Malaysia legislation
Section 17
Section 17
Power to issue debenture stock for certain purposes
A Port Authority may, with the prior approval of the Majlis
Mesyuarat Kerajaan Negeri as to the issue and the terms of such issue, borrow money or raise capital by the issue of debenture stock for all or any of the following purposes:
(a)
the provision of working capital;
(b)
the fulfilment of the functions of the Port Authority;
(c)
the redemption of any stock which the Authority is required or entitled to redeem;
(d)
the expenditure properly chargeable to capital account.
[Am. Ord. No. 9/76; Am. Cap. A28.]
Power to borrow money otherwise than by debentures