Cap. 463 Art. 23Borrowing powers.

(1) The Corporation may, with the approval of the

Minister responsible for finance, from time to time borrow such sums as it may require for the purpose of meeting any of its obligations or discharging any of its functions.

(2) Notwithstanding the provisions of subarticle (1), the Corporation may without further authority exercise its borrowing powers for the purpose of borrowing temporarily, by way of overdraft or otherwise, sums not exceeding in the aggregate two million and three hundred and twenty-nine thousand and three hundred and seventy-three euro and forty cents (2,329,373.40) at any one time outstanding or exceeding such sum established by the Minister responsible for finance by order published in the Gazette.

(3) For the purpose of securing any sums borrowed by the Corporation or any liability assumed by the Corporation in the exercise of its functions, the Corporation may hypothecate or charge its property, or any part thereof, and may issue debentures, debenture stock, bonds or other securities, whether outright or as security for any debt, liability or obligation of the Corporation or of any third party.