(1) Subject to this Act the Corporation may borrow, secure or raise money for all or any of the following purposes—
(a) the financing of the purchasing of any land whether or not within a designated area;
(b) the laying out and development of any such area;
(c) the provision of working capital;
(d) redemption of any debentures or debenture stock or other security that the Corporation is entitled or required to redeem;
(e) any expenditure properly chargeable to capital account;
(f) meeting any of its obligations or fulfilling its functions under this Act.
(2) The power of the Corporation to borrow shall be exercisable only with the approval of the Minister as to the amount, as to the sources of borrowing and as to the terms on which the borrowing may be effected; and an approval given for the purpose of this section may be either general or limited to a particular borrowing and may be either unconditional or subject to conditions.