213 Party secretary may enter into loan on behalf of party

(1)

A party may enter into a loan only with the authorisation of the party secretary.

(2)

Only the party secretary may enter into a loan on behalf of the party.

(3)

If the party secretary enters into a loan that is not in writing, the party secretary must, as soon as is reasonably practicable, make a written record of the loan.

(4)

A loan entered into in contravention of this section is an illegal contract for the purposes of subpart 5 of Part 2 of the Contract and Commercial Law Act 2017.

Section 213: inserted, on 25 March 2014, by section 41 of the Electoral Amendment Act 2014 (2014 No 8).

Section 213(4): amended, on 1 September 2017, by section 347 of the Contract and Commercial Law Act 2017 (2017 No 5).