Power of Corporation to borrow.

1. (1) The Corporation may, in pursuance of any resolution passed by

1. (a) for acquiring any land which it has power to acquire;
2. (b) for erecting any building which it has power to erect;
3. (c) for the execution of any permanent work, the provision of any plant, or the doing of any other thing which it has power

1. (d) to payoff any debt due to the Government;
2. (e) to repay a loan previously raised under this Act or any other

the Government;

1. (ii) the amount of loan, the rate of interest and the terms

1. (2) When any sum of money has been borrowed under sub-section

1. (3) The Corporation shall be deemed to be a local authority for the

money borrowed

under section 150.borrowed for the purpose of discharging any previous loan shall not, except with