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167
| Borrowing by Provincial Government.
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(1)
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Subject to the provisions of this Article, the
executive authority of a Province extends to borrowing upon the
security of the Provincial Consolidated Fund within such limits,
if any, as may from time to time be fixed by Act of the
Provincial Assembly, and to the giving of guarantees within such
limits, if any, as may be so fixed.
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(2)
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The Federal Government may, subject to such
conditions, if any, as it may think fit to impose, make loans
to, or so long as any limits fixed under Article 166 are not
exceeded give guarantees in respect of loans raised by, any
Province, and any sums required for the purpose of making loans
to a Province shall be charged upon the Federal Consolidated Fund.
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(3)
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A Province may not, without the consent of the Federal
Government, raise any loan if there is still outstanding any part of
a loan made to the Province by the Federal Government, or in respect
of which guarantee has been given by the Federal Government; and
consent under this clause may be granted subject to such conditions,
if any, as the Federal Government may think fit to impose.
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395[
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(4)
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A Province may raise domestic or international loan, or give guarantees on the security of the Provincial Consolidated Fund
within such limits and subject to such conditions as may be specified by the National Economic Council.
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] 395 |