Raising loans

(1) The Council may, with the approval of the Minister responsible for finance, borrow sums required by it for meeting any of its obligations or discharging any of its functions. (2) Subject to sub-section (1), the Council may establish companies under the Companies Act, to raise funds for infrastructural development projects. CAP. 250. 25 (3) The Council may, either directly or through companies established by it, float bonds or issue shares or debentures for the purpose of exercising its borrowing powers under this Act. (4) Notwithstanding sub-sections (1), (2) and (3), the Minister responsible for finance may advance from the public funds of Belize any sum required by the Council, on such terms and conditions as that Minister may determine, if he is satisfied as to the ability of the Council to repay the amount advanced, from its ordinary revenue, within such time as he may determine.