s.16Capital and borrowing powers of Authority
16
Section 16Part 4 — Financial Provisions

Capital and borrowing powers of Authority

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The initial capitalisation of the Authority shall be established by agreement between the Minister and the Board and shall include sufficient working capital to allow the Authority to operate efficiently.
Subject to subsection (3), the Authority may borrow such sums required by it for meeting its obligations and discharging its functions.
The power of the Authority to borrow an amount in excess of a cumulative outstanding balance of two hundred and fifty thousand dollars shall be exercisable only with the approval of the Governor, as to the amount, sources of borrowing and terms on which the borrowing may be effected; and approval given in any respect for the purpose of this subsection may be either general or limited to a particular borrowing or otherwise and may be either conditional or subject to conditions.
Subject to the Public Management and Finance Law (2013 Revision) and in accordance with a resolution of the Legislative Assembly, the Governor may guarantee the payment of the principal and interest on any authorised borrowings of the Authority.

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