§ 429 - Loans - Vermont Statutes

§ 429. Loans

The school board may draw orders for loans without interest to the town general fund and the board of selectmen may draw orders for loans without interest to the town school district fund, the loans to be secured by notes signed by the board of selectmen or the school directors as the case may be and stipulating the terms agreed upon between the board of school directors and the board of selectmen. The notes shall be payable on demand or mature within three months from date of issue. (Added 1969, No. 298 (Adj. Sess.), § 49.)