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(1) An advance or loan shall not be payable until an agreement specifying conditions and terms of recovery have been concluded between the borrower and the Government in accordance with sections 22 and 23  of the Financial Administration Act 2003, (Act 654), and shall be in the form of 

(a) a formal agreement signed by both parties in the presence of witnesses; or

(b) a formal offer specifying conditions together with formal acceptance by the borrower. 

(2) The form to be used under sub-regulation (1) in any particular case, if not specified by the governing enactment, shall be determined by the Minister.