GHANA PRECISION METALS CORPORATION ACT - 1977 (SMCD 105)

    Section - 16 - Borrowing Powers.

    (1) The Corporation may obtain loans and other credit facilities, on the guarantee of the Government from such banks and other financial institutions as the Commissioner responsible for Finance may approve.

    (2) Apart from the powers of the Corporation under subsection (1) of this section, the Corporation may, with the prior approval of the Commissioner and the Commissioner responsible for Finance, borrow money from other sources.

    (3) The Corporation may borrow temporarily by way of overdraft or otherwise, such sums as it may require for meeting its current obligations or discharging its functions.

    (4) The Commissioner responsible for Finance may, on behalf of the Government, guarantee the performance of any obligation or undertaking by the Corporation under this section.

    (5) The Commissioner responsible for Finance may, from time to time, prescribe the maximum sum which the Corporation may borrow under subsection (1) or (2) of this section.