(1)
Advances to
Members must only be made in accordance with the current Report of Parliament
and with the prior approval of the Chief
Accountant.
(2)
When approving
advances, the Chief Accountant. must:
(a)
require the
provision of a bill of sale, mortgage, or similar securities to ensure the
payment or recovery of the advance;
(b)
require
payment of a deposit of at least 10% of the value of the vehicle or boat;
(c)
require an
insurance policy be taken out and maintained for the term of the advance. The
policy should include the interest of the Ministry
of Finance in the property; and
(d) require that the advance be paid within a period not exceeding four years for new vehicles, or in the case of second hand vehicles, three years.
(Financial Instructions 2005 s(53))