Industrial and Commercial Development Corporation Act

10. Borrowing powers

Edition: 1967-04-14 · In force

10. Borrowing powers

(1)The borrowing powers of the Corporation shall be exercisable only with the approval of the Minister responsible for finance as to amount, the sources of the borrowing and the terms and conditions on which the borrowing may be effected.

(2)Any approval given for the purposes of this section may be either general or limited to a particular borrowing or otherwise, and may be either conditional or unconditional.

(3)A person lending money to the Corporation shall not be bound to inquire whether the borrowing of money is within the power of the Corporation or be concerned to see to the application thereof or be answerable for any loss or misapplication thereof.

← Previous provision Next provision →

Source: Kenya Law