Section 12: Borrowing powers of Board

12. Borrowing powers of Board (1) (a) The Board may, with the approval of the Minister, raise money by way of loan and, for the purpose of any such loan or for the payment of any debt due by the Board, may issue debentures or debenture stock in such amounts and for such periods as the Minister may approve. (b) In addition to the powers conferred on it under paragraph (a), the Board may obtain by way of advances from the Government, and the Government may out of funds voted by the Assembly for the purpose advance to the Board, money sufficient to enable the Board to carry out any of its powers, duties and functions or in anticipation of revenues to be earned from any undertaking to be acquired or established by the Board. C6 – 5 [Issue 9] (c) The Board may put any money borrowed by or advanced to it under this section to the payment of interest in respect of any loan or advance for such period as the Minister may approve but not exceeding 7 years from the issue of the security of the loan or advance. (2) The Board may also borrow temporarily, by way of bank overdraft or otherwise, such sums as it may require for meeting its obligations or discharging its functions. (3) The repayment of money borrowed by the Board and the payment of interest on it and all charges connected with the borrowing shall be a liability of the Board and shall be charged on its property, assets and revenues.