Section 24
Power to borrow
of Lembaga Kemajuan Kelantan Selatan Act 1978
The Lembaga 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, with the concurrence of the Minister of Finance, may approve, any sums required by the Lembaga for meeting any of its obligations or discharging any of its duties.
(2)
The Lembaga may from time to time, with the approval of the Minister and the concurrence of the Minister of Finance, 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 provision of working capital;
(b)
the discharge of the duties of the Lembaga under this
Act;
(c)
the performance of such additional functions as may be undertaken by the Lembaga 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.