Section 42: Borrowing powers

(1) The Corporation may, with the consent of the President or in accordance with the terms of any general authority given by him, borrow temporarily, by way of overdraft or otherwise, such sums as the Corporation may require for meeting its obligations or discharging its functions under this Act.
(2) The Corporation may, with the consent of the President, borrow money by the issue of Nigerian Railway stock or otherwise, for all or any of the following purposes-
(a) the provision of money for meeting expenses incurred in connection with any permanent work, the cost of which is properly chargeable to capital;
(b) the redemption of any Nigerian Railway stock;
(c) the provisions of working capital;
(d) any other purposes for which capital moneys are properly applicable, including the repayment of any money temporarily borrowed under subsection (1) of this section, for any of the purposes mentioned in the preceding paragraphs of this subsection.
(3) Except as aforesaid, the Corporation shall not borrow any money.