Cap. 355 Art. 23Powertoborrowor raise capital.

(1) The Corporation may, with the approval in writing of the Minister given after consultation with the Minister responsible for finance, borrow, secure or raise money by debentures, debenture stock, or other security, for any one or more of the following purposes of the Corporation:

(a) the provision of working capital;

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

(c) the provision of capital for the expansion of and addition to the fixed assets of the Corporation;

(d) the redemption of any debentures or debenture stock or other security that the Corporation is required or entitled to redeem;

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

(2) The Corporation may, from time to time, borrow by way of overdraft or otherwise, for periods not exceeding twelve months, such sums as the Board may require for carrying out its functions under this Act: Provided that for any amount in excess of two million and three hundred and twenty-nine thousand and three hundred and seventy-three euro and thirty-three cents (2,329,373.33), there shall be required the approval in writing of the Minister.