Power to borrow

(1) Subject to this Act, the Authority may from time to time for the purposes of this Act raise loans, (a) from the Government; or (b) with the consent of the Board, from any other source. (2) The power to borrow under this section may be exercised, (a) to borrow and re-borrow moneys by the issue and sale of debentures or debenture stock or other security for the purpose of raising the funds of the Authority for the effectual exercise by it of the powers conferred by this Act; (b) to create and issue debentures or debenture stock or other security for any debentures or debenture stock respectively issued in respect of moneys previously borrowed by the Authority, and not repaid; (c) to create, issue and sell debentures or debenture stock or other security for the purpose of borrowing money for redeeming any loans owing by the Authority and for paying the expenses incurred in the issue and creation of debentures or debenture stock or other security and otherwise carrying out the provisions of this Act; (d) to effect any conversion authorised by this section either by arrangement with the holders of the existing debentures or debenture stock or other security, or by the purchase of debentures or debenture stock or other security out of money raised by the sale of the debentures or debenture stock or other security, or partly in the one way and partly in the other. (3) Without prejudice to the next following section, the power of the Authority to borrow under this section shall not be exercised unless a proposal in writing showing, (a) the amount and particulars of the proposed loan; (b) the rate of interest to be paid on the loan; (c) the source or sources from which the loan is to be obtained; (d) the purposes to which the money proposed to be borrowed is to be applied; and (e) the manner in which the loan is to be repaid, is first submitted for the approval of the Minister of Finance.