Power of Corporation to borrow money

Power of Corporation to borrow money.—

1. (1) The Corporation may, with the previous sanction of the Government and subject to such conditions as may be prescribed, borrow at interest, by the mortgage or otherwise of all or any of the property vested in the Corporation or of all or any of the taxes, duties, tolls, fees and other sums due to the Corporation, any money necessary for carrying out the purposes of this Act.
2. (2) Nothing in this section shall be deemed to authorise the Corporation to borrow money in contravention of the provisions of the Local Authorities Loans Act, 1914 (Central Act 9 of 1914) or the rules made thereunder.