Section 118: Loans.

(1) Parliament may by a resolution passed in that behalf and supported by the votes of a majority of all the Members of Parliament, authorise the Government to enter into an agreement for the granting of a loan out of any public fund or public account. (2) An agreement entered pursuant to subsection (1) shall be laid before Parliament and shall not come into operation unless the same has been approved by a resolution of Parliament. (3) No loan shall be raised by the Government on behalf of itself or any other public institution or authority otherwise than by or under the authority of an Act of Parliament. (4) An Act of Parliament enacted in accordance with subsection (3) shall provide— a. that the terms and conditions of a loan shall be laid before Parliament and shall not come into operation unless it has been approved by a resolution of Parliament; and b. that any moneys received in respect of that loan shall be paid into the Consolidated Fund and form part thereof or into some other Public Fund of Sierra Leone either existing or created for the purposes of the loan. (5) For the purposes of this section, the expression "loan" includes any moneys lent or given to or by the Government on condition of return or repayment and any other form of borrowing or lending in respect of which— a. moneys from the Consolidated Fund or any other Public Fund may be used for payment or repayment; or b. moneys from any fund by whatever name called established for the purposes of payment or repayment whether in whole or in part and whether directly or indirectly may be used for payment or repayment. (6) The provisions of subsections (1), (2), (3), (4) and (5) shall also apply to any agreement for a loan entered into by the Government in respect of the natural resources of Sierra Leone, such as mineral, marine, forest and such other resources. (7) Parliament shall be notified by the appropriate Minister or authority of all gifts, donations, grants and pledges made to the State of Sierra Leone. Establishment of office and functions of Auditor-General.