Cap. 327 Art. 119Borrowing from Government.

(1) The Minister responsible for finance may, for any requirements of an entity of a capital nature, contract or raise loans, 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.

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

(3) Pending the raising of any such loan as is mentioned in sub-article (1), or for the purpose of providing the entity with working capital, the Minister responsible for finance may, by warrant under his hand, and without further appropriation other than this Act, authorise the Accountant General to make advances to the entity out of the Treasury Clearance Fund under such terms as may be specified by the Minister upon the making thereof.

(4) The proceeds of any loan raised for the purposes of making advances to an entity, and any other moneys to be advanced to an entity under this article, shall be paid into a fund specially established for the purpose.

(5) Sums received by the Accountant General from an entity in respect of advances made to the entity under this article, shall be paid, as respects of amounts received by way of repayment into the Treasury Clearance Fund and, as respects amounts received by way of interest into the Consolidated Fund.