Cap. 343 Art. 21Power to borrow capital.

(1) The Corporation may, with the approval in writing of the Minister given after consultation with the Minister responsible for finance, borrow or raise money in such manner, from such person, body or authority, under such terms and conditions and against such security as it may deem appropriate, for any one or more of the following purposes:

(a) the carrying out of functions of the Corporation under this Act;

(b) any other expenditure properly chargeable to capital account.

(2) The Corporation may also from time to time borrow, by way of overdraft or otherwise, for periods not exceeding twelve months, such sums as it may require for carrying out its functions under this Act: Provided that for any amount in excess of four hundred and sixty-five thousand and eight hundred and seventy-four euro and required by it to carry out any of its functions under this Act, the Minister responsible for finance may, after consultation with the Minister, by warrant under his hand and without further appropriation other than this Act, authorise the Accountant General to make advances to the Corporation either out of the proceeds of any loan contracted or raised for the purpose or out of the Consolidated Fund; and such advances shall be made on such terms and conditions as the Minister responsible for finance may direct.

(4) The Minister responsible for finance may, for any requirements of the Corporation of a capital nature, contract or raise money, or incur liabilities, for such periods and on such terms and conditions as he may deem appropriate; and any sums due in respect of or in connection with any such loan or liability shall be a charge on the Consolidated Fund.

(5) Notice of any loans, liabilities or advances made or incurred under the foregoing provisions of this article shall be given by the Minister to the House of Representatives as soon as practicable.