers that will allow him to spend tens of millions of pounds transforming Newcastle, with the money being repaid through the business rates contributed by those moving into new shops and offices.