Electricity Act - The Bahamas Laws On-Line - The Government of ...

CH.194 – 14]
ELECTRICITY
Power to the
Corporation to
issue stock.
44 of 1963, s. 9.
44 of 1963, s. 9.
23 of 1971, Sch.
Power to
Government to
guarantee loans
to Corporation.
Power to borrow
money.
44 of 1963, s. 10.
General Financial Provisions
16. (1) For the purpose of enabling the Corporation
to carry out its functions under this Act, the Corporation
may borrow money by the issue of debentures or debenture
stock, or raise capital by the issue of shares or stock of
such class and value and upon such terms as it may deem
expedient, for all of the following purposes —
(a) the provision of working capital;
(b) the fulfilling of the functions of the Corporation;
(c) the redemption of any shares or stock which it is
required or entitled to redeem;
(d) any other expenditure properly chargeable to
capital account.
(2) The Corporation may make regulations not
inconsistent with the provisions of this Act to provide for
such matters in connection with shares, stock, debentures
or debenture stock issued under this Act as may appear
necessary or expedient to the Corporation, and, in
particular, for regulating the method of issue, transfer,
redemption, or other dealing with such shares, stock,
debentures or debenture stock.
(3) The borrowing of money by the Corporation
under the powers conferred by this section shall be
subject —
(a) in the case of borrowing from the Government,
to the prior approval in writing of the Minister;
and
(b) in any other case, to the enactment of enabling
legislation by Parliament.
17. The Government may guarantee in such manner
and upon such terms as it may think fit the payment of the
interest and principal or either of them of any loan
proposed to be raised by the Corporation.
18. Notwithstanding the provisions of section 16,
the Corporation may, from time to time, borrow, by way of
overdraft or otherwise, such sums as it may require for
meeting its obligations and discharging its functions under
this Act.
STATUTE LAW OF THE BAHAMAS [Original Service 2001]