§ 42 — Borrowing power

42.—(1) The Authority cannot raise loans for the performance of its functions under this Act or any other Act administered by the Authority except in accordance with this section.(2) Subject to subsection (3), the Authority may raise loans by —(a)

mortgage, overdraft or other means, with or without security;

(b)

charge, whether legal or equitable, on any property vested in the Authority or on any other revenue receivable by the Authority under this Act or any other written law; or

(c)

the creation and issue of debentures, bonds or any other instrument as the Minister may approve.

(3) The Authority may raise loans —(a)

from the Government; or

(b)

with the approval of the Minister, from another source, whether within or outside Singapore.

(4) For the purposes of this section, the power to raise loans includes the power to make any financial agreement whereby credit facilities are granted to the Authority for the purchase of goods, materials or things.

—(1) The Authority cannot raise loans for the performance of its functions under this Act or any other Act administered by the Authority except in accordance with this section.

(2) Subject to subsection (3), the Authority may raise loans by —(a)

mortgage, overdraft or other means, with or without security;

(b)

charge, whether legal or equitable, on any property vested in the Authority or on any other revenue receivable by the Authority under this Act or any other written law; or

(c)

the creation and issue of debentures, bonds or any other instrument as the Minister may approve.

(3) The Authority may raise loans —(a)

from the Government; or

(b)

with the approval of the Minister, from another source, whether within or outside Singapore.

(4) For the purposes of this section, the power to raise loans includes the power to make any financial agreement whereby credit facilities are granted to the Authority for the purchase of goods, materials or things.