26.-(1) Τhe governing body of any secondary school to which section 23 or 24 applies may, subject
to the approval of the Συνέλευσις, borrow money from the Loan Commissioners or from any bank, corporation or private person for any school purpose or educational purpose, and for securing the payment of the principal and interest of any such loan may, subject to the approval of the Συνέλευσις, mortgage any premises belonging to or held in trust for such school together with any premises to be erected with any such loan and may charge therewith any moneys then or thereafter payable to the governing body under any Law.
(2) Nothing in this section shall be deemed to affect any loan contracted by any governing body under the provisions of the Secondary Education (Moslem) Schools Laws, 1920 to 1929, or by any Town Committee under the provisions of the Secondary Education (Greek-Christian) Laws, 1923 and 1929, as the case may be, and any such loan shall be valid and effective and shall be discharged as if this Law had not been passed.