8A. — (1) In this section "company" means—

(a) a company within the meaning of the Companies Act, 1963, or

(b) a body formed or established under the laws of a state other than the State and corresponding to a body referred to in paragraph (a) of this subsection.

(2) The Board may promote and take part in the formation or establishment of a company.

(3) The Board may acquire, hold and dispose of shares or other interests in a company and become a member of a company.

(4) The Board may exercise total or partial control of the composition of the board of directors of, or other authority, by whatever name called, that controls or manages a company.

(5) The Board may—

(a) lend or advance money upon such terms and conditions as it may determine, and

(b) (i) guarantee in such form and manner and on such terms and conditions as it thinks fit, the due repayment by any person of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed by the person or the payment of interest on such moneys or both the repayment of the principal and the payment of the interest and any such guarantee may include a guarantee of payment of incidental expenses arising in connection with such borrowings and may be a guarantee of payment of a promissory note made by any person or a bill of exchange drawn or accepted by any person,

(ii) otherwise give guarantees or indemnities in respect of any obligation of, or contract entered into by, any person,

where such lending or advancing of money, or other activity aforesaid appears to the Board to be requisite, advantageous or incidental to, or appears to the Board to facilitate, the performance by it of any function under this Act.

F40[(6) The exercise by the Board of any power conferred on it by this section shall be subject to the prior written consent of the majority-shareholding Minister after consultation with any other Minister of the Government who, in the opinion of the majority-shareholding Minister having regard to the functions of that other Minister, ought to be consulted.]]

F41[(7) Without prejudice to the exercise by the Board of any of its functions, a subsidiary of the Board formed or established under this section or under any enactment may exercise such and so many of the Board’s functions as are provided for in the memorandum and articles of association of the subsidiary.]