Section 223: Issue of registered bonds or promissory notes.

(1) A body to which this part of this Act applies may raise, from time to time, internal loans for any specific project authorised by the approving authority of the body in any one or more of the following ways:
(a) by the issue of securities in the form of registered bonds; or
(b) by the issue of securities in the form of promissory notes;
Provided that the total amount of loans outstanding at any particular time including the proposed loan shall not exceed fifty per cent of the actual revenue of the body concerned for the preceding year.
(2) Every issue of a registered bond or other securities for the purpose of raising any specified sum of money shall be deemed to be by bond or securities issued in respect of a separate loan notwithstanding that the sum of money so raised is part only of a sum of money authorised by any other law to be raised by way of a loan.
(3) Securities created or issued under this part of this Act shall be securities to which the Trustee Investments Act applies.