Section 7: Borrowing power

(1) Subject to subsection (2) of this section, the Board may, from time to time, borrow such sums as it may require in the exercise of its functions under this Act.
(2) Subject to the following provisions of this section, the Board shall not, without the approval of the President, borrow any sum of money, whereby the amount in aggregate outstanding on any loan or on all loans at any time, exceeds N500,000 or such other limit as may be prescribed, from time to time by, the President.
(3) A person lending to the Board shall not be bound to inquire whether the borrowing is within the power of the Board or not.