Section 25
Power to borrow
of Lembaga Kemajuan Wilayah Pulau Pinang Act 1983
The Lembaga may from time to time borrow, at such rateof 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, with the approval of the Minister and the concurrence of the Minister of Finance, deem expedient, for all or any of the following purposes:
(a)
the provision of working capital;
(b)
the fulfilling of the functions and duties of the Lembaga under this Act;
28 Laws of Malaysia
(c)
the fulfilling of such additional functions as may beundertaken 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 capitalaccount.