Power to borrow

(1) Subject to this Act, the Commission may, with the approval of the Minister, borrow such sums and raise loans from the Government or any other source as it may require for meeting its obligations and discharging its functions and for the purposes of meeting expenditure of a capital nature. (2) Without prejudice to the generality of sub-section (1), the power of the Commission 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 to, and approved by, the Minister.