Provincial loans

(1) A province may raise loans for capital or current expenditure in accordance with national legislation, but loans for current expenditure may be raised only when necessary for bridging purposes during a fiscal year. (2) National legislation referred to in subsection (1) may be enacted only after any recommendations of the Financial and Fiscal Commission have been considered. [S. 230 substituted by s. 10 of the Constitution Seventh Amendment Act of 2001.] Municipal loans 230A. (1) A Municipal Council may, in accordance with national legislation— (a) raise loans for capital or current expenditure for the municipality, but loans for current expenditure may be raised only when necessary for bridging purposes during a fiscal year; and (b) bind itself and a future Council in the exercise of its legislative and executive authority to secure loans or investments for the municipality. (2) National legislation referred to in subsection (1) may be enacted only after any recommendations of the Financial and Fiscal Commission have been considered. [S. 230A inserted by s. 17 of the Constitution Sixth Amendment Act of 2001.] CHAPTER 14 GENERAL PROVISIONS International Law