949. Power to borrow for purposes of institution.

A literary and scientific institution1, unlike a commercial or trading undertaking2, has no implied powers to borrow money for the purposes of its business; nor does the power of sale given to such institutions3 include a power to borrow4; but under the Trusts of Land and Appointment of Trustees Act 1996 the trustees of land held on charitable, ecclesiastical or public trusts have all the powers of an absolute owner, including the power to borrow5.

Moreover, in order to indemnify themselves against the payment of any rate, tax, charge, costs or expenses, to which as trustees and legal owners of