| (1) | The funds of a public college consist of— |
| (a) | funds allocated by the State; |
| (b) | any donations or contributions received by the public college; |
| (c) | money raised by the public college; |
| (e) | income derived from investments; |
| (f) | money received from services rendered; |
| (g) | money payable by students for continuing education and training qualifications or part–qualifications provided by the public college; |
[Paragraph (g) amended by section 8 of Act No. 1 of 2013]
| (h) | money received from students or employees of the public college for accommodation or other services provided by the public college; and |
| (i) | funds from any other source. |
| (2) | A public college may not raise money by means of a loan or overdraft without the approval of the Member of the Executive Council. |
| (3) | If a person lends money or grants an overdraft to a public college without the approval of the Member of the Executive Council, the State and the college are not bound by the contract of lending money or an overdraft agreement. |
