Section 12: Borrowing power, etc.

(1) The Council may with the consent or in accordance with any general authority given by the President borrow by way of loan or overdraft from a source approved by the President, such specified amount of money as may be required by the Institute for meeting its obligations and discharging its functions under this Act.
(2) The Council 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 Council may invest any surplus funds of the Institute in securities prescribed by the Trustee Investments Act or such other securities as may from time to time be approved by the Minister.
[Cap. T22.]
(4) Subject to the provisions of the Land Use Act, and any special or general direction which the Minister may give in that behalf, the Council may acquire or lease any land required for its purpose under this Act.
[Cap. L5.]