Section 24: Borrowing powers

24. Borrowing powers.__ (1) With the prior approval of the 3[Federal Government], the Corporation may, for its purposes, raise finances by__ (a) issue and sale of bonds and debentures carrying interest at such rates as may be approved by the 3[Federal Government] ; and (b) borrowing monies from commercial banks and other institutions and sources with or without the pledge of shares held in its portfolios. (2) The bonds and the debentures of the Corporation may be guaranteed by the 3[Federal Government] as to the repayment of the principal and payment of interest at such rate as may be fixed by the 3[Federal Government] at the time the bonds and debentures are issued.

Effective date: 1966-01-01

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