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(1) Loan agreements shall be drawn up in consultation with the Attorney General.

(2) The agreement shall contain a clause that its terms are subject to ratification by Parliament after signature by both parties.

(3) Upon approval of a loan agreement by parliament the Minister shall endorse the agreement accordingly and the loan shall then be payable.

(4) A copy of the approved agreement shall be forwarded to the Controller and Accountant-General, with a copy to the Auditor-General. 

(5) The authority responsible for administering a specific loan shall

(a) make payment of the loan

(b) secure the due and timely collection of interest and observance of any other condition and

(c) secure the due and timely recovery of the loan, in accordance with the ratified agreement.