Broadcasting Act 2009

35.

Borrowings.

35.— (1) The Authority may, with the approval of the Minister, given with the consent of the Minister for Finance, borrow temporarily such sums as it may require for the purpose of providing for current expenditure.

(2) The Authority may, with the approval of the Minister, given with the consent of the Minister for Finance, borrow money by means of the creation of stock or other forms of security to be issued, transferred, dealt with and redeemed in such manner and on such terms and conditions as the Authority, with the consent of the Minister for Finance, may determine.

(3) The borrowing powers conferred by subsection (2) on the Authority may, subject to the consent of the Minister, be exercised for any purpose arising in connection with the performance of its functions, but there may be attached to a consent to borrow the condition that the monies shall be utilised only for the purpose of a programme of capital works approved by the Minister.

(4) The terms upon which monies are borrowed under subsection (2) may include provisions charging the monies and interest thereon upon all property of whatsoever kind for the time being vested in the Authority or upon any particular property of the Authority and provisions establishing the priority of such charges amongst themselves.