26.
(1) For the purpose of discharging its duties under
this Act, the Board is hereby authorized to borrow moneys
from any local, international or foreign organization approved
by the President, subject to terms and conditions, as the
Government may determine subject to the provisions of
subsection (4) of this section.
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(2) The loans authorized to be borrowed under this section
may be denominated in foreign currency.
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(3) The Minister in charge of the subject of Finance shall
guarantee the loans raised by the Board under subsection (1),
on behalf of the Government. Forthwith upon a guarantee
the Minister shall place before Parliament a statement setting
out the details of such guarantee.
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(4) Any sum required for the fulfillment of a guarantee
under subsection (3) may, with the prior approval of the
Parliament be paid out of the Consolidated Fund.
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(5) In the case of any loan made, to the Authority by any
international or foreign organization approved by the President
and guaranteed by the Government, the Government shall bear
any loss and be entitled to any profit, resulting from any re
valuation of the rupee in relation to the currency or currencies
in which that loan is expressed and the amount of very such
loss shall be charged to the Consolidated Fund.
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(6) The Minister in charge of the subject of Finance, by
instrument under his hand is hereby empowered on behalf of
the Government to sign any guarantee agreement between
the Government and any local organization.
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