s 2 Borrowing powers.
(1) The Authority may borrow such sums as may be required for meeting the obligations and discharging the functions of the Authority or their subsidiaries— (a) in sterling from the Secretary of State, or (b) with the consent of the Secretary of State, or in accordance with a general authority given by him, in any currency from a person other than the Secretary of State. (2) The Authority may borrow money from a wholly owned subsidiary of theirs without any consent or authority. (3) The Authority shall exercise control over their subsidiaries so as to secure that no subsidiary borrows from a person other than the Authority or another subsidiary except with the consent of the Secretary of State or in accordance with a general authority given by him. (4) The Secretary of State may give general authority for— (a) temporary borrowing, by way of overdraft or otherwise, and (b) borrowing by subsidiaries of the Authority. (5) The Secretary of State shall not give his consent or authority under this section except with the approval of the Treasury. (6) The Authority may not borrow money except in accordance with this section; but a person lending to the Authority is not prejudiced by a failure to comply with the requirements of this Act as to borrowing by the Authority.