Section 24
of Kemubu Agricultural Development Authority Act 1972
Section 24
The Authority may, from time to time 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 Minister may approve, any sums required by the Authority for meeting any of its obligations or discharging any of its duties.
(2)
The Authority may, from time to time, with the approval of the Minister, borrow money by the issue of bonds, debentures or debenture stock, or raise capital by the issue of shares or stock of such class and value and upon such terms as it may deem expedient for all or any of the following purposes:
(a)
the provisions of working capital;
(b)
the fulfilling of the duties of the Authority under this
Act;
(c)
the fulfilling of such additional functions as may be undertaken by the Authority under this Act;
(d)
the redemption of any shares or stock which it is required or entitled to redeem; and
(e)
any other expenditure properly chargeable to capital account.