Singapore legislation
Clause 53
Clause 53
Borrowing power
(1)
The Agency cannot raise loans for the performance of its functions under this Act or any other Act administered by the Agency except in accordance with this section.
(2)
Subject to subsection (3), the Agency may raise loans by —
mortgage, overdraft or other means, with or without security;
charge, whether legal or equitable, on any property vested in the Agency or on any other revenue receivable by the Agency under this Act or any other written law; or
the creation and issue of debentures or bonds, or such other instrument as the Minister may approve.
(3)
The Agency may raise loans under subsection (2) —
from the Government; or
with the approval of the Minister, from another source, whether in or outside Singapore.
(4)
For the purposes of this section, the power to raise loans includes the power to enter into any financial agreement or arrangement under which credit facilities are granted to the Agency for the purchase of goods or services.