Singapore legislation

Section 8

of Loans (International Banks) Act 1958

Section 8

Restriction on borrowing powers of statutory authority so long as guarantee outstanding

So long as the Government continues to be liable under any guarantee or other undertaking given in exercise of the powers conferred by section 7(1) in respect of any borrowing by a statutory authority the statutory authority shall not except with the consent of the Minister exercise any other power to borrow possessed by it.

Read in full context — Loans (International Banks) Act 1958 →