Section 238: Promissory notes.

(1) Every promissory note shall be signed by the Minister, Commissioner or Chairman or such other appropriate officer of a body and shall, when issued, bind the relevant body to pay the principal sum mentioned in that note and the interest thereon in accordance with the provisions of this part of this Act at the rate and on the dates specified by the directions issued pursuant to section 226 of this Act or in pursuance of an option to redeem the note reserved in the directives.
(2) Promissory notes shall be issued in such denominations as the Minister, Commissioner or Chairman or such other appropriate officer of a body may, with the approval of the approving authority of the body, direct.