Clause 7

The Board may, from time to time, for the purposes of this Ordinance raise loans —

from the Government; or

with the consent of the Minister and subject to the provisions of any written law, within or otherwise than within Singapore, by the creation and issue of debentures, stocks or bonds or otherwise.(2) The Board shall pay interest on such loans at such rate and at such times, and shall make such provisions for the mode and time or times or repayment of principal, as may be approved by the Minister:Provided that approval of the Minister shall not be required, under the provisions of this subsection, for the rate of interest to be paid on a loan by means of a financial agreement, whereby credit facilities are granted for the purchase of goods, materials or things.(3) The Board may, from time to time, borrow by way of temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require —

for the purpose of defraying expenses pending the receipt of revenues receivable by it in respect of the period of account in which those expenses are chargeable; or

for the purpose of defraying, pending the receipt of money due in respect of any loan authorised to be raised under the provisions of subsection (1), expenses intended to be defrayed by any such loan.(4) Bonds and debentures of the Board shall be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be approved by the Minister under the provisions of subsection (2).(5) For the purposes of subsection (1), the power to raise loans shall include the power to make any financial agreement whereby credit facilities are granted to the Board for the purchase of goods, materials or things.”.