Borrowing by statutory authority from the Bank

(1) Subject to the provisions of this Act, a statutory authority may in such manner and on such terms and subject to such conditions as may be agreed between the statutory authority and the Bank borrow from the Bank from time to time such sums as may be required by the statutory authority. (2) No agreement in respect of sums borrowed under the powers conferred by subsection (1) of this section, shall be executed unless the terms and conditions thereof have been first approved by resolution of the House of Representatives to Loans (Caribbean 7 that effect and the Minister has given to the statutory authority his approval in writing thereof. (3) Notwithstanding anything to the contrary, any agreement between the statutory authority and the Bank shall be valid and binding on the authority if signed on behalf of the authority by a person authorised thereto in writing under the seal of the statutory authority. (4) The power to borrow conferred by this section on a statutory authority shall be in addition to any power to borrow conferred on such authority by or under any other statute. (5) Notwithstanding anything to the contrary, a statutory authority may charge or mortgage all or any of its property (movable or immovable), undertaking or revenue to secure any sum owing to the Bank in respect of sums borrowed by it under the powers conferred by subsection (1) of this section. (6) Notwithstanding anything to the contrary, a statutory authority may issue such bonds, promissory notes and other instruments on such terms and conditions as may be necessary for the purpose of giving effect to any agreement which may be entered into by it with the Bank in respect of any borrowing authorised by subsection (1) of this section.