Section 31: Power to borrow money.

(1) A registered society may, subject to the majority decision or consent of the general meeting of its members, borrow, whether by way of mortgage or otherwise on such terms and conditions as the society with the consent aforesaid may determine, such sums of money as may be required for the purposes for which the society is established.
(2) There may be attached to any decision or consent to borrow, under subsection (1) of this section, the condition that the money shall be utilised for a specific purpose or purposes.