S.L. 628.1 Art. 9Borrowing powers. 

Subject to the provisions of regulation 7 and if so authorised by its statute, an association may only borrow money from its administrators, any European Union or European Economic Area licensed credit institutions or financial institutions authorised to carry ORGANISATIONS)

out lending in the European Union or in the European Economic Area:

Provided that the association shall only accept money borrowed from the administrators with the prior approval of the Authority and following the signing of an agreement which indicates the terms and conditions of the loan. The loan transaction shall be made through bank wire transfer and shall not be through the physical exchange of cash:

Provided further that prior to accepting any loans from the administrators, the association shall ensure that the source of such funds so advanced to it by the administrators are either their own funds or have been loaned to the administrators by a European Union or European Economic Area licensed credit or financial institution.