Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958)Chapter II : Finance12I. Loans |
| (1) | The Director-General may at any time, with the approval of the Minister given in consultation with the Minister of Finance, borrow money in the Republic or in any other country to finance anticipated deficits in the Fund, and may do so by— |
| (a) | entering into agreements with governments, banks or financial institutions, including an international bank or foreign financial institution; |
| (b) | making issues of public stock and bonds, on such terms and conditions as the Minister may approve in consultation with the Minister of Finance, and may furnish any security required to be lodged therefor or which is considered necessary. |
| (2) | The Director-General may at any time, with the approval of the Minister granted generally or in a specific instance, by agreement borrow money from the South Atlantic Cable Company (Proprietary) Limited registered on 13 May, 1965, in terms of the Companies Act, 1926 (Act No. 46 of 1926), as substituted by the Companies Act, 1973 (Act No. 61 of 1973). |
| (3) | [Subsection (3) repealed by section 3 of Act No. 21 of 1980] |
| (4) | Agreements entered into and securities issued under this section shall be signed by the Director-General or a person or persons authorized thereto by him in writing. |
| (5) | An agreement entered into in terms of this section may provide that any moneys borrowed thereunder may at any time during the currency of the agreement be repaid in whole or in part and that an amount so repaid shall again be available for drawing in terms of that agreement, and an amount or part of an amount thus repaid shall be deemed to have been appropriated by law. |
[Section 12I inserted by section 5 of Act No. 113 of 1976]