15. Power to borrow

For the attainment of all or any of its objects under this Act, the Polytechnic may raise loans from the Government or, with the approval of the Minister for Finance, raise loans from banks or other financial institutions (whether in Singapore or elsewhere) by —

mortgage, overdraft or otherwise;

charge, whether legal or equitable, on any property vested in the Polytechnic or on any other revenue receivable by the Polytechnic under this Act or any other written law; or

the creation and issue of debentures or bonds.