- 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 (see Att. Gen. v. De Winton  2 Ch. 106).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 (see General Auction Estate Co. v. Smith  3 Ch. 432). 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 in terms of the Companies Act 1985.
Collins dictionary of law. W. J. Stewart. 2001.
Look at other dictionaries:
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