(1) Subject to subsection (2), the Board may borrow money for all or any of the following purposes—
(a) the financing for repair of buildings and equipment;
(b) the financing of the purchasing of equipment; and
(c) meeting any of its obligations or fulfilling its functions under this Act.
(2) The power conferred on the Board by subsection (1) is exercisable on approval by the Minister as to—
(a) the amount and source of the loan; and
(b) the terms on which the loan may be affected,
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.