Section 17: For the purpose of discharging its functions under this

Act, the Board may delegate to the Director-General the following powers:– (a) to sign any contract for or on behalf of the Authority; (b) to collect any monies due to the Authority and to discharge debts owed to the Authority; (c) to sign, accept, negotiate, endorse and receive any negotiable instrument on behalf of the Authority; (d) to acquire or authorize the acquisition of any movable or immovable property and to transfer or allocate any funds of the Authority for that purpose; (e) to authorize the disposal of securities of any kind belonging to the Authority; (f) to open and operate current, deposit or credit accounts on behalf of the Authority at any bank or other financial institution, approved by the Board; and (g) to negotiate and obtain loans on behalf of the Authority and to determine the nature and conditions of the loans”. (d) by the repeal and replacement of section 18 by the following section:–