Section 15: Borrowing power.

(1) The Board may, with the consent or in accordance with any general authority given by the President, borrow by way of loan or overdraft from any source any specified amount of money required by the College for meeting its obligations and discharging its functions under this Act so however that where the sum or the aggregate of the sums involved at any one time does not exceed N1,000,000 no such consent or authority shall be required.
(2) The Board may, subject to the provisions of this Act and the conditions of any trust created in respect of any property, invest all or any of its funds with the like consent or general authority as are mentioned in subsection (1) of this section.
(3) The Board may invest any surplus funds of the College in such securities as may, from time to time, be approved by the Board.