(1) Subject to the provisions of this Act the Authority may for the purposes of this Act raise loans—
(a) from the Government; or
(b) with the consent of the Minister from any other source.
(2) The power to borrow under this section may be exercised—
(a) to borrow and reborrow moneys by the creation, issue and sale of debentures or debenture stock or other security for the purpose of raising funds for the Authority for the effectual exercise by it of the powers conferred by this Act;
(b) to create and issue debentures or debenture stock or other security for any debentures or debenture stock or other security respectively issued in respect of moneys previously borrowed by the Authority, and not repaid;
(c) to create, issue and sell debentures or debenture stock or other security for the purpose of borrowing money for redeeming any loans owing by the Authority and for paying the expenses incurred in the creation and issue of the debentures or debenture stock or other security and otherwise carrying out the provisions of this Act;
(d) to effect any conversion authorised by this section either by arrangement with the holders of the existing debentures or debenture stock or other security, or by the purchase of the debentures or debenture stock or other, security out of moneys raised by the sale of the debentures or debenture stock or other security or partly in the one way or partly in the other.
(3) Without prejudice to the next following section, the power of the Authority to borrow under this section shall not be exercised unless a proposal in writing showing—
(a) the amount and particulars of the proposed loan;
(b) the rate of interest to be paid on the loan;
(c) the source or sources from which the loan is to be obtained;
(d) the purposes to which the money proposed to be borrowed is to be applied; and
(e) the manner in which the loan is to be repaid; is first submitted to and approved by the Minister.