Kenya Railways Corporation Act CAP 397Section 25 of Kenya Railways Corporation Act CAP 397: Borrowing powers
(1) The Corporation may borrow money by the issue of loan stock on such terms as may be approved by the Minister responsible for finance.
(2) The Corporation may otherwise borrow money or obtain credit in Kenya or abroad for the purposes of the Corporation with the concurrence of, and subject to such limitations as may be imposed by, the Minister responsible for finance.
(3) Such stock issued under the provisions of subsection (1) and such moneys borrowed or credit obtained under the provisions of subsection (2) as the Minister responsible for finance shall approve for the purposes of this subsection, and all interest and other charges payable in respect of such stock, moneys or credit, shall, unless the instrument or note evidencing or supporting such borrowing shall otherwise provide, be charged upon all the property, undertakings and revenue of the Corporation by operation of this section and without further charge or instrument.
(4) Any stock issued by the East African Railways Corporation which, by virtue of any order made under subsection (4) of section 95, becomes the liability of the Corporation shall, subject to the terms of such order, be deemed to be stock issued by the Corporation and shall be held in the same right and on the same trusts and subject to the same powers, privileges, provisions and charges as those in, on or subject to which such stock was issued.
(5) Except as provided in this section, the Corporation shall not give or execute any mortgage or charge over any of its property or assign its property by way of security for borrowed money.
Check the current authoritative text and amendment history before relying on this provision.
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