Section 10

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

permit borrowings by any of its holding or subsidiary companies beyond such limit as the Minister may, after consultation with the State Financial

Authority, determine generally or in any particular case or from a source other than a bank or financial institution;

10

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

appoint or cause to be appointed any consultant, contractor, project manager or professional adviser 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 State Government has provided security in any form whatsoever;

cause or permit any of its members and nominees on the Board of Directors of any of its holding or subsidiary or related companies, to be paid or to receive salaries, allowances or other privileges in excess of the amount approved by the Cabinet;

cause or permit any of its officers or employees to acquire or hold, directly or indirectly, any shares in any of its holding or subsidiary or related companies; and

cause or permit any of its holding or subsidiary or related company to merge or amalgamate with another company which is not a holding subsidiary or related company of that statutory body.

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