Section 31: Power to borrow

(1) Subject to all applicable laws and regulations, the Council may borrow by overdraft or otherwise, such money as the College may require for the performance of its functions under this Act.
(2) The Council shall not, without the approval of the President borrow money, which exceeds, at any time, the limit set by the Government of the Federation.
(3) Notwithstanding subsection (1), where the sum to be borrowed is in foreign currency, the Council shall not borrow the sum without the prior approval of the President on the recommendation of the Minister.