Section 7Part 0 —
Application of loan moneys by statutory authorities
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Sums borrowed by a statutory authority under section 6(1) shall be applied by the authority to the purposes for which the sums were borrowed as specified in any agreement concluded with the Bank in respect of such sums: Provided that where any part of such sum cannot be applied to such purposes such part may be applied by the statutory authority to any other purposes approved by the Governor and the Bank.