Singapore legislation
Clause 34
Clause 34
Power to borrow money
(1)
The Board may, from time to time, borrow, by way of overdraft or otherwise, such sums as it may require for meeting its obligations and discharging its functions under this Ordinance.
(2)
Where the Board borrows money it may, subject to the approval of the Minister, raise the money either by —
(a)
mortgage, or
(b)
charge, whether legal or equitable, on any property vested in the Board or on any revenue receivable by the Board under this or any other Ordinance; or
(c)
the creation and issue of debenture stock, and may, with the like approval, fix such rates of interest and such terms, conditions and periods to secure the repayment of the sums borrowed as it thinks fit.