Section 10
of Statutory Bodies Conduct And Discipline Regulations 1995
Section 10
(1)
No employee may borrow from any person or stand as surety or guarantor to any borrower, or in any manner place himself under any pecuniary obligation to any person –
(a)
who is directly or indirectly subject to his official authority;
(b)
with whom the employee has or is likely to have official dealings;
(c)
who resides or possesses land or carries on business within the local limits of his official authority; or
(d)
who carries on the business of money lending.
8
For the purpose of this regulation the word "person" shall include a body corporate or unincorporated.
(2)
An employee may, however, borrow from banks, insurance companies, co-operative societies, or borrowing companies licensed under the Banking and Financial
Institutions Act 1989 [Act 372] or incur debt through acquiring goods by means of hire purchase agreements provided that –
(a)
such banks, insurance companies, co-operative societies or borrowing companies from which the employee borrows are not directly subject to his official authority;
(b)
such borrowings shall not lead to public scandal or be construed that the employee has abused his official position to his private advantage; or
(c)
the aggregate of his debts does not or is not likely to cause him serious pecuniary indebtedness as defined under regulation 11.
(3)
Subject to sub-regulation(2), an employee may incur the following debts:
(a)
sums borrowed on the security of land charged or mortgaged, where the said sums do not exceed the value of the said land;
(b)
overdrafts allowed by banks;
(c)
sums borrowed from insurance companies on the security of policies;
(d)
sums borrowed from the Government, the statutory body or cooperative societies;
(e)
sums due on goods acquired by means of hire-purchase agreements.
Serious pecuniary indebtedness.