IRRIGATION DEVELOPMENT AUTHORITY ACT - 1977 (SMCD 85)

    Section - 9 - Borrowing Powers.

    (1) In order to enable the Authority to meet expenditure of a capital nature for the discharge of its functions under this Decree, the Authority 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) The Authority may borrow temporarily, by way of overdraft or otherwise, such sums as it may require for meeting its current obligations or discharging its functions.

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