Section 32

Subject to such conditions as the Minister may deem fit to impose in particular cases, the Authority may, out of the Fund make loans in accordance with the provisions of this Enactment in that behalf, in the execution of its duties or in the discharge of its functions under section 25.

In making loans under the provisions of subsection (1) the Authority may charge such rate of interest as it may deem fit in any particular case.

Every loan shall be repaid to the Authority in accordance with the terms and conditions under which such loan was made and the moneys so paid shall thereupon be taken into the accounts of the Authority.

Every mortgage to secure loan and every instrument or charge under the provisions of this Enactment shall be approved by the Authority, and all costs, charges and expenses incurred in connection therewith shall be paid by the person to whom the loan is made.

 “Banking and Financial Institutions Act 1989” substituted for “Banking Act 1973” by virtue of Act 372.

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Powers to guarantee loans.