Section 13: Borrowing powers

(1) Without prejudice to section 6 of this Act, the Mortgage Bank shall not, except with the approval of the Minister, borrow from any source any money exceeding its share capital.
(2) The Mortgage Bank shall have power to secure the repayment of any money borrowed by the Mortgage Bank in such manner as the Mortgage Bank may think fit and, in particular, by the issue of debentures charged on all or any of the Mortgage Bank's properties, and shall also have power to purchase, redeem and pay up any of those securities.
(3) The Mortgage Bank shall have power to receive grants, loans and advances and other moneys on deposit from the Federal Government, the Central Bank of Nigeria and any licensed bank and also the public in general under such conditions as may be approved by the Minister.
(4) The Federal Government may guarantee foreign loans in such manner and on such terms as it may deem fit and ensure the redemption and the repayment by the Mortgage Bank.