SPORTS ACT - 1976 (SMCD 54)

    Section - 34 - Borrowing Powers.

    (1) The National Council may obtain loans and other credit facilities from such banks as the Commissioner and the Commissioner responsible for Finance may approve.

    (2) Without prejudice to subsection (1) of this section the National Council may, with such approval borrow from any other source whether temporarily by way of overdraft or otherwise.

    (3) The Commissioner responsible for Finance may on behalf of the Government guarantee the performance of any obligation or undertaking of the National Council under this section and may from time to time prescribe the maximum sums which the National Council may borrow under this section.

    (4) Any moneys falling due to be paid by the Government under a guarantee provided under this section are hereby charged on the Consolidated Fund.