Section 6Part 0 —
Borrowing from the Bank by statutory authorities
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Subject to this Law, a statutory authority may, in such manner and subject to such terms and conditions as may be agreed between the statutory authority and the Bank and with the approval in writing first obtained of the Governor, borrow from the Bank, from time to time, such sums as may be required by the statutory authority not exceeding two hundred and fifty thousand dollars or, with the consent of the Legislative Assembly, amounts in excess of that sum.
Notwithstanding anything to the contrary, any agreement between the statutory authority and the Bank is valid and binding on the authority if signed on behalf of the authority by a person approved by the Governor and authorised thereto in writing under the seal of the statutory authority.
The power to borrow conferred by this section on a statutory authority is in addition to any power to borrow conferred on such authority under any other law.
Notwithstanding anything to the contrary, a statutory authority may charge or mortgage all or any of its property (movable or immovable), undertaking or revenue to secure any sum owing to the Bank in respect of sums borrowed by it under subsection (1).
Notwithstanding anything to the contrary, a statutory authority may issue such bonds, promissory notes and other instruments on such terms and conditions as may be necessary for giving effect to any agreement which may be entered into by it with the Bank in respect of any borrowing authorised by subsection (1).