Section 39
Power to borrow
of Iskandar Regional Development Authority Act 2007
(1)
The Authority may from time to time, with the approval of the Federal Government, borrow, at such rate of interest and for such period and upon such terms as to the time and method of repayment and otherwise as the Federal Government may approve, any sums required by the Authority for meeting any of its obligations or discharging any of its duties or for the purposes of the Social Projects Fund.
Act 664
(2)
The Authority may from time to time, with the approval of the Federal Government, borrow money by the issue of bonds, debentures or stock of such class and value and upon such terms as it may, with the approval of the Federal Government, deem expedient, for all or any of the following purposes:
(a)
the provision of working capital;
(b)
the performance of the functions, the exercise of the powers and the discharge of the duties of the Authority under this Act;
(c)
the performance of such additional functions as may be undertaken by the Authority under this Act;
(d)
the redemption of any shares or stock which the Authority is required or entitled to redeem; and
(e)
any other expenditure properly chargeable to capital account.