48Corporation’s borrowing power

48 Corporation’s borrowing power

48 Corporation’s borrowing power

(1) The Corporation is authorised to borrow money in connection with exercising its functions if—

(a) borrowing the money will enable the Corporation to cover settlement of a transaction for the investment, and

(b) at the time the decision was made to make the investment it was likely borrowing money to meet the liability was not required, and

(c) the period for which the money will be borrowed will not be more than 7 days.

(2) The regulations may provide for other circumstances in which the Corporation may borrow money.

(3) In borrowing money under subsection (1) or (2) the Corporation must comply with any conditions prescribed by the regulations.