Application of loan moneys by statutory authority

Any sums borrowed by a statutory authority under the powers conferred by section 6 (1) of this Act, shall be applied by the authority to the purposes for which the sums were borrowed as specified in any agreement concluded with the Bank in respect of the sums so borrowed, Provided that where any part of such sum cannot be applied to the purposes aforesaid such part may be applied by the statutory authority to such other purposes as may be approved by the Minister and the Bank. Loans (Caribbean 8