Section 5
Issue of bonds, etc., and securities
of Loans Guarantee (Bodies Corporate) Act 1965
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Section 5
(1)
Notwithstanding anything contained in any written law the body corporate may issue such bonds, promissory notes and other instruments on such terms and conditions as may be approved by the Minister for the purpose of giving effect to any agreement aforesaid.
(2)
Notwithstanding anything contained in the written law by which a body corporate is established, the body corporate may charge or mortgage all or any of its property (movable or immovable), undertaking or revenue to secure any sum raised by way of loan and guaranteed under this Act.
Loans Guarantee (Bodies Corporate)
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