Regulation 6 Agreements for loans
A loan shall be made in accordance with an agreement which shall be in writing and duly executed under the seal of the governing body of the school.
An agreement shall contain terms relating to such of the following matters as may be specified in the agreement—
the time at which, the conditions for which and the manner in which payment of the loan is to be made;
the payment of additional interest in the event of any periodical instalment in repayment of the loan not being paid, or of any periodical payment of interest not being made, as required by the agreement;
the early repayment of the loan on notice given by the governing body to the appropriate authority;
the keeping by the governing body of records and accounts relating to the loan;
the furnishing to the appropriate authority of information, documents, returns and accounts;
the audit of accounts,
and, without prejudice to the provisions of these Regulations, the agreement shall contain such other terms as the appropriate authority consider to be necessary or expedient in the circumstances.