On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 02/01/2011.
PART V
FINANCIAL PROVISIONS
22.
—(1) The Authority may, from time to time, for the purposes of this Act, raise loans from the Government or, with the approval of the Minister, from any other source, either by creation and issue of debentures, stocks or bonds, or otherwise, as the Minister may direct.
(2) The Authority shall pay interest on such loans at such rates and at such times, and shall make such provision for the mode and time or times of repayment of principal, as may be approved by the Minister.
(3) The Authority may, with the consent of the Minister, from time to time borrow by way of a temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require —
(a)
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
(b)
for the purpose of defraying, pending the receipt of money due in respect of a loan authorised to be raised under subsection (1), expenses intended to be defrayed by such loan.
22A. As a consequence of the vesting of any property, rights or liabilities of the Government in the Authority under this Act, or of any capital injection or other investment by the Government in the Authority in accordance with any written law, the Authority shall issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct.
23. All loans raised by the Authority under section 22, together with all interest and other sums payable in respect thereof, shall be charged indifferently upon all the revenues of the Authority and shall rank equally with one another, with priority over any other charge on the revenues of the Authority.
24. For the purpose of enabling the Authority to carry out its objects and to defray expenditure properly chargeable to capital account, including defraying initial expenses, and for the provision of working capital, the Minister may authorise payment to the Authority of such sums as he may determine.
25.
—(1) The Authority shall every year cause to be prepared and shall adopt annual estimates of income and expenditure of the Authority for the ensuing year.
(2) Supplementary estimates may be adopted by the Authority at any of its meetings.
(3) A copy of all annual and supplementary estimates shall, upon their adoption by the Authority, be sent forthwith to the Minister for approval.
(4) The Authority may transfer all moneys or part thereof assigned to one item of expenditure to another under the same head of expenditure in supplementary estimates approved by the Minister.
(5) A summary of the annual estimates and supplementary estimates adopted by the Authority and approved by the Minister shall be published in the Gazette.
27. The Authority may invest its funds in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
28. The Minister may, after consultation with the Authority, give directions to the Authority as to the manner in which its profits shall be applied.
29. The financial provisions set out in the Third Schedule shall have effect with respect to the Authority.