Section 11

cause an increase or reduction of the issued or paid up capital of any of its holding or subsidiary company;

permit borrowings by any of its holding or subsidiary company beyond a limit approved in writing by the Minister after consultation with the State Financial Authority or from a source other than a bank or financial institution;

guarantee or provide any form of security for any loan, or liability or obligation, contractual or otherwise, any of its holding or subsidiary or related company;

appoint or cause to be appointed any consultants, contractors, project managers or professional advisers to undertake or execute any work, project or scheme which is funded by moneys provided from the State Consolidated Fund or any loan or credit facilities in respect of which the Government has provided security in any form whatsoever;

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cause or permit any of its members and nominees on the Board of Directors of that statutory body’s holding or subsidiary or related company, to be paid or to receive, salaries, allowances or other privileges, in excess of the amount approved by the Government;

cause or permit any of its officers or employees to acquire or hold, directly or indirectly, any shares in any holding or subsidiary or related company without the prior written approval of the Minister;

cause or permit any of its holding or subsidiary or related company to merge or amalgamate with another company which is not a holding or subsidiary or related company of that statutory body without the prior written approval of the Minister;

and

cause or permit any person to be appointed to audit the accounts of any of its holding or subsidiary company.

Audited statements of accounts of holding or subsidiary or related companies to be submitted to the Minister and the State Financial

Authority