Power to borrow

Notwithstanding the provisions of the National Institute of Culture and History Act, NICH shall be entitled to exercise the following powers for the purposes of this ActCAP 331. (a) NICH may, after consultation with reputable financial experts and after obtaining a resolution of the Council to borrow, borrow sums required by it for meeting any of its obligations or discharging any of its functions under this Act; (b) the power to borrow under this section shall be exercisable only with the approval of the Minister of Finance, as to the amount, the source of the borrowing and the terms on which the borrowing may be effected, and any approval given in any respect for the purposes of this section may be either general or limited to a particular borrowing or otherwise, and may be either unconditional or subject to conditions.