Raisin g of loans

(1) The Council may, with the approval of the Minister of Finance, borrow sums required by it for meeting any of its obligations or discharging of its functions. Raising of loans. 26 (2) Subject to sub-section (1), it shall be lawful for the Council to establish companies under the Companies Act to raise funds for infrastructural development projects. (3) The Council may, either directly or through companies established by it, float bonds or issues shares or debentures for the purpose of exercising its borrowing powers under this Act. (4) Notwithstanding the above provisions, it shall be lawful for the Minister responsible for Finance to advance from the public funds of Belize any sum required by the Council, on such terms and conditions as the said Minster may determine, if the said Minister is satisfied that the Council shall be able from its ordinary revenue to pay the amount advanced within such time as he may determine.