Section 16: Power to borrow money and raise capital from non-Government sources

(1) The Authority may, with the approval of the Minister, borrow money or raise capital, otherwise than from the Government, by the issue, in such form as may be approved of stock, bonds, promissory notes, loan certificates or other documents of title, for all or any of the following purposes. that is-
(a) the performance of its functions under this Act;
(b) the provision of its working capital;
(c) the redemption or repayment of any capital raised or money borrowed, which the Authority is required or entitled to redeem or repay; and
(d) the provision of money for meeting any expenditure which is properly chargeable to capital account.
(2) For the purposes of payment of interest, repayment or redemption, monies borrowed or capital raised under this section,shall rank equally with all other monies borrowed or capital raised under this section.
(3) The payment of interest on and the repayment or redemption of any money borrowed or capital raised under this Act, shall have priority over the payment of interest on any money borrowed or capital raised from the Government under section 17 of this Act.
(4) Money borrowed by the Government for the exclusive purpose of re-lending to the Authority and, accordingly. re-lent to the Authority, shall be deemed to be money borrowed otherwise than from the Government and. shall, accordingly, be deemed to be money borrowed or capital raised under this section.
(5) Money owed by the Authority under an arrangement by which the money is allowed to remain unpaid for a period greater than one year, shall be deemed to be money borrowed under this section.