Borrowing Powers

(1) Subject to the provisions of sub-section (2), the Authority may borrow money required by it for meeting any of its obligations or discharging any of its functions; including on- lending to groups approved by the Board, if necessary. (2) The power of the Authority to borrow in excess of such limits as the Minister responsible for Finance may fix from time to time shall be exercisable only with the approval of the Minister responsible for Finance as to the amount, source of borrowing and the terms on which the borrowing may be effected, and an approval given for the purposes of this sub- section may be general or limited to a particular borrowing or otherwise, and may be either unconditional or subject to conditions. (3) With the approval of the House of Representatives, the Minister responsible for Finance may guarantee, in such manner and on such conditions as he thinks fit, the repayment of the principal and the payment of interest on any authorized borrowings of the Authority. (4) Where the Minister responsible for Finance is satisfied that there has been default in the repayment of any principal moneys or the payment of interest guaranteed under the provisions of this section, he shall direct the repayment or, as the case may be, the payment, out of the Consolidated Revenue Fund, of the amount in respect of which there has been such default and any such repayment or payment shall be a charge on the Consolidated Revenue Fund.