Clause 11
Borrowing powers
of Economic Development Board Ordinance
BillNot in forceProvision 11 of 24
Clause 11
(1)
The Board may with the written approval of the Minister issue and sell bonds and debentures carrying interest for the purpose of raising its working capital.
(2)
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 fixed by the Minister on the recommendation of the Board at the time the bonds and debentures are issued.