49.— (1) A chief executive of an education and training board may prepare and submit a proposal in writing to the board that the board should borrow by means of bank overdraft or otherwise money, including money in a currency other than the currency of the State, for the purposes of carrying out the board’s functions.

(2) A proposal submitted to an education and training board under subsection (1) shall give reasons for the proposal.

(3) An education and training board may, having considered a proposal under subsection (1), with the consent of the Minister, and having regard to any directions of the Minister for Public Expenditure and Reform or the Minister for Finance, accept the proposal and borrow by the means specified in the proposal for the purposes of carrying out the functions of the board.

(4) The aggregate, at any one time, of monies borrowed by an education and training board shall not exceed such amount as may be determined by—

(a) the Minister for Public Expenditure and Reform and the Minister for Finance, or

(b) the Minister acting in accordance with any requirements or directions of the Minister for Public Expenditure and Reform or the Minister for Finance.