Amendment status not verified — confirm the current text below against the official source.
(1) No trustee, administrator or other person in charge of the administration of a trust or endowment, shall lend any money belonging to the trust or endowment, or any property of trust or endowment, or borrow any money for the purposes of the trust or endowment, except with the prior sanction of the Board. (2) The Board may, while according sanction, specify any terms and conditions subject to which the person referred to in sub-section (1), is authorized by him to lend or borrow any money or lend any other property of trust or endowment. (3) Where any money is lent or borrowed, or other property of trust or endowment, is lent in contravention of the provisions of this section, it shall be lawful for the Chief Administrative Officer,- (i) to recover an amount equal to the amount which has been so lent or borrowed, together with interest due thereon, from the personal funds of the person by whom such amount was lent or borrowed; (ii) to recover the possession of the property of trust or endowment, lent in contravention of the provisions of this Act, from the person to whom it was lent, or from person who claim title to such property through the person to whom such property was lent.