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Loan and suretyship

See field: provincial, municipal

Loan

A loan may be granted by an elector of the school board to an authorized candidate of this same school board or may be granted by a financial institution. The loan shall be granted at the current market rate of interest.

Maximum for an elector

Loans and suretyships granted by an elector of the school board to one or more authorized candidates of this same school board cannot exceed a total of $10,000.

The lender may be the candidate himself.

Deed of loan

In all cases, the loan must be evidenced in writing and be granted at the current market rate of interest.